Why Rent An Apartment?
Do you rent an apartment, or apply for a loan and buy a home? There’s an argument for both, but the answer will depend on how you want to live and where you want to live. Here are 10 reasons that renting an apartment is better than owning a house.
- There’s more freedom with renting an apartment. If you want to relocate for a job, a love interest or see what life is like on the other side of the country, renting will allow you to do so. [1]
- Attempting to sell a house, mainly in a down market, can be complex and time consuming. The logistics of renting are more straightforward.
- A landlord often provides services such as mowing and shoveling snow. While homeowners are wondering how they will get out of their driveway in the morning, you can rest assured that it is taken care of. [2]
- A homeowner is not only responsible for snow removal and their lawn, but also everything else. Whether it’s a water heater or dishwasher, they will eventually need to be repaired or replaced. When you rent, that’s not any of your concern. You are one call away from it being fixed.
- Many apartment complexes have so many amenities that it is more like a resort. Tennis courts, swimming pools, fitness areas, and playgrounds. Many renters have these on location. Most affordable homes don’t have any such amenities.
- In addition to the monthly mortgage and maintenance costs, homeowners are also responsible for property taxes. They are different depending on location. By renting an apartment, you can pocket that money and buy more of what you want.
- You have a better chance of affording rent in a more luxurious neighborhood than you do from buying a house. [3]
- Some complexes offer referral bonuses. Is there anything better making money from someone else’s purchase? You get a neighbor that you already like and free money!
- There are often a number of apartments in an apartment building, and this increases your chances of meeting people and making friends.
- Many apartment complexes are gated and enjoy their own security and video surveillance. This will not only give you peace of mind, but save you money from having to buy your own. [4]
Keep in mind that you will need several things before you can officially make the choice to rent an apartment. The Federal Trade Commission lists them below: [6]
When you apply to rent an apartment or house, you will need:
- information about your employer and your income
- identification, like a driver’s license, for a credit or background check
- information about where you lived before
How to Rent an Apartment: [5]
References
- The New York Times, “6 Way s New Rent Laws Will Affect New Yorkers”, https://www.nytimes.com/2019/06/17/nyregion/newyorktoday/nyc-news-rent-laws-ny.html
- Crain’s Chicago Business, “This $45,000-a-month rental comes with its own outdoor pool, as it should”, https://www.chicagobusiness.com/residential-real-estate/45000-month-rental-comes-its-own-outdoor-pool-it-should
- Business Insider, “The 25 most expensive cities around the world to rent a two-bedroom apartment”, https://www.businessinsider.com/most-expensive-cities-worldwide-to-rent-an-apartment-2019-5
- Multi-Housing News, “Trammell Crow Starts Work on Texas Apartments”, https://www.multihousingnews.com/post/trammell-crow-starts-work-on-texas-apartments/
- Renting An Apartment – How To, 1click2know, YouTube – https://www.youtube.com/watch?v=KcLAq_cNYX4
- Federal Trade Commission, “Renting an Apartment or House”, https://www.consumer.gov/articles/1024-renting-apartment-or-house#!what-to-know
