You'll never see any of your money when you rent; it all goes to the landlord.
You've probably heard these comments hundreds of times from your friends, family and colleagues. But many of today's apartment renters are realizing that renting an apartment can be more economical than owning one, and they don't have to live in a shoe box.
Ask any renter why they rent, and they'll give you a number of reasons:
1) Affordability. Owning a home requires a large initial outlay of cash, which is not always practical for renters. While interest rates may still be low, the cost of housing continues to increase. Many individuals simply cannot afford the down payment and monthly payments required for a home. In addition, rent rates generally include the cost of heat, air and water, which are additional costs for homeowners.
2) Location, location, location. The same motto holds true for renting as it does for owning. Having an apartment close to work or school reduces commuting time so renters have more free time for leisure activities. Renters also appreciate the closeness of their apartment to night life, restaurants, shopping and public transportation, which makes life a whole lot easier.
3) Flexibility. Renting offers more flexibility than owning a home. If it becomes necessary to move for any reason, such as a job transfer or a family crisis, it may be easier to cancel out of an apartment lease than it is to sell a home. While the landlord may give you a hard time about cancelling your lease and require you to pay a fee, these issues pale in comparison to home selling issues and expenses.
4) Security. Many renters feel safer living in an apartment community surrounded by neighboring residents or on-site staff. Renters also choose apartment living because the property may have certain security features, such as secured access entries, doorman, or security cameras, which makes them feel safer.
5) Social activities. Larger communities may provide events for their residents, such as parties, movie nights or shopping trips. These events can help renters make new friends and feel more at home without going outside their own community.
6) Hassle-free living. Many renters choose apartment living because they don't have the time, money or inclination to handle their own maintenance repairs. The maintenance team handles the repairs and maintains the property so renters have more time to pursue their own interests, such as school, volunteer work, travelling or socializing. In addition, the amenities and services that some properties offer such as on-site ATMs, dry cleaners, health club, hair salon, and parking, makes life a lot simpler for many renters.
