The American Dream has been known for owning your own home but is that really the best option? Today average home prices are up over 13% since last year. Wouldn’t you rather rent an apartment near Apple?

With limited inventory, home selling without contingencies such as inspections, and the overwhelming demand for more space especially for those people who have to work from home, all of these things have been factors that have led to the overall increase in prices.

In the record-breaking sellers' market, owning your home just isn’t the best option anymore. There are many benefits that arise from renting apartments. Many people automatically assume owning their own home provides them with financial stability but the truth there are unforeseen costs and a lack of flexibility that can make owning a home more of a hassle than anything else.

Keep reading the learn about the most important advantages of renting:

6 Benefits of Renting

Increased Flexibility:

Having to sell your home can a huge pain and depending on how long you’ve lived in your house and the market conditions, you could possibly end up losing money when you sell due to the closing costs and of course the real estate fees. Not to mention the taxes and potential HOA fees you have to hand over as a homeowner.

Most rental agreements don’t last longer than a year, and some even allow you to buy out the lease and pay a penalty for leaving early if you need to. If you rent, you can pick up and move with minimal notice, unlike owning a home which means you’re completely committed to staying there long-term due to the fact that the selling and buying process takes a lot longer and is a lot more expensive.

No Responsibility

You don’t have to worry about keeping up with maintenance, that’s the landlord's job to keep up with the things that break and stop working. That and lawn mowing it’s all up to the landlord. If anything happens to break or if needs major repairs, such as appliances, windows, the roof, or plumbing you are not responsible for any of it.

But if you own your own home you have to take care of all of those problems yourself which means having to hire professionals if you don’t have the skills to take care of them yourself which means you will shell out a hefty bill for each issue.

Free Weekends

If you own your home that means you have to deal with a lot of ongoing manual labor and upkeep of the home. Which includes mowing the lawn, gardening, snow removal gutter cleaning, and much more. When you are renting an apartment, all of these things are not your responsibility. You’ll never have to think about let alone worry about keeping the sidewalks clear so neighbors don’t slip during the winter months.

And if your neighbors complain about your grass is too tall you can simply tell them to take it up with the landlord because it is his job to take care of the upkeep of the home that you are renting. And you can spend your free time doing things you love doing no matter what that may be.

Different Neighborhoods

You have the chance to try out different neighborhoods before you rent an apartment. Even if you know exactly which city you want to live in you can still try out the different neighborhoods to see which one fits you best.

You can see what stores, gyms, parks, or restaurants, are reachable by walking distance. If you’re unsure if you’ll want to stay in a particular area for a very long time you can make a lease that is for a short period of time so you can get out if you need to, to move somewhere else.

Minimal Drama

Neighbors can cause a lot of drama if you’re not careful. When you actually own a house the neighbors are pretty particular about who is in the neighborhood and whether or not they fit into the rest of the crowd living on the block. And if for some reason they don’t like you and you won your house you’re going to have a hard time getting away from the drama when you could’ve rented and simply ended the lease and moved on.

Roommates

When you’re renting an apartment you can bring along roommates with you to help you pay the rent. It’s a great way to save money in the long run because when you own your own home you’re responsible for the whole bill yourself. Roommates can help with all the bills by splitting them down the middle. What’s better than being able to afford where you live?