10 Benefits of Renting Rather Than Owning a Home

While many people dream of owning a home, there are many overlooked benefits of renting. In addition to being less of a commitment, renting is ideal for individuals, couples, or families who are moving often, or enjoying living in a certain place without the burden of “settling down” there for good.

10 Benefits of Renting a Home

1. Lower costs

When you rent a home, your landlord is responsible for repairing things like a broken oven or a leaky faucet. This lowers maintenance and repair costs for you and streamlines the process of living in a functional home.

2. Amenities

If you rent in an apartment building or housing community that offers amenities like tennis courts or a pool, you’ll get to take advantage of these things for far less than it would cost you to install them at your own home.

3. No taxes

When you rent a home, you’re free from the burden of real estate taxes – a costly expense!

4. More freedom

Renting rather than owning means you have the freedom to pick up and leave at virtually any time. As long as you see the term of your lease through, you’re not obligated to fill the vacancy or sell the home before you move on. This freedom is something many homeowners envy.

5. A deposit rather than a down payment

Down payments on homes often cost tens of thousands of dollars, and if you don’t have this kind of money lying around, a deposit on a rental home will feel quite accessible.

6. No concern about the housing market

While the housing market does affect rentals, it’s not as much of a concern as it is for homeowners, who have equity on the line.

7. Flexibility

Want to downsize? Want to live in a place where the yard work is done for you? No problem! When you rent, you’ve got the flexibility to make decisions like these.

8. Fewer insurance costs

While renter’s insurance is always a smart idea, renters can look forward to paying less in insurance bills than their home-owning counterparts.

9. Fixed expenses

When you rent, your monthly rental amounts are fixed throughout the course of your lease. Property tax amounts, on the other hand, can (and do) fluctuate frequently.

10. Lower utility bills

Since rental apartments and homes are often smaller than what people purchase when they buy a home, it’s cheaper to heat and cool a rental than it is an owned home.

There are many benefits of renting, and when you consider them all at once, it’s clear why so many people are choosing to take this route rather than purchasing their own homes.