Thursday, September 18, 2014

Forbes Living TV Addresses the Benefits of Renting Versus Owning a Home

Many former home owners turned to renting when the Great Recession hit and joined those were already renting a home, condo or apartment. These people found some benefits to renting versus owning a home, which Forbes Living TV details below.

U.S. census data reported by RealtyTrac states the number of renters in American homes rose to 34.5% in 2011.  Close to one-fourth of all U.S. metro regions saw higher rental rates, which are still in effect today. When more people want to rent, the higher rental rates will be. Plus, the number of millenials who are now working are also renting.  This creates a shortage of rental homes and gives property management companies and landlords carte blanche to hike rental rates.  Despite the rise in rent and the lack of affordable housing, there are benefits to this type of living:

  • Renters do not have the responsibility or cost of home repairs.
  • They do not have to worry about lawn maintenance.
  • They can pack up and move when the lease expires.
  • They can negotiate for a better rate when moving in or when renewing, and add perks such as a new microwave oven, free carpet and air duct cleaning and valet trash service.

The Forbes Living TV show encourages readers to be sure to explore different cities and towns close to work before signing a rental lease. Also, be sure to read every page of the lease, even if the lease it long – as most are. Ask questions. Be very much informed about what the lease covers and does not cover, when rent is due and what the late fee is per day. These are items which can make renting pleasant or miserable. Renting is not for everyone. But neither is home ownership.

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