Did you know that more households are renting today than at any point in 50 years? In fact, 34 percent of America’s general population are renters, meaning that there are over 100 million Americans living in apartments, homes, and other properties around the country. And that number is rising.
There are a variety of reasons why people choose to rent. In fact, some people are content with renting their entire lives and don’t plan on owning. Renting comes with fewer responsibilities, more freedom, and lower costs. Here is why you should rent.
Do you like having the freedom of being able to move where you want, when you want? If so, renting is for you. According to Robert Pinnegar at The Washington Post, “Mobility is one of the top reasons people decide to rent.”
Mortgages can tie you down for 30-plus years, while renting is a relatively short agreement. Most contracts are based on year-to-year; however, it’s not uncommon to find month-to-month contracts, two-year contracts, and even three-year contracts. In other words, as a renter, you will have a flexibility that most homeowners don’t have. If you are beginning your career, attending school, or unsure if California is where you want to settle, consider renting at Le Med Apartments for the time being.
We are never eager to say goodbye to residents when they feel it is time to go, but we want them to always be taken care of. That is why we offer a loyalty bonus. If you move from Le Med Apartments to another AMC property or vice versa, we will give you $250.
Life issues can come at you in all shapes and forms. Sometimes it consists of potato peels stuck in the garbage disposal; other times, it’s a baseball crashing through your bedroom window. When the unexpected happens, it’s comforting to know that someone else is responsible for the repairs. At Le Med Apartments, that someone else is our fabulous maintenance director who is not only trained and certified to make repairs, but also dedicated to making your life the happiest and most comfortable it can be. If your apartment needs attention or an issue needs to be addressed, log in to the resident portal and submit a maintenance request.
The fact that renting is a set cost is another great reason as to why you should rent. When you own a home, there can be a variety of unexpected expenses, such as maintenance, insurance, and taxes. Further, these costs can vary month to month, making it difficult to know how much you need to save in case of a maintenance emergency lurking around the corner. 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.
The major difference between renting and owning is the upfront costs. 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. Homeowners are required to pay property taxes and house insurance. When renting, property taxes aren’t a thing, 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. As you can see, insurance alone illustrates why renting can be less expensive than owning!
Because renting offers more freedom, less responsibility, and fewer costs, it’s no wonder why more people are choosing to rent. At Le Med Apartments, we want to make coming home the best part of your day; give us a visit and see why you should rent today.