More people are renting than at any other point in the past 50 years. There are a number of reasons for this, and one of the biggest reasons is that many apartments simply offer a higher level of convenience and luxury than some homes. Before you decide whether renting an apartment or buying a home is the right decision for you, it’s important to understand the countless advantages that renting has to offer. Here are just a few reasons why renting may be a better option than buying.
Apartment complexes are responsible for maintenance.
This is, by far, one of the greatest advantages of renting, most renters agree. While the average homeowner has countless maintenance tasks to stay on top of throughout the year, like lawn mowing, snow plowing, and more, those who rent apartments can simply sit back and relax, knowing that these time-consuming and physically demanding jobs are taken care of, oftentimes before they even wake up each morning. What’s more is that if anything breaks in your apartment, like your oven, garbage disposal, or toilet, your apartment’s maintenance crew can take care of the problem as quickly and efficiently as possible without you having to lift a finger.
There’s less of a financial demand.
The second reason so many people enjoy renting an apartment as opposed to owning a home is that there’s not as much of a financial demand. Buying a home is, more often than not, a long, drawn out, and overly complicated process. It can take months or even years to save up for the funds necessary to finally get the deed. Renting, on the other hand, just requires a deposit, which is typically equal to one month’s rent. This is a much more reasonable option, especially when you consider the other cost savings associated with rental properties.
Millennials are the most likely of all age groups to rent. In 2016, 65% of households headed by young adults were renting. But regardless of your age, there are some apartments for rent that offer services and amenities that far exceed what ownership has to offer.