Sometimes rental apartments get a bad rap—especially when compared to all of the benefits of home ownership. But the truth is that renting can often be preferable to owning. In many communities, renting makes much more sense than owning because of the high-price of homeownership, or the lack of available housing.
In Portsmouth, N.H., for example, renting is quite common. This city of roughly 22,000 people is, according to U.S. Census data, split down the middle between renters and homeowners. This report shows that approximately 49% (4,875 of the city’s 10,014 households), are renters, giving Portsmouth the highest percentage of rented households on the Seacoast.
Rental Apartments Are Ready To Go
Some people prefer not to own a home and as such, they choose to live in an apartment rental, which in most cases means less headaches and responsibility. Where there are nice apartments available, a renter can reap all of the benefits of a great living space and community and can leave for a weekend or even 6 months of travel without worry or concern.
Here are six good reasons people consider renting over owning:
1. You’re Unsure of Your Timelines
For most buyers, homeownership pays off over time, after a mortgage is paid down and they have established equity within the home.But waiting for this might not be ideal for many lifestyles, especially with all of life’s uncertainties: Your work situation could change; your family situation may change; or you may want to be able to move in a hurry. Homes are also not always easy to sell, and are location and market dependent. No one wants to be in the position of selling while upside-down on a mortgage. If your situation is uncertain and you want flexibility, renting is probably a good alternative for you.
2. Security
Apartment buildings offer another layer of security in the form of extra sets of locked doors, neighbors who know you, cameras, and even doormen. If you have concerns about your safety, the community protections that renting provides could be what you need to get peace of mind.
3. You Like Community
Living in an apartment building with shared entrances and shared amenities can create a community-like feeling. Common areas like club rooms and fitness rooms allow neighbors to get to know each other and keep each other company in a casual, friendly way without being too intrusive.
4. It Makes Financial Sense
Sometimes, for a variety of reasons, rental apartments are cheaper than owning. This handy calculator from the New York Times allows you to input things like your mortgage interest rate and various other factors. Depending on your specific circumstance, you can see that renting may be cheaper for you than buying. And a month’s rent for a security deposit requires much less time and planning than saving for a down payment.
5. Maintenance Is NOT Your Strong Suit
It takes a lot of work to keep homes updated, comfortable and to maintain their value. In general, this adds up to at least 1% of the property’s value every year. And this cost goes up if you’re not as handy as many—some repairs may actually be much more costly.
In rental apartments, most maintenance is taken care of for you from a portion of the rent you pay. So when your refrigerator stops working, you can call the management company rather than heading to Sears.
6.You Like The Lifestyle
Many houses are relatively far removed from hubs of activity, unless you’re paying a premium for in-town property. A night out usually means a car ride and parking just to get to the fun. It is much more convenient and in some case more affordable to get rental apartments right where the action is.
At Chinburg Properties, the rental properties we offer often have entertainment right on-premises and within walking distance. They are also secure, comfortable, and affordable. We also feature a rental property management office that cares for 600+ modern, stylish apartments throughout the NH Seacoast and Northern Massachusetts. Contact us today if you’re ready to rent or want to know more about our rental properties.
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