With a wider array of rental accommodations to choose from than ever before, renting has become a very attractive and affordable alternative to owning a home. Here are some of the many benefits of renting to consider.
When deciding where to live, don’t forget about the cost of commuting to work. Many of our rental properties are centrally located with easy access to jobs and transit.
Apartment suites are typically larger than comparable suite types in new condominium properties.
Compared to owning a home, rental living is easy. Here’s why:
Property staff to call 24-7 if anything goes wrong
Professional management company beyond staff of the building
No snow-shovelling or lawn maintenance
No worries when you go on vacation
Renting leaves you more disposable income for things like travel, recreation, or buying a vacation home. Here’s why:
Lower, controlled cost: The cost of renting is a bargain compared to total home ownership costs that include taxes, utilities, insurance, and maintenance. What’s more, your rental costs are fixed for the term of your lease. By contrast, condo fees are more unpredictable, and most home ownership costs have been rising much more quickly than the rate of inflation.
Five-year advantage: People say paying rent is like throwing money away. But if you plan to move in the next five years, you could say the same about a mortgage. In the first five years of ownership, most of your mortgage payments are applied to interest, with minimal paid to the principal. So you won’t get this money back when you sell, and you’ll have all the hassles and costs of putting your house on the market.
Possible deductible: In some situations, your rent may be deductible. Home ownership costs are not.
When you rent, you can pack up and leave at the end of your lease, without having to find a buyer and wait for the sale to close.