5 Reasons Why Renting an Apartment Might be the Right Move for You

Whether you are a fresh-faced college grad looking to start a life on your own or a seasoned individual who is looking for a new place to live, it’s safe to say that apartments are popular!

Gone are the brick and mortar days of feeling the pressure to buy a house in the suburbs. Today, people are more aware of the many housing possibilities that are available and how some might be a better fit for different lifestyles.

That being said, read on to learn 5 reasons why renting an apartment might be the right move for you.

1. Less Responsibility

In my opinion, the best reason to rent an apartment is the fact that you have to deal with significantly less responsibility than owning your own home. Picture this: the pipe under your kitchen sink breaks, causing water to pour out everywhere. If you rent an apartment, in most cases this isn’t your problem- it’s the owner’s problem. Typically, when you rent an apartment, you are only on the hook for paying your rent and your utilities. If this same situation happened to a homeowner, they would be on the hook to pay for everything.

2. Freedom to Move

Hey travel lovers, listen to my advice: rent an apartment. Apartments are the traveler’s best friend. Here’s why: when you rent an apartment, you only have to live there for the duration of the lease, typically just a few months or up to a year, and then you have the freedom and flexibility to move wherever you want. This enables you to do one thing easier than most home owners: Renting gives you much more freedom to move and travel. When most people buy a home, they are looking at the house as an investment that requires them to live there for 20-30 years (or until they pay off the loans). When you rent an apartment, you give yourself much more freedom to move.

3. Less Debt

When you rent an apartment, you are typically only responsible to pay for the rent and the utilities. When you buy a home, most people have to take out a mortgage and are on the hook to pay hundreds of thousands of dollars over the course of two or three decades. Renting allows you to have much less debt.

4. No Financing

Now everyone has a different situation but historically, you really don’t need financing to rent an apartment; you just need to be able to pay off your bills. In most cases you can even rent an apartment with bad credit! Now I know most people view buying a home as an investment, but keep in mind there are plenty of investment alternatives. Consider renting an apartment and investing in stock and bonds. For the best investment advice, reach out to your local financial advisor.

5. Renting is Perfect for Those Who Need a Short Term Place to Live

Hey college students or professionals on assignment – rent an apartment.  Renting makes much more sense than buying when you’ll only be in town for a short period of time instead of buying property everywhere you stay. Apartment life is fun — choose to rent if this rationale makes sense to you!