What percentage of Americans would you guess are renters? According to RentCafé, it’s 34 percent! That’s over 100 million people living in homes, apartments, and other properties around the country. And that number continues to rise.
So what are the benefits of renting vs. buying? Here are a couple: Renting is less expensive than buying and comes with fewer responsibilities and more freedom. Keep reading to learn how.
Let’s talk about upfront costs first. With a mortgage, you typically pay about 20 percent of the home’s price upfront. When renting, though, you only need to pay a security deposit, usually equal to one month’s rent, which will be returned to you when you move out (so long as you haven’t damaged the property). Renting leaves you with more cash in your pocket to pay for living expenses and fun furnishings to make your place feel like home.
Over time, the differences between renting and buying add up even more. Homeowners need to pay property taxes, and homeowner’s insurance is much less affordable than renter’s insurance. One 2017 study by the Insurance Information Institute found that the average renter’s insurance policy costs $180 per year, while the average homeowner’s policy costs $1,211.
Maintenance and Repairs
Sometimes, the unexpected happens—like your A/C suddenly sputtering out. When life throws these kinds of curveballs at you, it’s comforting to know that you’re taken care of—that someone else is responsible for making repairs. For example, at Highland Pinetree Apartments, our staff is trained and certified to make repairs, so they can fix what is broken or in need of attention. Homeowners, on the other hand, need to take care of these sorts of repairs themselves. In our busy lives, it’s so nice to not have to worry about things like this.
When comparing renting vs. buying, mobility is a huge plus in favor of renting. Unlike a mortgage, which can tie you down for some 30-odd years, a lease is relatively short. “Regardless of age, 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’re planning to move, we want to make sure you are taken care of wherever you go. That’s why we instated our loyalty bonus: If you move from Highland Pinetree Apartments to another AMC property or vice versa, we’ll give you $250 to help you have a smooth transition.
With a difference in costs, maintenance, and mobility, it’s clear why more and more people are choosing to rent. At Highland Pinetree Apartments, we want to make coming home the best part of your day. Stop by and visit us to see why renting in Fullerton might be the best option for you.