Homeownership has historically been the assumed endgame of the American Dream. However, as younger generations move out and social norms continue to evolve, more people are opting for the flexibility and convenience that apartment living offers. The benefits when you choose to rent vs. own, though extensive, are not always obvious. We went ahead and listed six impactful benefits to renting your next home, along with the added luxuries offered at Richman Signature communities.
Lower Tax and Insurance Liability
Perhaps the most obvious benefit that renters have over homeowners is that they don’t have to pay property taxes. This alone can save you upwards of thousands per year depending on what county you reside in. You also won’t be required to purchase a homeowner’s insurance policy. While renter’s insurance is mandated, these policies are significantly cheaper and generally very affordable.
Low Maintenance Costs
If an appliance becomes faulty or there’s a water leak in your apartment, you have no financial responsibility to fix it. Maintenance requests ranging from simple upkeep to urgent repairs are easily submitted and handled in a timely manner at no cost to you. The constant upkeep and landscaping that goes into maintaining your home’s curb appeal is also the responsibility of management. This leaves you free to spend your time and resources elsewhere, forever crossing “mowing the lawn” off your to-do list.
Access to Luxury Amenities
Richman Signature Properties boast amenities that make the busy lives of modern renters easier and more enjoyable. Our communities offer state-of-the-art fitness centers, resort-style pools, designer lounge spaces, Wi-Fi-enabled business centers, tranquil meditation rooms, private theaters, dog parks, nail salons and more. Having access to these amenities that would otherwise cost a significant portion of your disposable income is yet another financial benefit to renting as opposed to owning. You have the ability to satisfy your lifestyle needs in absence of a commute or additional expenses.
Freedom to Feed Your Wanderlust
Another significant benefit of renting against owning are the relatively short lease terms. While the most common mortgage is 30 years in length, you can lock down an apartment for a term of just 12 months. Life takes unexpected turns and renters have the flexibility to navigate these turns with ease. You are free to pursue better economic opportunities elsewhere or pick up and move to a city you’ve always wanted to experience. An added benefit of leasing at a Signature community is the “Signature for Life” program. If you find yourself in a position where you must relocate, you can transfer to another Richman Signature Property in your new city for less.
The community atmosphere that apartment living offers can greatly enhance your quality of life. Individuals that rent an apartment at a Signature community will benefit from monthly community events that allow residents to mingle and make connections. This is especially beneficial if you’re moving to a city where you don’t know anyone. Should you choose to live alone, you will still have ample opportunity for social interaction. The close proximity of apartment living facilitates social connectivity and can result in lifelong friendships.
For reasons of financial gain or desired lifestyle, the decision to rent your next home will lead to a wealth of benefits! When debating the classic rent vs. own debate, we thoroughly believe renting is the undeniable winner. For more information on available Richman Signature properties, contact our leasing office to schedule a tour today!