7 Reasons to Rent an Apartment Instead of Buying a House

Whether you’re moving out on your own for the first time or want to save money, renting an apartment can offer you the comforts of a home without the commitment of owning one. Here are seven reasons why renting an apartment is better than buying a house.

#1: No Real Estate Taxes

Real estate and property taxes vary depending on a house’s value and lot size. The state, county and city also influence that dollar amount. You’re not responsible for paying property taxes as a renter. Those fees fall on your landlord or property management company because they own the community. You also don’t have to worry about homeowner association fees, which saves you a pretty penny on yearly expenses.

#2: Access to Amenities

Most apartment communities offer onsite amenities such as a swimming pool, fitness center and community center or clubhouse. That helps you save money you might spend on installing a pool or home gym or paying for a gym membership. Other possible amenities include package delivery, trash pickup and other convenient services that make life easier.

Common areas are ideal for hosting family and friends. Grill or picnic by the pool or invite friends to unwind at the community center. Amenities such as a dog park or open outdoor space are also important if you live in an apartment with a pet.

#3: Lower Cost of Living

Cheaper utilities: In addition to paying the mortgage and property taxes, you must also account for separate utility bills when you own a home. Living in an apartment can reduce your cost of living since you only have to worry about rent and utilities. Some landlords or property managers may even include water, gas, electricity, cable or internet in your monthly rent.

Energy efficiency: An apartment requires less energy to cool and heat. Your unit may have smart technology with energy-saving features to help you reduce your monthly utility expenses and save money.

Insurance: Renters insurance is cheaper than homeowners insurance. It protects your belongings and provides liability coverage if someone is injured in your apartment.

Repairs and maintenance: It takes time and money to maintain the interior and exterior of a house. When you live in an apartment, all repairs and maintenance are completed by your property management team. You don’t have to worry about paying for repairs if there’s a leaky faucet or outdoor work like cutting the grass.

#4: Short Leasing Term Options

Renting an apartment is a smart option if you relocate frequently. While year-long lease agreements are common, some communities offer short-term lease options on a monthly basis. It’s often more difficult to sell a house than break a lease if you need to move unexpectedly.

Renting on a short-term lease provides flexible living accommodations if you’re scoping out a new place to live. You can explore your community and determine if it meets your needs without being stuck in one location for several years.

#5: Safety and Security

Apartments are clustered together so you’re close to your neighbors and property management staff. That can provide you with a sense of security, especially if you’re concerned about your personal safety.

#6: Fixed Rent Payments

Your rent stays the same for the entirety of your lease. Having that information can help you create a budget for other expenses or savings. If you buy a house, you may be subject to an adjustable-rate mortgage and rising payments. Your landlord or property manager must provide notice if they decide to raise your rent after your lease expires.

#7: Flexibility to Upsize or Downsize

You’re not required to stay in the same apartment after your lease is up. You can opt for a larger or smaller unit based on your needs. Renting an apartment is a viable option for individuals who want to downsize or need to reduce their cost of living. You can also talk to your landlord about multi-bedroom units if you need more space or want to share an apartment with a roommate.

If you own a home, you must go through the buying and selling process to upsize or downsize. That doesn’t guarantee you’ll recoup the money you’ve invested or receive your asking price when your house goes on the market.

Find Your Perfect Apartment in Columbus, Ohio

Ardent Communities offers a luxury living experience at each of our apartment communities in Columbus. Our 1-, 2- and 3-bedroom apartments are suitable for solo renters, roommates and families. Check out our communities and schedule a tour online