The Benefits of Renting vs. Buying
According to RentCafé, renters now make up 34 percent of America’s general population. That’s over 100 million people living in homes, apartments, and other properties around the country. And that number continues to rise.
Reasons to rent are varied, but more and more, people are recognizing the benefits of renting, and some don’t ever want to switch to owning! Not only is renting less expensive than buying, but it comes with fewer responsibilities and more freedom. Read on to learn more.
Your Upfront and Long-Term Costs Are Lower
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.
Right off the bat, your upfront costs are lower. When buying a home with a mortgage, your down payment is typically around 20 percent of the total purchase price. 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).
Then there are your costs over time. Unlike homeowners, you don’t need to pay property taxes, and renter’s insurance is much cheaper than homeowner’s insurance. 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.
You Aren’t Responsible for Maintenance or Repairs
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 The Crossings of Chino Hills Apartments, we have knowledgeable and friendly staff who are trained and certified to make repairs. Our team is there to help if you have maintenance issues. That’s much preferable to making a solo trip to the hardware store, isn’t it?
You Can Move Whenever You’re Ready
One of the greatest benefits of renting is the freedom it gives you to live wherever you want. 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,” 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 The Crossings, 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 The Crossings of Chino Hills Apartments to another AMC property or vice versa, we’ll give you $250 to help you hit the ground running.
With a difference in costs, less responsibility, and more freedom, it’s easy to see why more and more people are choosing to rent. At The Crossings of Chino Hills Apartments, we want to make coming home the best part of your day; give us a visit and see what the benefits of renting can do for you.
