Six Benefits To Renting An Apartment
The average Americans move about 12 times in their lifetime and it’s a safe bet that a few of those moves see people having to rent an apartment.
More people are renting than at any point in the past 50 years and the numbers tell quite a story. According to Forbes, studio apartments and one-bedroom apartments make up more than 50 percent of the apartment rental market due to millennial demand. Millennials are the most likely of all age groups to rent. In 2016, 65 percent of households headed by young adults were renting.
While it may not be the same as homeownership, there are plenty of benefits when it comes to an apartment rental.
- Freedom: When it comes to living in an apartment complex, there’s plenty of freedom to move around if you need to as life unfolds. Need to move for a job? Moving to follow a love interest? Leaving to see the world? It’s a lot easier if you rent an apartment. Depending on the apartment complex, you can lock into a month-to-month lease which doesn’t tie you down long term.
- Amenities: A typical apartment complex has plenty of amenities to enhance your living experience. Whether it’s a pool, a community clubhouse, a fitness center or maybe an outdoor tennis court, many complexes offer plenty of amenities at an affordable price.
- Maintenance: If you’re a homeowner it means there’s a lot of chores that are your responsibility. Living in an apartment complex means the rental company or landlord takes care of all the maintenance you might not want to do whether it’s lawn care, snow removal and trash pickup, not to mention also taking care of all your repair needs.
- Security: Many complexes have good security systems and surveillance to keep you safe and give you peace of mind.
- Financial flexibility: As a homeowner, you’re usually responsible for a monthly mortgage payment, property taxes, city taxes and the general cost of upkeep of your house. If you rent an apartment it eliminates many of those hassles and puts more money in your pocket. Many complexes and rental company also have incentives where you get a referral bonus for recommending a friend.
If you rent an apartment, it may also allow you the chance to live in a nice neighborhood or bigger city without having to pay top-end prices for housing. Living in these nice areas and bigger cities also affords you the chance to meet new people and experience life in a new city if you’re new to the area.
If you’re on the fence about renting an apartment, know that it’s more popular than you might think:
- More than 50 percent of the renter respondents in a survey considered renting a better choice for living within a budget and having less stress.
- Nearly four out of 10 rental properties are single-family homes and another fifth are in small buildings with two to four units.
- Twenty-five percent of rental residents in a survey were renters by choice, meaning they prefer to live in an apartment rather than a house.
- Harvard’s Joint Center For Housing Studies projects upwards of four million new renters during the next decade.
- In 2014, almost 37 percent of households were renters according to Census ACS data.
Renting an apartment comes with plenty of benefits, but you want to be sure to take time to find a reputable company or landlord who can walk you through your options and give an idea of exactly what you’re in for. To get started, Apartment Finder can help in your quest to rent an apartment in your area.