With housing prices on the rise throughout the country, it’s no wonder that more people are choosing to rent. In fact, the U.S. has the most renters now since 1965, according to a report by the Pew Research Center. From hassle-free maintenance to financial benefits, apartment complexes can offer renters a plethora of perks.
What do you do if the sink won’t drain properly? Or you’re having electricity problems? If you’re a homeowner, you start looking for a handyman and get ready to pay the bill. As a renter, you call your landlord and let him know there’s a problem. He’ll make sure it gets fixed and you don’t have to pay any expenses. Living in an apartment is more hassle-free than in a home because there’s less maintenance like mowing the lawn or fixing plumbing issues. There are less things on your To-Do List, so you can make time for more important things.
When you buy a house, what you see is what you get. But when you rent an apartment, it often comes with specific amenities like a pool, laundry facilities, fitness centers, recycling services, and parking. Take advantage of these free commodities.
When you rent an apartment, you get so much more out of it than a roof over your head. You gain a community. In apartment communities, there are people of all ages and backgrounds living within close proximity of each other. It’s the perfect situation to create lifelong friendships.
Have you ever heard the phrase, “there’s safety in numbers”? Living in an apartment complex can often make people feel safer. There are people all around them that will be able to come help if needed. Also, property managers often offer some form of safety measures to ensure their dwellings are safe for their tenants. Apartment complexes might offer intercoms, security cameras, and alarms to provide a safe environment for everyone.
When you move into an apartment, you don’t have to worry about long-term commitments. For young millennials who are not ready to settle down, families who want a social community, or retired baby boomers, renting is a great option. Renting allows you the flexibility to move easily without anything tying you down.
6. Credit Score
Along with the many advantages offered to renters, RentPlus reports your on-time monthly rent payments to the reporting agencies. The credit reporting agencies then record your monthly rent payments as a positive payment on your credit report. So, by paying your monthly rent on time, you can build your credit profile and your credit score.
It takes about five years for the investment into a home to earn money. So if you don’t plan on staying in one place for at least five years, buying a home probably isn’t the best investment for you. Renting provides financial benefits that owning a home simply can’t offer. You don’t need to worry about selling costs, down payments, property taxes, homeowners insurance, HOA fees, or maintenance repairs.
Renting provides many opportunities for tenants. What perks appeal to you as a renter?