Life is full of big decisions, not the least of which is where to call home. From the time you leave the comfort of living with your parents, you are faced with finding the right place of your own. Is renting an apartment right for you, or should you find a house to buy and put down roots?
About a third of all households in the United States are renters, from young adults to baby boomers, and the number of people renting is going up. Many people find that the finances, easier upkeep, and ability to move more easily make renting an apartment an attractive option. Here’s what you should know about the benefits of renting.
Worry Less about Maintenance
Homes need routine maintenance, and there can be big surprises from time to time as well. When you are renting an apartment, you don’t have to worry about how to tackle appliance repairs or how to program the sprinklers. Your landlord gets to handle repairs. At Somerset Apartments, we are happy to take on that load and help your home look beautiful and welcoming. Whenever you need something repaired or looked into, just give our trained and professional staff a call.
Enjoy Lower Costs Now and in the Future
If money is tight, or you want to put a little extra away, renting an apartment can be a good way to save money. In 2019, 82 percent of renters said renting is more affordable than owning. As a renter, you enjoy a more stable monthly payment, while homeowners have more costs that can go up and down from month to month.
The initial cost of buying a home is much higher than renting an apartment, which is a major hurdle for many prospective buyers. A 20 percent down payment, as well as closing costs and other fees, can make buying a home a more risky choice. Renters have far fewer upfront costs, as they are generally only required to put up a security deposit equal to a month’s rent. And, while security deposits are often refundable, closing costs on a home purchase are not.
Over the years, homeowners will face higher costs than renters in the form of property taxes, maintenance, and 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.
Stress Less about Moving
One of the greatest benefits of renting is the freedom it gives you to live wherever you want. Unlike a mortgage, which 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 at The Washington Post. “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.”
At Somerset Apartments, we instated our loyalty bonus to make sure you are taken care of, even if you need to leave us. If you move from Somerset Apartments to another AMC property or vice versa, we’ll give you $250 to help you hit the ground running.
Whether you need flexibility in your living situation, want to save money, or just don’t want the hassle of maintenance, renting an apartment can be the perfect choice for you. When you live at the Somerset Apartments, you’ll love coming home every day.