While you can definitely own a house, there are a number of benefits to renting an apartment. These benefits include being less expensive, freeing up time, and convenience. Let’s take a look at a few of them. Listed below are a few of the top reasons why renting an apartment is beneficial. Read on to find out more. Posted in Articles & Tips
Cheaper than owning
While a median-priced home in the U.S. is currently cheaper to rent than to buy, this gap is widening. While renting makes more sense in metropolitan areas, homeownership wins in the suburbs and smaller towns. Although the affordability gap has become narrower, it might not be closing anytime soon, and it may signal the end of the steady run-up in home prices. ATTOM, a big real estate database company, has analyzed the cost-benefit ratio for a median-priced home in the U.S.
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Buying a home isn’t always the most advantageous option, but in New York City, renters have an advantage. Because housing costs are higher than other assets, renting is a much better option for those with limited savings. Renting a home is also a better option for people who do not know the area well or those who need to access their money quickly. However, it is important to remember that if you plan on staying in the city for 12 years, renting will be more affordable than buying.
Less hassle
Many landlords don’t allow pets, which can be a major downside for people who want to save money. Not only are pets messy, but they also take up valuable space. Some landlords do allow pets but require a separate pet deposit or additional monthly fees. If you are planning on having a pet, you should discuss this with the landlord before signing any agreements. Be prepared to pay extra for a pet-friendly apartment, or be prepared to put in a larger deposit than usual. You might not be able to customize the space as much as you would with a traditional home, but that isn’t the end of the world!
Convenience
Among the many benefits of renting an apartment is the ease of moving in and out. Many apartments for rent are conveniently located near public transportation, entertainment options, and stores. Property management companies are responsible for most of these tasks, making it easier for tenants to move in and out with ease. This also means that tenants can avoid responsibilities related to cleaning and maintaining their apartments themselves. However, this doesn’t mean that renting an apartment is without inconvenience.
When choosing an apartment, consider the utilities included in the rent. While many utilities are included, some are not. Electricity costs vary according to the size of the apartment and the appliances in it. A good rule of thumb is to purchase energy-efficient appliances to help reduce your bills. Gas, on the other hand, is not that expensive. You should set aside $50 to $70 for this per month. Other utilities, such as water and garbage collection, are usually included in the rent.
