Six Key Benefits of Renting Your Living Space

Estimated reading time: 6 minutes

Buying a home is the dream of most Americans. However, there are also a lot of reasons to rent a home instead. There are a lot of benefits of renting that you might not yet know about, and we’re going to talk about 6 of the best.

After reading this article, you will hopefully feel more comfortable about renting, and understand that there are some amazing positives that you don’t get with homeownership.

1. Financial Flexibility and Lower Upfront Costs

When buying a home, you typically need to contribute a huge downpayment, which can be tens of thousands of dollars. This is a large commitment that some people can’t afford. Whereas if you’re renting, you only need to initially pay a security deposit which is likely one months rent. You even get this payment back when you move out, if you’ve left the place clean and tidy.

On top of this, renters also don’t need to worry about paying property taxes, and homeowners’ insurance, as these are the landlord’s responsibility. Some homeowners also opt for an adjustable-mortgage rate, which means the amount they pay can increase or decrease periodically. This means the amount homeowners pay on their mortgage could suddenly increase, making it unsustainable to cover all bills.

2. Freedom from Maintenance and Repair Responsibilities

This is one of the best benefits of renting. Your landlord is responsible for organizing and paying for any maintenance or repairs that need to be carried out on the property. All renters need to do is contact the landlord and inform them if and when an issue arises. 

For example, if your heat stops working, your landlord will have 24 to 48 hours to get this fixed for you, at no extra cost to the tenant. This means you also don’t need to worry about saving thousands of dollars in case an expensive appliance needs repairing or replacing.

Not only is this a financial benefit, but it also means that you can get on with your day instead of making phone calls and organizing a professional to come and fix the problem. There can be lots of issues with professionals not showing up, or not repairing the issue correctly, and all of this responsibility and stress is with the landlord. Not with the renter.

3. Mobility and Flexibility to Relocate

Renting gives you the flexibility to move wherever you want, whenever you want. Buying a home means you’re tied down to that location, and you must sell the home if you want to relocate.

Renting on the other hand means you only need to commit yourself to a 12 month lease, or even a month-to-month lease, and after that you have the choice to renew or move on. This is extremely beneficial for those that are looking to progress in their career. If you suddenly get a job in another city or state, you can just choose to not renew your lease, instead of having the stress of selling your home.

If you’re wanting to move to a new city, then renting is definitely your best choice. It allows you to experience living in the city to see if it meets your needs and wants, before deciding to commit to buying a home. If you don’t like the area, then you can simply get up and move again.

4. Access to Amenities and Desirable Locations

Renting gives you the opportunity to live in places that you typically couldn’t afford to buy. For example, apartments in the center of cities are likely out of your budget to purchase, but are more affordable to rent. These complexes also sometimes include facilities like gyms, swimming pools, and community centers, which are all maintained by the landlord, and the price is included in the rent.

This allows renters to enjoy the benefits of living in prime locations, which are in close proximity to work, entertainment, and cultural activities. By renting, you’ll have more chance of finding a place to live in the middle of New York City, which is an extremely expensive place purchase a property.

5. Predictable Monthly Expenses

Renting a property means you know exactly how much your outgoings are going to be each month. Knowing how much you can spend and save every month makes it so much easier for renters to budget, and maintain their lifestyle.

With homeownership, there can be lots of unexpected costs. We’ve touched on some of these already, such as appliance repairs. But homeowners also need to replace furniture, and cover costs of exterior damages, such as a roof replacement.

Knowing your housing costs will be the same over your lease gives renters financial peace of mind.

6. No Risk of Property Depreciation

This is an often overlooked benefit of renting. When buying a home, there’s always the risk that your property could depreciate in value over time. This then leaves you in a tough situation. You’ll need to stay in the house unless you’re happy to lose money when you decide to sell. But this can leave homeowners in negative equity.

Renting a property doesn’t come with this risk or worry. As you don’t own the place, it doesn’t matter whether the home goes up or down in value. You’ll just continue to pay the rent agreed in your lease. 

This means you can enjoy living in a home without the stress of constantly studying real estate market dynamics, to make sure you’re not losing any money on your home.

Conclusion

After looking at these 6 benefits of renting, it’s clear that renting can be so much more than just a temporary solution before homeownership. Even if you have the finances to purchase a property, renting might suit your needs more (consider rent-to-own model).

Renting allows you to completely relocate without major upfront costs. You don’t need to worry about paying for repairs or appliance replacements, and you can easily move from state to state without needing to worry about selling your home for more than you bought it for.

Each of these benefits highlights the value and appeal of renting as a lifestyle choice. It’s important for potential renters to understand the wide range of advantages you gain by renting a home instead of purchasing one.