When people choose to rent a home, it’s often considered a temporary choice. Traditionally, renters aim to save money on their living space and eventually buy a home, if possible. However, today, the trends in housing are changing, and some renters are choosing to rent a home full-time or long-term, rather than as a short-term solution.
Studies show that there are currently more renters than there have been since 1965, the majority of which are ages 35 and younger. However, Americans of all ages and socioeconomic backgrounds are now making the choice to rent their homes.
One reason people are choosing to rent is that it’s actually a smart financial choice, and one which could ultimately help people save money and live a comfortable lifestyle for the long run. Here are some reasons that people may want to consider becoming a long-term renter.
Take Advantage of Rent Control
One reason long-term renters benefit financially is that they can take advantage of rent control. Technically considered rent stabilization, rent control happens when in select cities throughout the United States, landlords are legally required to limit the amount they raise the rent yearly. As real estate prices rise over the years, the rent on a rent-controlled apartment basically remains the same—which means tenants of those spaces can eventually save a huge amount on their rent. Rent control apartments can be tough to find, and they only exist in cities like New York City, Washington D.C., and San Francisco. However, people who can get their hands on a rent control apartment should stay in it for a long time, because the savings are only going to get greater and greater as time passes.
Avoid Maintenance or Repair Costs
People who own their own homes must take care of all repair and maintenance costs of their property. This can be a huge expense if a major thing must be replaced—like a roof or a boiler. However, renters don’t have to pay for the maintenance or repair of their homes; the property owner is in charge of covering these financially. So, over the long run, long-term renters win financially because they avoid the cost of having to replace appliances, structural elements of their home, and more.
Never Pay for Moving
Moving is an expensive endeavor. Short term renters must pay moving costs regularly, and the expense can add up. Long-term renters who settle into their space for a long time avoid the costs associated with moving ,which means they don’t have to pay for boxes, tape, movers, shipping, and other expenses that can quickly add up.
Build Good Relationships with Property Managers and Owners
When a person lives in a rental property for a long time, they can build a relationship with the people who own or manage the property. Having a relationship with a property manager can have a huge effect on the quality of life of a renter because managers control things like repairs, maintenance requests, and more. Short term renters often don’t stay in a home long enough to build a relationship with property managers, so long-term renters can reap the benefit of getting to know the manager over time.
Becky Bicks is a seasoned writer with experience in a wide variety of businesses within the real estate realm. She is based in New York.