With a thriving housing market and inflation on the rise, the ongoing debate of homeownership versus renting is as heated as ever. However, with the average home selling at 19% higher than years prior, according to the Case-Shiller U.S. National Home Price NSA Index, the drastic growth in the housing market over the last two years could prove to be a deal-breaker in the longstanding debate. As a result, many are deciding to rent instead of buy in response to the low inventory and high cost of homeownership nationwide. After all, with home prices at an all-time high, can the value of your home really increase much further? Historically, buying a home could be the more affordable option over a longer period of time, but in the current housing market and with inflation at an all-time high, renting just may be your best option yet.
1. A fixed monthly rate means more financial flexibility! //
“Homes are expensive now … but for most people, the comparison that is most important is how that cost of homeownership is going to compare to the cost of renting,” says Jeff Tucker, Zillow’s senior economist, in a recent interview with CNBC. That being the case, experts predict that in 2022, the average American won’t have as much disposable income to invest in purchasing a home, especially with decreased discretionary income, increased mortgage rates, increased inflation, and the unpredictable costs of long-term home repair and maintenance. In contrast, while rental prices may rise with inflation in 2022, renters have the advantage of a short-term financial commitment with minimal up-front costs, increased financial flexibility, and consistent, predictable monthly rates.
2. Minimal emergency costs allow for strategic financial planning! //
One of the significant benefits of renting a home during these uncertain times is that you are not required to pay the taxes and unexpected fees (HOA and Municipal) often associated with the home. Renting a home can provide residents with peace of mind, knowing that, unlike buyers, should any emergency maintenance issues arise, they are not required to cover maintenance costs. Instead, renters simply need to call their property management company and inform them of the issue, which is then often resolved quickly and efficiently. In comparison, homeowners should be prepared to financially invest considerable funds in emergency home maintenance and repair throughout the years. For the most part, while owning a home can allow for unique opportunities not always readily available to renters, renting a home is generally a more stress-free living experience.
3. Transfer rental homes without the stress of having to sell! //
Another wonderful benefit to renting in 2022 is the ability to strategically relocate quickly and efficiently. Let’s just say you just got a new job in a new location, rather than going through the hassle and stress of preparing your home to sell (renovating/updating as needed, deep cleaning, etc.), putting it on the market, and waiting for a buyer, a renter can generally move out of their rental home within a two to three week period, if needed. Some rental companies (like ResiHome) even offer current residents the convenient option of simply transferring rental homes, thus minimizing the resources and energy required to move to a new location with a new property management company. With more U.S. households renting now than ever before, builders and rental companies alike are stepping it up a notch by providing renters with brand-new rental homes in dedicated rental communities, making it wonderfully simple to rent a beautifully designed, newly-built home at an affordable price.
Take time to research what would work best for you and your lifestyle.
Ultimately, while renting a home in the current economy has strong arguments, the reality is that the answer to which living option is “better” is going to look different for everyone, depending on varying needs and preferences. Industry experts agree that the best approach to buying or renting comes down to the individuals involved and what works best for them. As such, we encourage potential buyers and aspiring renters to carefully consider both sides of the argument so that they can make an informed decision that better aligns with their current life goals.
Don’t give up on your dream home – rent with ResiHome!
Whatever your current life goals may be, here at ResiHome, we make it easy for everyone to find their ideal home by offering great rental opportunities to residents seeking high-quality single-family homes at an affordable monthly rate in great locations nationwide. Whether you’re looking for a beautiful newly-built home in a growing suburb or a great renovated property in a well-established neighborhood, ResiHome has it all! Click the button below to learn more about why you should consider renting with ResiHome!
October 2021 | ResiHome Blog | Kirsten S.
Finding the perfect rental home is no easy task. After weeks of searching, it’s easy to get worn out and weary after browsing countless rental listings, but at ResiHome, we make finding your dream rental quick and easy! Our newly updated and modern rental homes are designed to be so much more than simply a short-term living solution, they’re designed to be a home. Rentals have so much potential, and with some intentionality and imagination, you can find AND rent your dream home.
Continue reading below for four tips on how to find your dream rental!
4 Tips on How To Find The Perfect Rental:
Everyone thinks they know what they want when it comes to their new house. However, when it actually comes down to selecting the home, it’s so easy to get overwhelmed and intimidated with all the choices. That being the case, take the time to make a specific list of qualities and characteristics that you’re looking for in your future home and community. By doing this, not only will you streamline the search process, but you’ll cut through the confusion and uncertainty of unknowns to better find your perfect rental.
While it’s usually everyone’s least favorite part of the rental journey, putting in the time and effort to research a new area/community is critical for a renter’s long-term satisfaction. This step in the renter’s journey comes naturally after you’ve already listed out the qualities and characteristics you desire in a future home or community. Overall, having a deeper understanding of the local community enables you to strategically decide on what’s best for you long-term.
Individuals often find themselves making unfounded assumptions regarding what they can or cannot afford when it comes to renting. They tend to either over-estimate or underestimate the costs, one being worse than the other. However, once you add in all the additional costs, including HOA fees (if applicable), utilities, etc., your monthly rent budget may look a bit different than you originally anticipated. For this reason, take the time to break down your monthly finances to the last dollar so as to ensure that you can afford your dream rental before committing to a rental home.
Here’s a link to 7 of the best budget apps for 2021!
Let’s just say you want to move into a new rental within the next 6 months, plan out and break down the move-out and move-in process as well as your estimated budget. Write up a detailed outline of your rental timeline and moving budget to refer to throughout the moving process. Also, use code “RESIHOME10” for 10 % off your move with Bellhop! By planning out your timeline and budget, and hiring movers in advance, you’ll be able to move forward with confidence to make your dream rental a reality.
Click below for a FREE moving checklist!
For the most part, finding your dream rental can be a lengthy process. With ResiHome, we make finding your dream rental quick and easy! Rental life doesn’t have to be overly complicated or stressful. At Resihome, the rental process is designed to be as simple and convenient as possible. We manage beautiful homes in great neighborhoods across the U.S and provide rentals at an affordable price so that you can find the perfect rental!
When you begin your search for your dream home, be sure to review our online listings for new rentals that suit your many needs. Click below to preview a wide selection of single-family homes and communities that offer brand-new or newly renovated rental homes. These homes feature all the wonderful benefits of a new house without the stress or cost of a long-term commitment.
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