Between 2006 and 2014, the number of renters grew from 39% to 43%. Although buying has always been associated with the American Dream, more people are choosing to rent.
There are a number of reasons why living in an apartment may be advantageous. Read on to learn more.
The Advantages of Living in an Apartment
Did your parents teach you that one of the main goals in life should be to buy a home? In theory, buying may seem best. In reality, it’s not always the best option and renting has many advantages.
If the location you want is in a hot market, the cost of buying may be prohibitive. It’s often easier to find an apartment in the location you want with a rent that’s less than a monthly mortgage payment. And, You won’t have to put down a hefty 20% to get the monthly rate either!
In urban areas, apartments are often a safer option. Single-family homes in gated communities are expensive. However, most apartment communities offer security around the living and parking areas.
Because you’re living so close to your neighbors, the community environment also provides a layer of protection.
Low maintenance is a huge benefit to apartment living. If you buy a house, be prepared to spend weekends cleaning gutters, doing yard work, and fixing leaky faucets.
Home maintenance costs a significant amount of money per year, but apartment living means you’re not responsible for that leaky roof or the clogged sink. Pick up the phone and call maintenance when you have a problem!
If your goal is to eventually buy a home, the money you save on maintenance and utilities can be put toward saving for a down payment.
Lower Utility Costs
Apartments are smaller than houses which means less space to heat and cool. This translates into lower utility costs.
Apartment living facilitates a minimalist lifestyle. If experiences are more important to you than things, living in an apartment is the way to go.
You may not have as much space, but there are ways to maximize what you have. The small space forces you to decide what’s important to you.
Apartment living also gives you flexibility. It’s important to have mobility in today’s work world. If you need to relocate in a hurry for your job, you don’t have to worry about selling your place in a down market.
Most apartment communities also offer a number of different types of floor plans. You can pick the one that best suits your needs.
Ready to Make the Leap?
Are you ready for low-maintenance, safety, and a great location? Living in an apartment is a great choice.
Are you ready for your renting adventure? Check out our floor plans here!