People who are always moving because of their work prefer to rent an apartment instead of buying one. Young families want to defer buying their own home until their family has grown. They prefer to stay in a rented apartment. There are people who do not like to own homes because of the commitments and responsibilities like mortgage payments and payment of taxes.
Advantages in Renting an Apartment
- No maintenance cost. When you rent an apartment, your landlord is responsible for cost of repairs. When the faucet leaks or an appliance stops functioning, you just call the manager of the building to have it fixed.
- Access to Amenities – Owners of apartment sometimes provide facilities for sports, swimming pool, a park and playground for children, to attract renters. As their tenant you are free to use these facilities.
- Flexibility to downsize – after a contract to lease ends, people renting apartments can downgrade to a more affordable living space.
- Freedom to move out easily – If your business or career requires you to relocate, renting an apartment makes it easier to move out. You can always sign a yearly contract so that you will not be tied down.
- No taxes to pay – You are not burdened with paying property taxes. That is the problem of the owner of the apartment.
- No big down payment – Most landlords require only a deposit of one month’s rental and another deposit for damages or unpaid bills when you leave.
- No need to buy appliances – Most apartments for rent are partially or fully furnished. Use of appliances are already included in the rent.
- Fixed monthly rent – Landlords do not demand an increase during the duration of the lease contract. That is one of the terms and condition in the contract. You can budget more efficiently because you know how much to set aside for monthly rental.
- Lower utility cost – An apartment has limited space so heat and power will be affordable.
While owning a home is always the dream of families, most of them would prefer to defer buying a home and instead rent an apartment, until they can afford to buy a home. They can save considerable amount of money when they rent an apartment. They can keep this saving to buy their own home in the future. The choice to rent or buy a home is a personal decision.