About one-third of Americans choose to rent over own. There are many factors that go into deciding whether apartment rental or home ownership is right for you: income, location, and availability are just a couple examples of things that can greatly influence your decision. In most cases, especially for younger individuals that don’t have as much money, renting an apartment is almost always the better and more sound option. Here are 3 reasons for anyone to consider apartment rental over buying a house.
1.) Service/Maintenance: The level of service and maintenance provided when you rent an apartment are amenities you won’t have free access to if you opt for owning a house. Many professional companies offer 24/7 maintenance service for things like leaking pipes, electrical shortages, or broken locks. Lawn care such as mowing, snow removal, and landscaping is also many times taken care of by the landlord if you’re renting.
2.) Investment: There are multiple studies and research that has been done that shows the financial investment in buying a house is not as economical as apartment rental. Overall choosing to rent saves the average person $560 each month. Not to mention the housing market can be volatile at times causing depreciation outside of your control. Not to mention all the time and effort you must consistently put into a house to raise its value. Unless you know for sure you will be living in a house for over 5 years it’s downright foolish to buy a house. About a third of buyers will make this mistake costing themselves years of paying the price to own a home while not having the time to build any substantial equity.
3.) Quality: By choosing to rent a loft, apartment or house you will be putting yourself into a position to live above your means in a way. The money you save on a down payment on a house as well as the overall lower monthly payments means you might be able to afford to rent a luxury apartment the quality of which you would not be able to afford to own.
The American public was in some ways sold a bill of goods when for years everyone from the government to schools were telling people home ownership was the American Dream. While it is a fine goal and certainly an option for many people, in most cases the more efficient and economical thing to do is apartment rental. You will have less to take care of on a day-to-day basis, you will save money outright and over the course of time, and you will put yourself in a position to enjoy a quality of life that might otherwise be unobtainable.