Why Smart People Rent: On the Benefits of Renting

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.

11 replies
  1. Kourtney Jensen
    Kourtney Jensen says:

    My fiance and I are deciding whether we should rent a home or save up to buy one. I like how you said that when you rent, you have access to free amenities that you probably wouldn’t have if you were to buy a home. I’m sure gym and pool costs would add up overtime, so it’s definitely something we will consider as we make our decision.

    Reply
  2. Brynne Jones
    Brynne Jones says:

    It was helpful that you mentioned how in most cases, renters do not take care of their own repairs. I never took into account that landlords and property owners have the responsibility of taking care of these issues. My friend was just offered a job that will relocate her to a new town. It could be helpful for her to consider finding a condo to rent while she works there.

    Reply
  3. Persephone de Vito
    Persephone de Vito says:

    It was really good how you said that renters might not have ownership but they do have freedom. Liked you said, if they didn’t like the neighborhood or if they felt the need to explore, then renters can just move out with ease. Maybe that’s the reason my best friend wants to rent a space instead of buying his very own home. I did notice that he’s not the type to stick to one thing or place for a very long time. Thanks for sharing. I’ll support him in his decision.

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

    It’s interesting that you mentioned that renting is becoming more popular than buying a home, shown by the fact that nearly two million new renter-occupied households were added in 2014. My wife and I are trying to decide whether we should rent or buy, as it will be our first place together. I’ve been trying to find the pros and cons of both, and after reading this I think renting sounds like a great option for us! Thanks for the information.

    Reply
  5. Deb Pearl
    Deb Pearl says:

    I have never rented an apartment before. I really liked how you mentioned that with renting, property managers and landlords take care of home repairs. That is a really great benefit of renting. I would love to not worry about fixing things myself.

    Reply
  6. Larry Weaver
    Larry Weaver says:

    Thanks for pointing out that renting often provides amenities that a house cannot provide. Amenities like a gym is something I would like to find because I have a goal to get in shape for a run at the end of the year. While I am out looking for a new place to live, I’ll keep an eye out for apartments for rent that provide the features I could benefit from.

    Reply
  7. Elsa Anderson
    Elsa Anderson says:

    My husband and I have been thinking of renting a home because we are going to be staying in the area for a short time, so I am glad that I found this article. I like that you say with renting you can leave when you want to because you are leasing and you don’t have a mortgage. Also, I did not know that renters typically do not make home repairs and that managers and landlords usually take care of those issues. That would definitely give me peace of mind and I would spend less time worrying about repairs and maintenance.

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  8. Ria Amelia Lawrence
    Ria Amelia Lawrence says:

    It was great how you said that one of the advantages of renting is that the person does not have to worry about the maintenance and repairs since it is the landlord’s job to handle that. Considering how my sister knows nothing about troubleshooting anything, I think renting will benefit her the most. I will share this with her since she is planning to leave the house soon. Thank you.

    Reply
  9. Khorae OIivier
    Khorae OIivier says:

    I found what you said about the different amenities renting an apartment can save you money on very interesting. My sister needs to move soon and is looking to rent a house or apartment since she does not think buying a home is an option for her yet. Thank you for the information about how a house wouldn’t come with a playground but an apartment might have that and more, like gyms and pools. It would be good for my niece and nephew to have somewhere to play.

    Reply
  10. Joy Butler
    Joy Butler says:

    You did a great job of explaining why smart people are renting. I think I would agree that flexibility plays a vital role in this scenario. Yes, when we are renting, it is much easier to move out and transfer. Therefore, it will lessen the stress and conflicts on their part.

    Reply

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