In recent years, more and more families have been choosing to rent their homes, townhomes, and apartments instead of buying. In fact, as many as a quarter of rental residents say they’re renters by choice, meaning they prefer to live in an apartment rather than a house. Why choose to rent instead of buying your home? Read on to learn about why people are leaving home ownership behind and instead are renting luxury apartments and condos.
When looking at apartment complexes or rental communities, there tends to be a wider variety of amenities available. Many apartment communities, particularly luxury apartments, have even more amenities available to renters than luxury home communities do, including 24-hour fitness centers, basketball courts, walking trails, and more. These are often available at no additional cost to renters, making these communities even more appealing over communities of traditional homes.
Lower Initial Costs
In addition to the many amenities included in certain rental communities, renting is often more affordable and financially plausible for today’s young adults and families. Many millennials simply do not have the means to buy homes in today’s real estate market, as buying a home almost always requires a down payment. This payment can be too pricey for many young families to afford, instead pushing them to look at renting a place to live instead of buying. Rather than saving up for years to afford a down payment to only then have to also pay mortgage payments, families can secure high quality housing right away by choosing to rent instead.
Advantages Of Renting
In addition to the lower initial costs between renting and owning a home, the long-term costs can sometimes be less for renting as well, depending on the space and location. Home ownership can end up being fairly expensive, between utilities, maintenance costs, insurance, and more. Meanwhile, many apartments include these expenses in the rent, allowing you to manage your expenses more effectively than you would with purchasing your home or other living space.
Looking to rent luxury apartments or condos instead of purchasing a home for your family? Contact Eagle View for more information and to see what apartments and condos are available today.