Did you know? The number of American renters grew from 99.4 million in 2010 to 108.5 million in 2018. And that number continues to grow!
No matter why those more-than 100 million people rent, the fact is that more and more people are recognizing the benefits of renting an apartment, and many don’t ever want to switch to buying! Not only is renting less expensive than buying, but it comes with fewer responsibilities and more freedom. Keep reading to learn more.
Your Upfront and Long-Term Costs Are Lower
In 2019, 82 percent of renters said renting is more affordable than owning, jumping up from 67 percent the year before. Let’s take a look at why.
First, upfront costs are lower when you’re renting an apartment. Buying a home with a mortgage typically costs you around 20 percent of the total purchase price. When you’re renting, on the other hand, you only need to pay a security deposit, usually equal to one month’s rent. And as a bonus, this deposit is returned to you when you move out (so long as you haven’t damaged the property).
Second, your costs over time are different. While homeowners need to pay property taxes and homeowner’s insurance, renters don’t. And according to a 2017 study by the Insurance Information Institute, the average renters insurance policy costs $180 per year, while the average homeowners policy costs $1,211.
You Aren’t Responsible for Maintenance or Repairs
Ever watched a ball crash through a window as if in slow motion? When the unexpected happens, renting an apartment gives you the comfort of knowing that you’re not responsible for making repairs. For example, at Corona Pointe Resort and Townhomes, we have knowledgeable and friendly staff who are trained and certified to make repairs. When you report that something is broken or needs attention, we are available to help you take care of it! No more tackling difficult projects alone for you.
You Can Move Whenever You’re Ready
“Mobility is one of the top reasons people decide to rent,” writes Robert Pinnegar at The Washington Post. “For millennials just entering the workforce or in the process of building their careers, the ability to relocate is a major factor. Even if they are in a financial position to purchase a home, millennials may choose to rent to have the flexibility to take advantage of new job opportunities as they arise.”
Renting an apartment gives you great flexibility, and we want to help you capitalize on that! That’s why we instated our loyalty bonus: If you move from Corona Pointe Resort and Townhomes to another AMC property or vice versa, we’ll give you $250 to help you have a smooth transition.
Not only are costs different between renting and buying, but renters also have less responsibility and more freedom. No wonder so many people are choosing to rent. At Corona Pointe Resort and Townhomes, we want to make coming home the best part of your day. Stop by and see why renting an apartment in Riverside might be the best choice for you.