Many people experience a point in their lives when they have to decide between renting an apartment and buying a home. They have to weigh the pros and cons of each situation to determine what works best for their financial situation and what fits in with their lifestyle. Depending on those factors, either one could be the better fit. Here are some of the pros of renting an apartment that could be considered when making this big decision.
No Maintenance or Repair Costs
One of the pros of renting an apartment is that you don’t have to worry about maintenance costs and repairing things that go wrong. As a homeowner, you are solely responsible for broken appliances, home damage, and repairs. When renting an apartment, that responsibility typically lies with the apartment leasing manager, and the cost of these repairs is factored into the leasing agreements. This is one of the great benefits of renting an apartment, because it avoids unexpected living costs and creates less stress on the renter.
When you are a renter at an apartment community, one of the perks is having access to the luxury amenities that they offer. Some apartment communities have amenities such as a pool, gym, office, and more to offer to their renters. At Elements Luther Forest, we pride ourselves on having some of the best luxury amenities for our renters. These amenities will include the ones mentioned previously, but also a golf simulator, access to nearby walking and biking trails, and a dog park.
This is one of the main pros of renting an apartment for most people because it means they can enjoy these benefits without having to pay extra. The access to the amenities is included in the rent, which means they are not paying out of their pocket for additional gym memberships, pool passes, workspace slots, and more.
Lower Insurance Costs
Another thing to consider when looking at the pros of renting an apartment is the price of homeowner’s insurance vs renter’s insurance. When you own a home, you are required to have homeowner’s insurance which can be expensive considering the amount of property and assets you must protect within the home. For renter’s insurance, it is often less expensive, because you are covering the cost of the belongings within your apartment. Check out our guide to renter’s insurance for more information.
Sense of Community and Safety
When you become a renter at an apartment community, you become a part of their community. This is one of the pros of renting an apartment as well. You establish a relationship with your neighbors and other renters within the community. It also gives renters a feeling of security and safety knowing that there are other renters within the building and nearby in case of an emergency, especially for renters who are living alone.