While some who see renting an apartment or a residence as the less desired housing option, others see the benefits of renting a home instead of buying. A few of the advantages are ability to conserve money, avoiding costs associated with major maintenance events and amenities that may be included in the rent.
Conserving Money
As in other rental or leasing scenarios, renting a home implies that you pay for what you use as opposed to paying acquisition and maintenance costs of a home. Although leasing is sometimes characterized as money down the drain since there are no ownership rights, there is something to be said for the impact on cash flow and in many cases, the monthly outlay for rent will get you more than you would if you purchased. When buying a home, you not only pay for the home, but you pay the tax, the insurance, the cost of major repairs, etc. When you rent, you’re responsible for costs outlined in the terms of your lease, which can be significantly lower than a mortgage on the same home.
Amenities
Another benefit to apartment or condo living is that many include amenities such as use of the pool, an exercise space, meeting spaces and a perhaps movie theater room. For an owner, these amenities may be available through homeowners association or as additional cost amenities, but for the renter, they are often included as part of the rent. The same may be true when it comes to parking space allocation, which can be very costly, depending on the geography.
So, renting has many benefits, especially for individuals or families who are looking to get the most home for their money, while respecting their budget for housing.