Moving to a new place can be stressful, whether you are on your first, fifth, or tenth move. Most adults will move a few times in their life—an average of about nine times during adulthood, according to the United States Census Bureau. Adding to that stress is the decision of whether to rent vs. buy your new place.
Your family situation, finances, and other elements of your life will undoubtedly play a big role in your decision. As you look into your options, you may find there are far more benefits to renting than you expect. Here are just a few.
You Can Move on Your Schedule
Sometimes you have plenty of time to plan a big move, but often a change comes unexpectedly. When you are renting, you might be more able to move for a tempting job offer than when you own a home. Moving soon after you buy a home could put a dent in your pocketbook, and long-term mortgages don’t always offer much flexibility. On the other hand, a shorter-term lease is easier to work with when a big opportunity emerges.
“Regardless of age, mobility is one of the top reasons people decide to rent,” writes Robert Pinnegar at The Washington Post. “For millennials just entering the workforce or in the process of building their careers, the ability to relocate is a major factor. Even if they are in a financial position to purchase a home, millennials may choose to rent to have the flexibility to take advantage of new job opportunities as they arise.”
While we aren’t eager to say goodbye, at Eastside Apartments, we do want to be sure that you are taken care of wherever you go. That’s why we instated our loyalty bonus: If you move from Eastside Apartments to another AMC property or vice versa, we’ll give you $250 to help you hit the ground running.
You Could Pay a Lot Less
Of course, cost is one of the most important factors to consider when debating whether to rent vs. buy. Owning a home can open the door to varied and unexpected expenses. Maintenance, insurance, taxes, and more add up and can vary month to month, with surprises lurking around the corner. Renting, however, is a set cost. Maybe that’s why in 2019, 82 percent of renters said renting is more affordable than owning, jumping up from 67 percent the year before.
A down payment requires significantly more cash on hand than a lease. Buyers may need up to 20 percent of the purchase price saved up, while a renter will likely just need a security deposit equal to a month’s rent. Both homeowners and renters should have insurance, but homeowners insurance costs an average of $1,200 per year, as opposed to $180 a year for renters insurance.
You Won’t Need to Do Maintenance
Sometimes, life comes at you fast, like in the form of a baseball crashing through a bedroom window. When the unexpected happens, it’s good to know that you’re taken care of—that someone else is responsible for making repairs. For example, at Eastside Apartments, we have knowledgeable and friendly staff who are trained and certified to make repairs. The minute you report something is broken or in need of attention, our team sets to work, ensuring that your home stays in tip-top shape. That’s much preferable to making a trip to the hardware store, isn’t it?
More and more people are opting to rent vs. buy, and it’s easy to see why. Renters often enjoy lower costs, have more freedom to move when needed, and spend less time on maintenance. Come visit Eastside Apartments, where you can enjoy all these benefits and more.