Many of us aspire to own our own house one day; it’s an essential facet of the American dream. The trouble is, we know that it comes with hefty costs. From saving for a downpayment to high interest rates and ongoing upkeep – the expenses never end. But, when renting, a lot of those common homeowner costs are none of your concern. While there is an argument to be made for traditional homeownership, today we’ll focus on eight benefits of renting a home. Let’s get started!
8 Benefits of Renting A Home
Don’t worry. If buying a home seems too pricey for your budget, you are not alone. Besides financial factors, there are many reasons why renting might be for you. In this guide, we’ll discuss the eight advantages or benefits of renting a home to help you understand why it could be a great option. As a company that offers property management services in Northern Virginia, we understand the benefits of renting, and we’ve listened to our tenants about how renting benefits them individually.
Freedom and Flexibility (+link to all the headers below) - Access to Amenities
- Fixed Rent Amount
- No Property Taxes
- No Maintenance Costs
- Lower Upfront Costs
- Lower Utility Bills
- Lower Financial Risk
While some people may disagree, renting offers numerous benefits for individuals who are not yet financially ready of buying a house. It also benefits people who want to start a business.
For some individuals in Leesburg, VA, even if they could buy a house, they might choose to put their money into their business first so it can grow. Or, you may choose the overall flexibility that renting offers as opposed to owning. So, let’s dive into the eight benefits of renting a home.
1. Freedom and Flexibility
Renting a home gives you a lot of freedom and flexibility to do what you want. For example, if you’re going to be a tenant, you can pick the kind of home you like, whether it’s a small apartment, a big house, or just something in the middle. And if you need to move, renting makes it easy to do that too. You can move closer to your job or to a different area that suits you better. Most apartment leases are frequently shorter, thus making it easy for you to transfer if your circumstances change.
Additionally, when you rent a place, you usually sign shorter contracts than when you buy a house. Overall, renting gives you the freedom to pick where you live and the ability to adjust if your life changes.
2. Access to Amenities
Another benefit of renting a home is getting access to amenities. When you rent a home, you get access to amenities that can make your life more interesting, convenient, and enjoyable. For example, many rental places offer a gym or a swimming pool you can use. Another example is getting access to a cool rooftop area with a great view, and a place for your dog to run around and play.
Most of the time, those rentals with great amenities can really catch the attention of many renters. They like having these extras when they rent a place. Honestly, most renters pick homes with the best extras that fit what they want.
3. Fixed Rent Amount
Having a fixed rent means you pay the same amount for your housing every month. Now, why does this become a benefit when renting?
This makes your renting costs steady and predictable, unlike buying a house where expenses like mortgage payments, property taxes, and maintenance can change. With fixed rent, you know exactly how much you need to pay each month.
In short, fixed rent gives you stability, knowing what to expect in terms of financial costs you need to consider monthly. That’s why it’s a good choice for people who want a secure place to live without the commitment of buying a house.
4. No Property Taxes
When you rent a home, you don’t have to pay property taxes like you would if you owned a home. Property taxes can increase over time if you own a house. However, renting saves you from this cost.
Renting helps you plan your money better because you don’t have to save up for property taxes every year. Without property taxes taking away from your money and budget, you have more freedom to spend or save as you want.
5. No Maintenance Costs
Another great benefit in renting a home is that you don’t have to worry about maintenance costs.
For example, when you rent a home, you do not need to worry about fixing maintenance issues like leaking pipes. It’s actually the landlord’s responsibility to handle those concerns, not yours. Unlike owning a house, where you are responsible for every small or large repair, renting means you can avoid these expenses, which can help you save money!
However, it’s important to review the lease agreement with your landlord. This will help you determine which common maintenance issues are covered by them and which costs you are responsible for if the damage goes beyond normal wear and tear.
6. Lower Upfront Costs
Another benefit when you rent is that you don’t have to plan for a huge payment upfront like you would if you were to buy a home. You just have to prepare funds for a security deposit and maybe the first month’s rent.
Note that deposit laws can vary in different states. For example, in Leesburg, VA, the typical rent is $2,140/month and the average apartment size is 931 square feet. Even if it sounds like a bit much for rent each month in your case, it’s still less than what you need to pay upfront if you owned a home.
7. Lower Utility Bills
Even though houses and apartments vary in size, houses are usually bigger than apartments. Because of this, it costs more money to keep houses running with electric, gas, heating, ect. than to just rent. Also, apartments usually have smaller and more efficient layouts, so they are often more efficient, and therefore cheaper to maintain in utilities.
8. Lower Financial Risk
Renting a home is safer financially than buying one. As we mentioned above, when you rent, you don’t have to pay a big amount of money upfront. This includes things like a down payment, closing costs, insurance, and property taxes.
Also, you don’t have to worry about fixing things that break in the house. If something goes wrong, it’s usually the landlord’s job to pay for it, not yours. Another good thing about renting is that you don’t have to worry about the value of the house going up or down. If you own a house, changes in the housing market can affect how much your house is worth. But as a renter, you don’t have to deal with that stress.
How Bay Property Management Group Can Help
If you’ve already decided to rent a home instead of buying one, you will need to communicate with either a landlord or local property manager in Northern Virginia. If you are looking for a new rental home around Northern Virginia or beyond, contact Bay Property Management Group to see the latest listings and connect with an agent.
If you currently own a single or multiple rental properties, and are looking for a stress-free way to manage your investments, BMG can help! We offer comprehensive rental management services, from tenant screening to maintenance, rent collection, and more. Contact us today to learn more about our property management services throughout Baltimore, Philadelphia, Northern Virginia, and Washington, DC.
