There are a lot of people renting nowadays, but it is not just a coincidence either. Believe it or not, there are a lot of legitimate reasons to rent, especially in markets like the Michigan housing market… enough, in fact, to really raise the question “is it actually better to buy or to rent?”. Well, it seems like a lot of people are giving this one to renting. Why? Well, here are just a few of the reasons.
First of all, renting is usually easier to get into. You find a place that you like, make sure that it is within your price range and rent it. The decision is usually easy compared to when you are buying because renting is not forever… it is just for now, or as long as you need it to be. This is an especially good deal if you are not sure whether you will be around for awhile. For example, what if you may be moving to change jobs in four months? It would not make much sense to buy a house if you will only be in it for that period of time, so renting is usually chosen over buying in these cases. It is also easier to walk away from a rental house. You simply give your landlord notice, deliver the last rent check and start packing. If you buy, however, you need to sell before you can leave or, you had better be ready to pay two mortgages!
But another reason why more people are renting than buying these days is the responsibility issue. If you are renting a home, then the responsibility for major upkeep and repair falls to the landlord, not you. This means that you will not have to pay for things like a new roof, new plumbing, or new flooring. You will be in charge of keeping the house in general order, but this is usually covered in no-smoking and no-pets policies. Abiding by these and paying rent is usually all that is asked of you. Not having to worry about these expenses can really set your mind at ease, especially if you do not plan on being there forever.
This leads us to probably the number one reason as to why more people rent than buy… and that is the need to be mobile. A lot of people move around nowadays. A person needs to work, but if they cannot get a job in the city where they live, they will have to move and find work someplace else. Some people move every couple of years, or even every year! In these cases, buying and selling would just be way too much of a hassle. It is a lot easier to rent than it is to buy in a situation like this.
There are a lot of reasons as to why people are renting more, but renting is definitely more popular than it has been in a long time.