If you’re renting an apartment, you’re in good company: According to RentCafé, renters now make up 34 percent of America’s general population! With over 100 million people renting homes, apartments, and other properties around the country, renting is growing ever more popular.
Renting an apartment has lots of benefits, and some people don’t ever want to switch to owning! Renting is less expensive than buying, it comes with fewer responsibilities, and it gives you more freedom. Let’s dive in to see why.
Upfront and Long-Term Costs Are Lower
In 2019, 82 percent of renters said renting is more affordable than owning, jumping up from 67 percent the year before. It’s clear why.
First, buying a home with a mortgage usually requires a 20 percent down payment up front. That’s a lot! On the other hand, renters typically only need to pay a security deposit, usually equal to one month’s rent. That deposit is returned to them when they move out (so long as they haven’t damaged the property).
Second, homeownership can open the door to varied and unexpected expenses. Homeowners need to pay property taxes, and homeowner’s insurance is much more expensive than renter’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. Then there are the unexpected expenses that pop up. We’ll talk more about these below.
Maintenance or Repairs Aren’t Your Responsibility
While apartments and houses are usually in pristine condition when they’re first built, the fact is that things break and get old! Whether it’s blinds that get stuck or a shower gets backed up, it’s nice to know that in an apartment, someone else is responsible for making repairs. For example, at Lakewood Manor Apartments, we have knowledgeable and friendly staff who are trained and certified to make repairs. So if something ever needs attention, you can sit back and relax while we take care of it!
Mobility Is Much Easier
Sometimes a career change, new opportunity, or family need will require a quick move. One of the greatest benefits of renting an apartment is the fact that you can pack up and move much more quickly and easily than homeowners. While mortgages can tie you down for some 30-odd years, a lease is relatively short. “Regardless of age, mobility is one of the top reasons people decide to rent,” writes Robert Pinnegar, president and CEO of the National Apartment Association. “For millennials just entering the workforce or in the process of building their careers, the ability to relocate is a major factor. Even if they are in a financial position to purchase a home, millennials may choose to rent to have the flexibility to take advantage of new job opportunities as they arise.”
If you ever need to move elsewhere in Southern California, we want to help make the move easier for you. That’s why we created our loyalty bonus: If you move from Lakewood Manor to another AMC property or vice versa, we’ll give you $250 to make the move as smooth as possible.
When compared with buying a home, renting has a difference in costs, less responsibility, and more freedom. It’s easy to see why so many people are renting these days! At Lakewood Manor Apartments, our goal is to make coming home the best part of your day. Come by and see why renting an apartment in Lakewood might be the right choice for you.