In America, there is an idealization of buying a house. But really, there are some major pros to renting an apartment. For many people, it just might make more sense to stay in a nice, spacious apartment than to buy a home. Read below to discover all the advantages of leasing.
You have access to amenities.
Most apartments have amenities that all their residents can use. At Catalina West, there’s a resort-style pool, outdoor kitchen, 24/7 fitness and activity center, and regularly scheduled community events. Apartments with amenities provide more opportunities to socialize and make new friends.
Repairs and maintenance aren’t on you.
Whenever you sign a lease, the property manager agrees to do all maintenance, upkeep, and repairs on your unit. It doesn’t matter how big or how small, or whether it’s your fault it broke, the property owner still has to fix it. That means no hassle or expensive repair bills to deal with.
There are no property taxes or down payment.
As a renter, you’re exempt from expensive property taxes. And instead of paying a huge down payment purchasing a home worth thousands of dollars, you could just pay an inexpensive security deposit (one month’s rent). For a 175,000 house with a down payment of 5%, it would cost $8,750 to move-in. But most homes require a downpayment of 20%. Move in costs for an apartment are significantly cheaper.
You have predictable, cheaper bills.
As the housing market fluctuates, the monthly payments for homeowners in mortgage payments and property taxes also fluctuate. But, rent stays the same for your entire lease agreement. Utilities on more compact units, like apartments, tend to be much cheaper than large property. On the insurance side, according to Investopedia, homeowner’s pay between $25 and $80 a month in insurance. Meanwhile, according to the Independent Insurance Agents and Brokers of America, renter’s insurance averages at $12 a month.