Renting a home isn’t always something that people do out of necessity. Oftentimes, it’s a strategic move that a person makes to better their life and make their living situation more convenient for them. It’s a common misconception to assume that a person living in a rental home is there because they cannot buy a home.
Take a look at these 5 reasons why people rent homes instead of buy:
Flexible Living Options
Renters can quickly and easily move to almost any city of their choosing. This is especially helpful for people that move around for work, are in the military, or are moving to complete a degree program. If your lifestyle requires you to pack up and move once every few years, renting a home is much more realistic than buying a home.
Management Takes Care of Maintenance
When you buy a home, you are solely responsible for all of the upkeep, maintenance, and repairs. If a person isn’t particularly handy, and doesn’t know anyone who is, renting a home can be much more trouble than it’s worth – especially if there are children living in the house. Renters have the peace of mind that they aren’t responsible for things that malfunction – they can just pick up the phone and someone will be there soon to fix it.
Once a family sends their kids off to college, or a couple reaches retirement, they might find that their family home is much too large for them. Moving to a rental property can be a very smart move for people in either of these situations because they don’t have to worry about going through the home searching and buying process again, and they can enjoy having fewer responsibilities at their rental home.
Some apartment buildings will have tons of amenities that tenants are welcome to use at their convenience. An apartment with a fitness center, recreation room, pool, hot tub, and outdoor grilling areas might be seen as much more affordable and convenient to a renter, while a homeowner would have to purchase everything separately – which could cost tens of thousands of dollars.
No Down Payment
Most rental homes will just ask for a security deposit, which is typically equal to one month’s rent. Even a high-income individual might have trouble coming up with the funds that are necessary for a down payment – especially if they have a large family.
Moon Ridge Manages the Best Rental Properties in Maryland
Looking to find a great new tenant for your rental home? We can help with that too! Find out more.