3,674Units Under Management
Less Than 1% Eviction Rate
Avg. Time Rental Is on Market 23 Days

The Benefits of Renting vs. Buying

The Benefits of Renting vs. Buying in MDBuying a new home can be very rewarding, and is something most of us dream about at some point in our lives. However, homeownership may not be for everyone, and there’s a lot to consider before diving headfirst into a new mortgage. In fact, there are a lot of people out there, who simply prefer renting their dream home, and that’s OK. In this blog post, we’re going to discuss some of the perks that come along with being a renter. If you’re someone who enjoys the flexibility of renting your home, instead of purchasing, this blog is for you.

#1- Flexibility:

As stated in the paragraph above, flexibility is a huge perk of being a renter. When renting a home, you will most likely sign a 12-month lease term, which is a small commitment compared to a 30-year mortgage. Having a lease term of 12 months, and sometimes less, provides you with the option to pack up and move when you’re ready. Whether you decide you want a change of scenery, need to relocate for work, or have decided to move in with your significant other, all of this is much easier to do when renting.

#2- Less Responsibility:

While being a renter does come with responsibility, it is much less than that of a homeowner. One of the biggest reasons we find that people choose to rent is so that they do not have to worry about maintenance in their home. As a renter, if your toilet is clogged, or your heat stops working, you can contact your landlord for assistance. Unfortunately, you do not have that same luxury as a homeowner. When you’re a homeowner, any issue that arises, no matter how small or large, is your responsibility. There’s no landlord to contact, and if you’re not very handy, you may find yourself spending quite a bit of money over time.

#3- Less Expensive:

Not having to worry about the responsibility and cost of maintenance repairs, leads us to perk #3 of being a renter; it can be less expensive. Depending on where you live, your monthly rent can be considerably less than a mortgage payment. Once you take into consideration the cost of property taxes, maintenance repairs, and property upkeep, you can plan to save quite a bit of money each year. Being able to save money is an added perk. This helps with budgeting, planning for your future, and keeping an emergency fund!

#4- Tenant Rights

Another benefit that comes with being a renter, is the fact that there are laws in place that protect tenants, to ensure they have a safe, and enjoyable place to call home. Every state has its own set of tenant laws, so it’s important to do your research and look up the laws specific to your state. If you find yourself in a situation where you’re dealing with an unfair landlord, there are many resources available for you.

#5- Amenities

The final perk we are going to discuss is amenities. As a renter, there are so many options to choose from when searching for your next home. A lot of landlords and rental communities will offer different amenities, such as a fitness center, business center, secure building access, pool, on-site parking, and more. Most of these amenities come at no additional cost to you. While a homeowner may be able to find communities that offer these amenities as well, they usually come with a monthly HOA fee.

Here at Bay Property Management Group Baltimore, we offer a variety of housing options. From multi-family housing to single-family homes, we really have something for everyone. If you’re in search of your new rental home, contact one of our leasing agents at Bay Property Management Group Baltimore. We have a team of professional and knowledgeable leasing agents, who are eager to assist in welcoming you home!