Quiz time! What percentage of Americans are renters?
- 22 percent
- 34 percent
- 17 percent
If you picked B, you’re right! According to RentCafé, renters now make up 34 percent of America’s general population. That’s over 100 million renters, and the number is growing.
Reasons to rent vary, but no matter the reason, more and more people are recognizing the benefits of renting, and many don’t ever want to switch to buying! Three reasons to rent include costs, responsibilities, and flexibility. Keep reading to learn more.
In 2019, 82 percent of renters said renting is more affordable than owning, which was a jump up from 67 percent the year before. When you buy with a mortgage, typically you need to pay a down payment that is 20 percent of the total purchase price. On top of that, there are property taxes and homeowners insurance. The average cost of homeowners insurance is $1,211 a year, while renters insurance costs on average only $180 per year.
So when you rent, your costs over time are lower. Now let’s talk about upfront costs. While a mortgage requires an upfront downpayment, the only upfront cost associated with renting is a security deposit, usually equal to one month’s rent, which will be returned to you when you move out (so long as you haven’t damaged the property).
Ever tossed something across a room, only to have it crash into a piece of breakable decor? Sometimes, accidents happen and things stop working, and when you rent, it’s good to know that someone else is responsible for making repairs. For example, at Beachwood Apartments, our knowledgeable and friendly staff are trained and certified to make repairs. As soon as you report that something is broken or in need of attention, our team sets to work, ensuring that your home stays in tip-top shape. For buyers, situations like this mean a trip to the hardware store and an extra expense.
One of the greatest benefits of renting is the flexibility to live wherever you want. “Mobility is one of the top reasons people decide to rent,” writes Robert Pinnegar, president and CEO of the National Apartment Association. Millennials building their careers, for example, love having the option to relocate when new job opportunities come up.
At Beachwood Apartments, we want to make this mobility even easier for you. So if you move from our property to another AMC property or vice versa, you’re eligible for our loyalty bonus: $250 to help you hit the ground running.
With a difference in costs, less responsibility, and more flexibility, it’s easy to see why more and more people are choosing to rent. At Beachwood Apartments, we want to make coming home the best part of your day. Stop by and see why renting in Anaheim might just be the best option for you.