Today we're kicking off a new blog series, Road to Renting, where we'll discuss the benefits of renting and everything you need to know before signing your lease.
Is renting right for you? Over one-third of America's families rent today, both by choice and because of financial ability. Our renter research found that 63% of renters expressed their satisfaction with their rental experience. Here are some benefits to consider:
- Flexibility: As a renter, you can move relatively quickly and easily. Depending on the terms of your lease, you may only have to give one or two months of notice to your landlord about moving, especially if you are renting month-to-month. Renting also gives you the freedom to explore different neighborhoods.
- Freedom from maintenance: If you like the idea of having someone else handle the larger home maintenance issues, then renting may be right for you. Depending on your lease terms, your landlord is typically responsible for the majority of home maintenance and repairs.
- Ability to live in high-cost areas: Renting may make sense if you want to live in the city or other high-cost area where it's more expensive to buy than rent. According to our renter research, of the renters who say they will continue to rent, 67% cite they will do so for financial reasons.
- Protection from house price declines: Housing values may fluctuate. While renting, if home values decline you won't lose equity or run the risk of owing more on your mortgage than your home is worth.
Deciding whether to rent or buy is a personal decision that factors in your financial situation, future plans and lifestyle. It's important to evaluate both how you want to live and how much you can afford. Both options have benefits that you need to carefully consider before making your decision.
Still unsure which path is right for you? Use our Rent vs. Buy calculator to compare costs.