What was once the American dream is not so anymore. More Americans are choosing to rent instead of purchase a home more than ever. In fact, rental vacancies are at historically low levels. The lowest they’ve been in 15 years. So what are the main contributors in this rental trend? Several factors make renting considerably more desirable. There is a significant dichotomy in what a homeowner views as freedom vs that ideal from a renter’s perspective. To a homeowner, there are no limitations as to what they can do to their property, provided finances aren’t an issue. They can paint, build a deck, finish the basement, etc. Though the average renter typically doesn’t have that luxury, they have a different kind of freedom. If there is a maintenance issue, it is not their expense. If the location becomes less desirable over the years, the renter can leave when their lease it up. A homeowner doesn’t have that freedom. They are then stuck with a property that won’t sell. Before going either route, look at your financial picture. Calculate utility expenses, property taxes, maintenance costs. Look at your career situation and if being transferred is a possibility. Saving the best for last, consider the trend of the area. Is it growing in popularity and deemed to be sough-after? First rule of real estate, whether it’s a home or a rental: location, location, location. What are your thoughts? Do you find it more desirable to rent or buy a home?
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