There are many benefits of renting your property.
1. No Responsibility for Maintenance or Repairs
As a renter, you’re not responsible for home maintenance or repair costs. If a toilet backs up, a pipe bursts, or an appliance stops working, you don’t have to call an expensive repair person – you just have to call your landlord or superintendent.
2. Relocating Is Easier
When you rent, relocating for work is easier, less time-consuming, and potentially less costly. That’s why renters who change jobs often (or have steady jobs that require frequent relocation) typically rent until their professional lives stabilize. Though a sudden move may require you to break your rental lease, you can partially or fully offset the cost of doing so by subletting your apartment or negotiating with your landlord.
By contrast, selling a home takes time and effort. If you need to sell your house quickly, you may be forced to accept a lower price and potentially take a loss on your investment.
3. No Exposure to Real Estate Market
Home values fluctuate in response to changing economic conditions, and can decline over time. If you’re a renter, that’s not your problem – it’s your landlord’s.
4. Credit Requirements Generally Less Strict
Although most landlords require prospective renters to undergo a credit check, this is typically a zero-sum proposition. Your application is either approved or denied based on your credit score and credit history. As long as you don’t have a checkered credit report that includes bankruptcies and judgments, you’re likely to find a landlord willing to rent to you.
By contrast, mortgage lenders typically have high credit standards, with credit scores below 680 or 700 considered subprime in many cases. Even small changes to your credit score can significantly affect your mortgage rates, potentially adding thousands of dollars in interest over your loan term.
5. Some Utilities May Be Included
Many multi-unit building owners cover the cost of most or all utilities, including non-essentials such as cable television. The practice is less common, but definitely still possible, in smaller buildings like duplexes and single-family homes. By contrast, homeowners have to pay full utility costs, sometimes several hundred dollars per month, depending on dwelling size and usage.
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