There are many benefits to renting an apartment rather than buying a home.
Repairs are the owner’s problem, not yours
One of the benefits of renting a home is that there no repair bills. As a tenant, you are not responsible for the major repairs and decoration work of the property.
If any of the appliances like the washer and dryer stop working. Or your roof leaks, you call the landlord to fix or replace it.
On the other hand, homeowners handle all home repair, maintenance, and renovation costs. Depending on the task, it can get quite pricey.
Renting allows for flexibility to move
Renting gives you the freedom and flexibility to move when and how often you like. Even if you have a year lease can still decide to move out sooner before the end of the year. Your options are much less complicated than those involved with homeownership.
Renters also have the option to downsize to more affordable living space at the end of their lease. Such flexibility is especially important for retirees or college students looking to transition.
It’s much more difficult to break free of an expensive house because of the fees involved with buying.
This leaves them unable to afford to sell and move.
Rent is cheaper than a mortgage if you are staying for less than 5 years
You don’t have to deal with repairs or other expenses, and leasing may cover all your bills. Renting is often far cheaper than a mortgage payment.
Zillow has a wonderful rent vs buy calculator for you calculate what most makes sense.
Renters do not tie up their money
Another advantage of renting a property is that you don’t have to put in a sizeable amount of money like a down payment. Although renters often pay a security deposit and at the end of each month. These costs are lower compared to those made by the owners.
Buying a home needs a certain amount of money to pay for a down payment and closing costs.
Renting also leaves you with more cash to invest. When you rent, you can invest the money you otherwise would have spent paying for a down payment.
Access to amenities
Another financial benefit of renting is having access to free amenities. Luxury amenities such as; laundry services, fitness center, tennis court, and swimming pool.
If a homeowner wants to have access to these amenities, he/she will have to install them.
Renting also gives you home with none of the burdens of homeownership. With renting, you are not tied to the property for the long term