More people my age (that infamous group known as Millennials…) are renting apartments over buying houses more than ever before. What was once thought of as a college age phenomenon is now the norm for individuals well into their 30’s. Renting has become more appealing over the years and seems to suit not only single individuals, but is popular for couples too.
There are a number of reasons why this is happening and why many find it preferable to rent over owning a spot. The overwhelming factor is the freedom; having a lease, typically for a year, provides flexibility to renters that homeowners just don’t have. This is particularly appealing to those who do freelance work or are still figuring out a career path, but can be just as attractive to anyone. In this way renting is liberating, especially if other areas of your life are less predictable than you’d like. With that being said, desiring flexibility does not mean you haven’t “gotten it all figured out yet” but sometimes is solely a comfortable way to live without feeling trapped in one place.
Another reason to be thankful to rent is the lack of liability. Owning a home is a wonderful thing, but it can also be a heavy financial burden. With renter’s insurance, renting comes with very little financial liability. Having a surprise plumbing leak or AC trouble is typically going to fall under your landlord’s responsibilities or will possibly be covered by renter’s insurance. This means less financial responsibility for you and more money in the bank for other things.
So whenever you feel less than ecstatic about being in a renting situation, remember that there are some great reasons to be a renter. With the growing number of renters, there are more resources than ever, too. Say hello to the new age of renting!