Renting a Home – Six reasons why it makes good sense

 Renting has long been seen as second-best to owning a home. But Dwellsy CEO and cofounder Jonas Bordo says more and more Americans are relegating that perception to the same scrap heap that holds landlines, paper road maps, and VHS tapes. As the world has evolved, so have attitudes toward renting. 

 “Sure, cost and availability play a role in people’s decision not to buy, but I’m encountering more and more renters who say they’re choosing to rent because it’s just a better fit for their life,” says Bordo. “It’s interesting because it reflects a massive shift in how people live and work and what they value. 

Consider workforce trends. Today’s talent prefers remote work, flexible schedules, plenty of autonomy. There’s job hopping and gig work. People are delaying marriage and having fewer kids. There’s a sense of restlessness and a desire for fluidity and freedom.  

Whether you’re a young professional who isn’t ready to commit to a zip code or an empty nester who’s tired of spending weekends mowing the lawn, there are plenty of reasons why renting might work best for your lifestyle (and yes, for your budget too). 

You’re not tied down. Let’s say you get your dream job offer, but it’s in another state. If you’re a homeowner, there’s a long slog ahead. Selling your house might involve expensive repairs and inconvenient showings. Finding a buyer might take months, and—even with that much-hyped equity you’ve built up—there’s no guarantee you’ll come out on top financially.   

You’ll find lots of cool places to live. In many areas, renters have more choices in terms of geography and aesthetics. For instance, your rent budget might get you a quirky little space in a historic downtown building, a trendy new apartment in a complex, or even a bedroom in a house-share. Homeowners often don’t see this kind of variety within their price range.   

It won’t hurt your social life, either. Especially if you live in an apartment complex or rental community, you’ll have plenty of neighbors to connect with. In many cases, management might even sponsor activities like happy hour, game night, or trivia to help you meet them. 

Your (rare) spare time is really your own. If you’ve never owned a home, you might not realize just how big of a time-suck it can be. In addition to keeping the interior (relatively) clean, you are responsible for unclogging the drains, mowing the lawn, pulling the weeds, cleaning out the gutters…and the list goes on.   

There’s someone “handy” to make repairs. Hiring someone to fix your leaky faucet or install your new ceiling fan costs money. Thus, many homeowners find themselves watching YouTube tutorials so they can complete these tasks themselves…and then watching more tutorials to fix the mistakes they made the first time.  

Renting helps you save money. Across the country, home prices are rising, competition is fierce, and interest rates are high. That all adds up to one heck of a monthly mortgage payment. Meanwhile, median asking rent for many rental property types hasn’t changed dramatically in the past year, and inventory is increasing. Even if your theoretical mortgage payment is lower than your rent (not a given these days), the cost of owning and maintaining a home tends to cut deeper into your wallet. Homeowners insurance, property taxes, repairs, lawn maintenance, utilities, and more can add up quickly.    

 “In our fast-paced, overscheduled world, flexibility and free time are increasingly important—and in this economy, almost everyone needs to save money,” concludes Bordo. “Whether you’re a for-now renter or a forever renter, choosing not to take out a mortgage is a great way to achieve all those things. There’s nothing less-than about renting…and a lot to gain.” 

Jonas Bordo is the coauthor, along with Hannah Hildebolt, of the book Everything You Need to Know About Renting But Didn’t Know to Ask: All the Insider Dirt to Help You Get the Best Deal and Avoid Disaster.