Five Advantages of For Rent Homes

Did you know that in 66% of housing markets renting is currently more affordable than buying? Typically owning a home is considered the better option over renting because it is a financial asset that can appreciate over time. However, the housing market is currently facing such high prices that many can’t afford to take on such a big mortgage. As a result, many Americans are turning toward renting. While it may be a more affordable option for some, renting also has many more advantages. Let’s highlight the top five!

No Maintenance or Repair Costs

Are you accident-prone? Accidentally damaging things left and right? Or maybe you are just unlucky and have dealt with flooding damage in every house you’ve been in? Well, one advantage to renting is that repair costs don’t fall on you! You can rely on the landlord to help you repair and improve your property without financial stress.

Homeowners are responsible for their own repair maintenance, and renovation costs which can get quite pricey!

Access to Amenities

Renting also typically comes with another financial benefit of having access to amenities that would be a huge homeowner expense. In many rental communities, in-ground pools and fitness centers are just the beginning of the fun amenities! Skip the thousands of dollars for installation and maintenance and instead hang by the pool.

No Property Taxes

Property taxes can be a significant burden that renters get to avoid! In some areas, property taxes can add up to thousands of dollars each year which can decrease a homeowner's spending ability elsewhere. It seems like the opportunity cost of buying a home in some markets decreases an owner's ability to spend their money in more fun ways such as travel.

No Down Payment

Renting is a great option for people who are looking for a smaller commitment upfront. Instead of paying around 20% of a home’s value in advance, renters generally pay a security deposit instead! The deposit amount is typically equal to one month’s rent. A down payment on a house is tens of thousands of dollars more upfront compared to renting.

More Flexibility

Many renters are choosing the more temporary living option to have the flexibility to move around and try new places! Renters can live practically anywhere while homeowners tend to depend on what they can afford. Although rents can also be high depending on the area, it is way more likely to find an affordable option than a home in an expensive area! It is also much easier for renters to move around quickly while homeowners are at the mercy of the housing market when it comes to selling.

We currently have a few communities in the works that will offer homes and townhomes for rent. Options will include one to four bedroom floor plans with all the desirable amenities! If you’re interested in renting or buying, contact us at RP Communities.