Across the United States, more people are renting instead of buying a home. In fact, more households in the country are renting today than at any point since 1965. This trend holds true for people of all ages—from young adults to families with kids and retirees.
So, why are so many people choosing to rent rather than buy a home? Among several benefits renting has to offer are affordability, flexibility, and less responsibility. Read on to see why some renting is gaining popularity across the country.
Enjoy Low Maintenance
All homes need some maintenance from time to time. Whether you buy a new home or a fixer-upper, you are bound to find a few things you need to take care of. When you’re renting, the little things that crop up aren’t your problem. You can let someone else replace the flooring when it gets worn or work on the garbage disposal when it gets jammed up. At Summer Crest Apartments, our skilled staff will tackle any issues and repairs so you don’t have to spend time worrying about them.
Save on Expenses
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.
Don’t Get Tied Down
Your grandparents probably didn’t move around every couple of years, but things have changed since then. Millennials aren’t staying put as much as young adults of older generations. One survey found that baby boomers moved every 5.7 years, on average, while millennials moved about every two years. Renting and working with a relatively short lease allows people to adapt to life’s circumstances, while owning a home with a 30-year mortgage can make it harder to move.
At Summer Crest Apartments, we want to support you whether you stay here or need to move on. With our loyalty bonus, if you move from Summer Crest Apartments to another AMC property or vice versa, you’ll receive $250 to give you a little help on your life’s journey.
If you value an adaptable living situation, affordability, and low maintenance, renting can give you all that and more. Come to Summer Crest Apartments, where you’ll feel right at home and enjoy the benefits of renting.