About one-third of Americans are renters. That’s 100 million people who are renting homes, apartments, and other properties across the country. And the number is growing!
There are lots of reasons these 100 million people aren’t buying, and more and more people are recognizing the pros of renting an apartment. With lower upfront costs, less responsibility, and flexibility when it comes to moving, renting is a great option!
Lower Upfront and Long-Term Costs
In a recent study, 82 percent of renters said renting is more affordable than owning, and it’s easy to see why! Owning a home involves a lot of different expenses—some you can count on, but others come out of nowhere. On top of insurance and taxes, there are maintenance costs and often-unexpected repairs. On the other hand, renting has a set cost you can expect.
Upfront costs are dramatically different between renting and buying. To purchase a home with a mortgage, you’d need to gather a down payment, earnest money, and then any funds you need for up-front repairs or upgrades. When you rent, on the other hand, all you need is a security deposit, which is usually equal to one month’s rent, and which you usually receive back when you move out. That low up-front cost is definitely one of the pros of renting an apartment!
Then there are your costs over time, like insurance and taxes. While homeowners need to pay property tax and homeowner’s insurance, renters can purchase renter’s insurance, which is much more affordable. According to a 2017 study by the Insurance Information Institute, the average renter’s insurance policy costs $180 per year, while the average homeowner’s policy costs $1,211.
No Worries about Maintenance or Repairs
Broken gutters, leaky faucet, and missing shingles? For a homeowner, these aren’t just problems—they’re expenses and chores. For renters, on the other hand, a leaky faucet is nothing to stress about. At Lantern Bay Apartments, for example, we have knowledgeable and friendly staff who are trained and certified to make repairs. As soon as you report something is broken or in need of attention, our team sets to work, ensuring that your home stays in tip-top shape.
Flexibility with Moving
One of the greatest pros of renting an apartment is the freedom it gives you to live wherever you want. While a mortgage can tie you down for 15 or 30 years, a lease is relatively short.
“Mobility is one of the top reasons people decide to rent,” says Robert Pinnegar, president and CEO of the National Apartment Association. “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.”
If you decide to move out of Lantern Bay apartments, we want to be sure that you are taken care of wherever you go. If you move from here to another AMC property or vice versa, we’ll give you a $250 loyalty bonus to help you hit the ground running.
With a difference in costs, less responsibility, and more flexibility, it’s easy to see why people are choosing to rent more and more. At Lantern Bay Apartments, we want to make coming home the best part of your day; give us a visit and see how the pros of renting an apartment can benefit your life.