Property Management Blog

BENEFITS OF RENTAL LIVING

System - Wednesday, March 7, 2018

If you are currently on the fence deciding whether you should rent or buy in the up-coming Spring market, maybe consider some of the benefits of renting and being able to save up some additional money for a few years before making the largest purchase of your life.

Less Expensive Insurance - Rental insurance isn't nearly as costly as homeowner's insurance because you are only insuring your belongings and not an entire property.

No Property Tax - Can save you thousands a year.

Low or No Repair/Upgrade Costs - If an appliance breaks or you have a leak that leads to other issues, it's no cost to you (most of the time) and in some cases even your outdoor maintenance is taken care of (lawn, snow, etc.)

Amenities - Some rental communities offer fitness or community centers, tennis, pools, etc.

Flexibility - It's easy to move on if your family is growing or you get that big promotion and need to move on to another job in a different area.

Low Down Payment - The deposit for a rental is much less than a down payment to purchase a home. Typically a landlord will require one month's rent and most times you get most of that back once you vacate the property.

Potentially Lower Utility Costs - Compact floor plans of apartments often conserve energy resulting in lower utility bills.

Easy Budgeting - Your rent will stay a constant amount for the term of your lease. Adjustable rate mortgages and property taxes can fluctuate. Also some rental properties include some of your utilities such as sewer or trash, etc.

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