Buying vs renting: What’s better for a millennial

Choosing a living space is something millennials struggle with as they begin establishing their personal and professional lives. It is, however, through the recent trends, to have millennials preferring rental houses rather than owning a house. It is an undisputed fact that owning a house is better than renting. However, for millennials, renting is more considered as their style. In this piece, we are going to share with you insights of why millennials opt for renting.

Renting or buying

1. Landlords handle everything.

Due to the amounts of money that go into repairs, maintenance, and other utility expenses, millennials opt for the rental option as all these chores and costs are covered by the property management that takes care of the building. Owning a home means that all that is on you. As for millennials, spending their free time in gardening and handling other repairs is really a downside for them and would rather rent and leave all tedious responsibilities to the property managers or landlords.

Tedious responsibilities to the property managers or landlords.

2. Freedom of movement.

Renting means you have the freedom to move from town to town or other desirable neighborhoods. Having the ability to just pick up and leave when the lease is up is an eye-catching aspect to millennials that draw them into rentals. The idea of being tied down by a mortgage is not something millennials would want. This is also fueled by the job choices they make as they search for the ultimate dream job.

3. Renting is usually in the budget.

In most cases, millennials are faced with student loans that leave their bank accounts on an ever low status. With this in mind, millennials prefer renting houses that are within their financial reach as opposed to acquiring other mortgages on top of their student loans. Dealing with property taxes, home insurance payments and other expenses that come with owning a home, is a turn off to many millennials.

4. Community enhancing amenities.

Modern apartments have come up with designs that wholly encourage socialization and a sense of community. Millennials as the major renters look for such experiences to incorporate into their lifestyles. Millennials are eager to make new connections and such environment beat the idea of homeownership anytime. Modern apartments give millennials a chance to make these connections with the shared common spaces.

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