Did you know? According to RentCafé, renters now make up 34 percent of America’s general population. That’s over 100 million people renting homes, apartments, and other properties around the country. And that number is growing.
There are many pros of renting, and more and more people are recognizing those benefits. Not only is it less expensive than buying, but there are fewer responsibilities and more freedom. Keep reading to learn more.
You Don’t Have to Worry about Maintenance or Repairs
If you’ve ever had “one of those days”—you slept through your alarm, you forgot a big meeting, and then you spilled soup on your shirt—you know how much the little things matter. So one of the best pros of renting is that if anything needs to be repaired in your apartment, you can sit back, call maintenance, and let them take care of it (while you soak that shirt in the sink!).
At Fair Oaks Apartment Homes, our staff is trained to help with repairs. Whether you’re having one of those days or not, it’s nice to know that if your apartment ever needs something, you don’t have to worry about it!
Your Upfront and Long-Term Costs Are Lower
There’s a lot that goes into keeping homes in great condition. From regular maintenance to unexpected repairs and from insurance to taxes, the costs can really add up. The opposite is true of renting—you have the comfort of being able to count on a set cost every month.
For starters, your upfront costs are lower. While buying a house with a mortgage usually requires a 20 percent down payment, renting only requires a security deposit, which you will get back when you move out (as long as you haven’t damaged the property). Additionally, your long-term costs are lower. 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.
Moving Dates Are Flexible
One of the greatest pros of renting is the freedom it gives you to live wherever you want. While a mortgage can tie you down for 30 years or so, renting can be relatively short term.
“Regardless of age, mobility is one of the top reasons people decide to rent,” said 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’re always sad to see our tenants leave, we do want to help you hit the ground running wherever you move next. That’s where our loyalty bonus comes in: If you move from Fair Oaks Apartment Homes to another AMC property or vice versa, we’ll give you $250 to help support you in your move.
With less responsibility, a difference in costs, and more freedom, it’s easy to see why 100 million Americans are renting. At Fair Oaks Apartments, our goal is to make coming home the best part of your day. Come visit us and see what renting can do for you.