The Benefits of Renting an Apartment


Philadelphia apartment

While the housing crisis of years past has now largely faded, buying a house is still often an extremely risky and expensive venture. Researchers estimate that nearly 20 percent of home buyers would have saved money by renting, and another study by Harvard University reported that over a 15 year period, renting made better financial sense than owning a home regardless of varying places and times. Fortunately, it is now easier than ever to access the same sense of privacy and comfort traditionally offered by a house by renting one of the luxurious apartments available in your city.

Even if you can afford to buy a home and pay a mortgage, other costs, such as maintenance, insurance and property taxes can not be predicted and may put significant pressure on your finances. Moreover, if you have an adjustable-rate mortgage, your monthly payments may increase, easily turning your dream of owning a home into a nightmare. In comparison, professionally-managed luxury apartment rentals offer a great deal of financial security in addition to a high standard of service, including 24/7 on-site maintenance, first-class amenities, and quality resident care. In the city of Philadelphia, for example, the average rent price was $819 as of 2013.

Another benefit to renting an apartment is often also the location. While homes are typically clustered in residential neighborhoods and will therefore involve a commute to work and other necessary locations, luxurious apartments can be found anywhere from the downtown area of a city to the suburbs. This can decrease your commute time, allow you easy access to the perks of city living, and can also often be cheaper: the average cost of living in Philadelphia is an estimated 0.7% lower than the Pennsylvania state average. And with a wide variety of luxurious apartments, including both apartments and lofts, the average renter often has their pick of locations, building styles, and luxury living amenities.

In a market where home prices typically fluctuate, renting an apartment allows renters to observe the cost appreciation of their living situation without a long term commitment. Additionally, renting allows a renter to use their down payment for other investments, which provides a higher return than real estate even in a booming housing market. At the end of the day, renting luxurious apartments is simply more cost-effective and advantageous than buying a home. If you’re looking at houses, why not consider saving your finances? Start looking at the luxurious apartments available in your area today.
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