The Benefits of Apartment Renting
Although most financial planners and investors always speak out against renting since there is no return on the money, realistically there are a number of nice advantages to renting. Obviously renting is about the only option for people that simply do not have the cash – or the credit – to buy a home; but this can not really be seen as an advantage per se. However, in today’s turbulent real estate market, renting also provides a true peace of mind since renters do not have to deal with declining property values, increasing variable mortgages, or foreclosures and this can be seen as something of an advantage.
One of the most popular – and most often cited – advantages to is that as a tenant you are generally not responsible for maintaining or upgrading your home. Someone else mows the lawn and trims the hedges. If something breaks, someone else fixes it and pays to do so. If household appliances or other material needs to be replaced or upgraded, this is up to the landlord, not the tenant. All said this amounts to a lot less stressful way to live as anything that needs to be done to maintain the property and its features is left to someone else. Having the freedom to simply call someone whenever there is a problem and not having to worry about it costing you money are commonly seen as the primary benefits to renting.
Somewhat related to this, most rents designed to be relatively inclusive. While renters still have to pay their own utility bills and for special services (cable television or Internet access); most apartments cover many of the smaller associated expenses. These associated expenses frequently include water, waste removal, and almost always includes property tax. Therefore, paying rent tends to simply the financial situation, resulting in less individual bills. Of course there are exceptions to all of the above, but it is safe to say that the majority of rental apartments include at least some of these expenses in the basic rent.
Another key advantage of renting an apartment is mobility. Specifically, when you buy a home, you are more or less tied to that particular real estate for at least long enough to build up some decent equity, so a few years at the minimum. Renters, on the other hand, are generally not tied to their apartments at all. Even apartments that are leased typically include an early exit clause which may cost you a little extra money, but keeps your mobility intact. People that move a lot or just want the option of moving when they are so inclined all receive a tangible benefit from renting since they are not tied to any specific place.
The three advantages cited above – no maintenance responsibilities, fewer bills, and mobility – are the primary advantages to renting, though some cite other advantages as well. For example, some people like the community aspect of living in an apartment complex, where their children have friends to play with and the like. Though the financial advisors may have a point about rent providing no tangible return, for many people the very real advantages of renting may outweigh the money lost.
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