There is a sense of pride that comes with owning your home but in today’s economy, fewer people own their homes and more continue to rent. Renting an apartment allows you benefits that you wouldn’t otherwise have if you own your home. Whether it’s more flexibility or lower costs, here are some of the benefits of renting.
Have a sense of freedom
Need to relocate for the job of your dreams? Owning a house means it’s harder to get up and leave whenever you want. You still have a lease when you are renting but it’s easier to get out of than putting your house up for sale.
When you’re a renter you aren’t responsible for everything on the property. One of the biggest benefits of renting is that you can call your landlord when something goes wrong like a leaky faucet or if your heat isn’t working. Because you aren’t responsible for the maintenance in your apartment you’re also saving money by renting.
Gyms and even pools are often standard issue in larger apartment buildings which means you can cancel your gym membership and use that money elsewhere. Having these amenities in your building is far cheaper and far more convenient.
No real estate taxes
Owning a house means that you have to pay substantial real estate taxes. Property taxes are an extra cost that you have to pay alongside your mortgage and these costs add up quickly. You also are responsible for a large downpayment when you own a house. You can invest the money you’re saving by renting and put it towards something with a lower chance of debt.
Renting in a city means allows you to be closer to restaurants and stores. This gives you increased walkability and the ability to potentially forego a vehicle. Not having a car means you save money on parking and you’re also being more environmentally friendly. Our Zipcar MoolaPerk is perfect if you ever have to rent a car for any trip.
When you’re paying your rent each month on your credit card, you have the ability to earn rewards on your travel card or get cash back. Your rent is a large purchase which means you’ll be racking up points much faster than if you owned a home and were only earning points on your regular monthly purchases. Head to RentMoola to find out how you can earn rewards on your rent.