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The Benefits of Renting, Especially with Home Prices Skyrocketing

A person stands with each foot on a different arrow. One arrow says rent, the other says buy.It is the ultimate dream of many Americans to own a home that they can call their own. For decades, the typical American adulthood entails graduating college, starting your career, starting a family, and buying a home - but things are beginning to change. Millennials are challenging the idea that the life goal in life is owning a home. Lower incomes and higher home costs force the new generation to rent instead of buying. 

Both renting and buying have financial advantages, but for some people owning a home is not ideal. Renting a place makes sense to some people because of their financial circumstances. If you’re considering renting instead of buying, read the following advantages that renting can give you. 

#1 No Maintenance Costs 

Landlords are responsible for all repairs, upgrades, and maintenance in most rented properties. Tenants in need of apartment repairs will submit a request to the leasing office, and homeowners pay for the repairs afterward. This serves as an alternative to home buying, where you are responsible for all costs of renovations, maintenance, repairs, and improvements which can get quite pricey. 

#2 More Flexibility 

Apartment living gives you the flexibility to discover and explore different neighborhoods to see which one you prefer to settle in. If your job requires you to move around a lot, renting will be the better option. As a renter, you have the opportunity to downsize to a more affordable apartment. Smaller apartments cost less than larger apartments and will benefit you when going through a financial crisis. Such flexibility is essential for retired people who want a place that matches their new budget. Renters can decide when they want to upsize, downsize or move once the lease has ended. 

#3 Fewer Expenses 

Whether it is more expensive to rent than to buy or the other way around, the truth is somewhere in the middle. The location of the apartments, the rental prices, and housing markets are all factors that contribute to this question. When looking at immediate expenses when buying or renting a home, renting is more affordable. You do not need to pay real estate taxes, no need to save for a down payment; you have lower insurance costs and lower utility costs. All you need when renting is a deposit and the budget to pay your fixed amount of rent each month. 

#4 Less Space 

Less space is not always a problem, especially when you live by yourself or with a roommate. Houses are much larger than apartments which means there are many more spaces and corners to keep clean. With less space, you do not need unnecessary furniture and decorations. A small room can also be designed to look much bigger than it actually is. 

Find the Right Apartment for You with Kaftan Communities

In an ever-changing world, you get changing generations with different life aims and goals. With the home prices that are skyrocketing, make the choice to rent an apartment. Give our team a call today and benefit from all the advantages renting can give you!