FlexibilityIf you are not sure about where you want to be or how long you want to be there, renting allows the freedom to relocate and not stay in one place long term. If your job has you moving around a lot, it offers the flexibility of having to move out easily and quickly. Also, since leases usually run on a year-to-year or month-to-month basis, upsizing or downsizing when needed are relatively simple endeavors.
MaintenanceOne of the most convenient parts about renting is not having to deal with the maintenance of the property. Whether it is a leaky sink or a broken washer, the landlord is responsible for fixing all problems at no cost while also saving you lots of time and frustration.
AmenitiesWhether it is a playground, pool, or being pet friendly, these are just some of the amenities that may be included with your rent with an apartment or rental townhome. Having these perks readily available can save renters a substantial amount of money.
No property taxes or HOA duesHomeowners get hit with annual property tax and monthly Homeowners Association (HOA) dues. When renting, it is the landlord’s responsibility to pay those fees which can lead to reducing a tenant’s monthly budget even more.
Different investment opportunitiesAny type of investment is a big one whether it is starting a business and putting money into a retirement fund. Renting a property, instead of buying one, can open up other possibilities for saving and investing.
Social lifeRental properties provide a great opportunity for social get-togethers since there are so many people in one place. With the common areas in the community and the different events that management organizes, living in a rental property can be an enjoyable and relaxing way to meet new people and try something new.
Mortgage-freeThere are a lot of costs when it comes to buying a house and the biggest of these costs is a mortgage. Some people may be able to pay for a house outright, but it can cause others to go into serious debt. By renting a property, you can forgo this debt and just pay a deposit instead. If you do buy a house and the mortgage payment is not fulfilled, then you must pay the rest before you move.
Lower insuranceRenters insurance is much more affordable when you compare it to homeowners' insurance. Renters pay much less and there are additional benefits, such as additional living expenses if a disaster strikes and personal liability coverage.
Referral BonusesA nice little perk that can happen every now and then is a referral bonus. The landlord or property management company will give a cash bonus or discount on rent for referring new tenants.
Need help deciding which is the best financial decision for you? Click here to view a rent vs. buy calculator that can help you sort out your options.