Search ten different web sites on why renting is better than owning and you’ll get ten different responses.The data used to support these responses is equally diverse, but it ultimately boils down to three factors: affordability, accessibility, and accountability.
1. Renting is more affordable than owning
The initial financial outlay for buying a home far exceeds that needed to secure even a luxury rental unit. According to the Las Vegas Sun, the median sale price of homes in Las Vegas is $220,000 (three bedroom/two bath, 1,650 square foot). When you consider that purchasing a home requires a down payment of 10% to 20%, you’re looking at minimum upfront costs of $22,000 to $44,000. A luxury rental, such as Elysian, provides three bedroom/two bath, 1,667 square foot apartments for $1,845 per month. Even with first, last and potential pet deposit, initial costs make renting far more affordable than owning.
2. Renting offers greater accessibility to amenities
While additions such as security systems, swimming pools and marble counters increase a home’s purchase price, apartment communities often include amenities like pools, fitness centers and even dog parks. Elysian apartments, for instance, come equipped with all major appliances including washer and dryer as well as smart security systems. Having these features at no extra cost definitely makes renting a better option.
3. Renting means less personal accountability
As a home owner, you’re accountable for all maintenance and general upkeep of the property. Lawn care, plumbing repairs, appliance replacement, exterior painting and roof repairs are your financial responsibility. When you rent, the property owner is accountable for building maintenance. For example, if your sink has a leak, the repair and the cost are the landlord’s responsibility.
Combine fewer upfront costs, more creature comforts and less maintenance responsibility with the increased freedom and flexibility of renting, and it becomes obvious that renting is better than owning!