Why Smart People Rent--On the Benefits of RentingTrying to decide between renting or buying a home? Of course, buying a home gives the stability of a mortgage. And renting a house or apartment allows for tremendous flexibility of location. But there must be more, right? Is flexibility the only reason to rent?

The Khan Academy has published a video on the difference, mathematically, between renting and buying. They challenge the notion that “buying is always better than renting.” Many people have also challenged the claim. If you haven’t heard, renting is on the up-and-up. According to Appfolio.Com, “2 million new renter-occupied households were added in 2014, while the number of owner-occupied households decreased by more than 350,000.”

Amenities are an often overlooked but important aspect of renting a unit in an apartment complex. If you buy a house, not many conveniences are included. Gyms typically require a $30-$50 per month membership plan. You may have to drive to a far location to play tennis or basketball, or to swim. And, almost certainly, your home will not come with a playground. Imagine all these expenses as monthly fees in addition to your mortgage. However, many apartment complexes include such amenities and more.

Many pro-and-con lists are created for this type of decision. Realtor.Com has a convincing video for the pros of renting. For example, if you rent, you may have access to amenities that, as a homeowner, would not typically be within your reach. Similarly, renters often do not make home repairs. Rather, property managers and landlords take care of them. Many apartment complexes have onsite maintenance and even 24/7 emergency maintenance. Everyday maintenance issues are taken care of by property owners or landlords. Furthermore, you may wake up to an upgraded wifi network, new central air unit, or a newly carpeted hallway.

What renters lack in ownership they gain in freedom. If you don’t like your neighborhood, feel an itch to move, or want to explore the world, renting is a good option for flexible people. Leases aren’t mortgages. With renting, you aren’t locked in for 30 years.

The decision to rent or buy is one of the more important decisions you’ll have to make. The worst thing to do would be to listen to cliches. As we have seen, renting isn’t just for people who want flexible living arrangements. There are reasons to rent long-term.  It is not accidental that rental properties are thriving: the numbers don’t lie.

Renting has many appeals, from communal living to practically maintenance-free living. And renters don’t need to acquire realtors. Many apartment complexes now have their own websites. Utilizing the tool ApartmentsForUs.Com proves that finding the perfect apartment in this day and age is a breeze thanks to the rise of digital marketing.

13 replies
  1. Violette Lebrac
    Violette Lebrac says:

    My husband and I are considering renting a property, but we aren’t sure if renting is better than buying. I liked that you talked about the freedom that comes from renting a property, how flexible it is. I definitely want something flexible for the future.

    Reply
  2. Deb Pearl
    Deb Pearl says:

    I have been trying to decide if I should rent an apartment or just bought a home. That is true that if I rent I could have more access to different amenities that I couldn’t have as a homeowner. It would be nice to be able to go to a pool, or even a gym! Thanks for all the information!

    Reply
  3. Ashley Turns
    Ashley Turns says:

    My husband and I have been trying to decide if we want to buy a home or look into rental properties. So thanks for pointing out that tenants will not need to make repairs, seeing as that is the landlord’s job. We’ll definitely start looking into rental properties since we don’t think we could handle having to make home repairs on top of the actual house payment itself.

    Reply
  4. Cameron Bennett
    Cameron Bennett says:

    I like that you mention that renters have an advantage because they are not tied down by owning that apartment. If they want to leave, they have the option to do so. My daughter is going to college soon, and we have been looking at different apartment options for her. It’s important that we do a lot of research because this will be her first time not living at home.

    Reply
  5. Marcus
    Marcus says:

    I lived when you mentioned how renting a house can help you get access to amenities that you would not have access to when owning a house. It is important to remember that doing some research can help you find the best one that can suit your needs properly. We are planning on renting a house until we can buy one and want to make sure we find one that is big enough for my family.

    Reply
  6. Oscar O'Malley
    Oscar O'Malley says:

    It’s interesting that you mentioned that 2 million new renter-occupied households were added in 2014. It seems to be that renting is becoming more and more popular. My wife and I have just been married and are looking for our first home. We’re not sure at this point whether to rent or buy, but after reading this I think renting might be the way to go. At least until we can save up more money to buy a home of our own. Thanks for the information!

    Reply
  7. Julius Wither Amberfield
    Julius Wither Amberfield says:

    One of the things that I liked about this article was that you mentioned that renters don’t have to worry about the repairs and maintenance because it’s the landlord’s job to do it. I guess that’s one of the benefits that I can enjoy, however, the reason why I’ve decided to rent was that I live alone. It doesn’t make sense if I’m going to buy a large house. I may do that once I’m married but right now, I’m okay with renting. Thanks.

    Reply
  8. Todd Stauffer
    Todd Stauffer says:

    I like how you said that when renting an apartment you should look at the amenities offered. Getting an apartment that pays for everything apart from the internet would be much better than one that only paid for internet. That way you can save money on those things and put it toward other things that are more important to you.

    Reply
  9. Tammy Houston
    Tammy Houston says:

    It really attracted my attention when you said that one of the benefits of renting was the idea that a person can move whenever they felt like it as well as the fact that renting was not as expensive as owning a house. It was good that I came across this article and learned about this infos because I have thining whether to rent or buy for a while now. Considering that I enjoy the move and seeing the world, perhaps renting is right for me. Thanks!

    Reply
  10. Juris Ainsworth
    Juris Ainsworth says:

    It sure got me when you said that renting is for those who want to explore the world as they are free to leave and transfer to another place in case they ever feel the need to do so. My younger sister is the type to want so many different places, so I do think that renting is the wisest choice for her as of now. I will share this with her to show that I support her in her decision to rent a property instead of buying one. Thank you.

    Reply
  11. Elsa Anderson
    Elsa Anderson says:

    My husband and I have about a year left in school and we are trying to decide if we should rent an apartment. I had no idea that there are so many benefits to renting apartments! I like that you say renters have freedom because you have a lease and not a mortgage so you are not locked in to staying in the same place. Also, I agree that having a landlord and management who deal with most maintenance issues is nice because it saves time and money. While going to school, my husband and I are looking to save as much time and money as we can!

    Reply
  12. Rosie Beckett
    Rosie Beckett says:

    I have an internship this summer in a different city and I will only be there for a few months, so I am thinking of renting an apartment. You make a great point that when you are renting it is easy to move because it is flexible and a lease is not as final as a mortgage. Also, I think that it would be great for me to rent an apartment because I won’t have to deal with any maintenance issues or up-keep of the yard. This would be a huge benefit because I will be very busy with my internship!

    Reply
  13. Ridley Fitzgerald
    Ridley Fitzgerald says:

    It’s good to know more about renting a place to live. I like how you said that renting normally comes with amenities and things already included. I’d love to move into a place with a pool and a gym!

    Reply

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