In an increasingly fast-paced and competitive housing market, many Americans are choosing to rent instead of to buy, citing lower costs and ease in obtaining repairs to the property. Researchers report that often, renting makes much better financial sense than buying: repaying interest to a bank or other lending entity and performing structural repairs to aging properties can be avoided by renting.
The money saved when a tenant is renting an apartment can then be invested: stocks in general have a much higher return on investment (ROI) than property, expert investors report. If the property being purchased is a foreclosure or is being purchased for the price of outstanding tax liens, an investor may have a better chance at a satisfactory ROI in the long-term, but in general renting can be a sound financial decision.
Some renters are specifically looking for a loft apartment or for an apartment that has office space, or perhaps a backyard for entertaining. Many renters prefer lofts for rent and apartments that are owned and operated by professional management teams: enhanced security features and quicker maintenance response times guide many renters who are looking for the best apartments.
What attracts people to the idea of owning a home may be the desire to pass property on to children or grandchildren, and the need to have more bedrooms and living space for larger families: rentals that have more than three bedrooms are relatively hard to find. But for the price of a mortgage, many renters find that they can obtain higher-quality living space — such as a loft apartment — without the high costs that can come along with home ownership.
About one-third of Americans choose to rent. People who live in larger cities may not be able to afford to purchase a home or apartment, and may not want to sacrifice the convenience of city apartment living in order to own their own homes. With many homeowners waiting years to see their property investments appreciate and with mortgages typically stretching for 30 years, many Americans are deciding to rent instead of buy and to invest their money elsewhere.