Renting Is a Cost Efficient Option for Downtown Living

Lofts and apartments

Have you just found a new job in Philadelphia? Is your family moving to Denver to be closer to aging relatives? Are you a new college graduate moving to your first job in Chicago? In all of these situations, and more, it might be the ideal time for you to find an apartment.

If your recent move is taking you to a large city, apartment living might be exactly the situation you need. Renting an apartment allows you to select a location that is close to work and provides you the time you need to explore your new surroundings. Renting allows you the opportunity to enjoy a luxurious, high quality living space for an affordable price. Living close to your downtown job and your social life saves you commute time and gives you more opportunity to enjoy what big city living is all about.

Financially, renting makes good sense. Renters save an average of $560 every month by selecting to rent over buying a house. Renters also do not risk investing in a depreciating asset. For instance, a $100 investment in housing in 1985 would be worth $293 today; that same $100 placed in stocks would be worth $1,146. You could have made nearly four times as much investing in stocks than in a home. Renting is also a cost efficient option for those looking to relocate. Many rentals come with water and heat included so it is easier to establish a workable budget.

From a maintenance standpoint, renting is also a great option. When you rent lofts and apartments from a professional management company, you enjoy 24/7 on-site maintenance instead of waiting for a part-time landlord to fix problems. In most cases, the decision to live in a large, established complex is a great decision for a first time renter.

If you are trying to find an apartment in a large city, you are not alone. For example, renters make up an estimated 26.4% of the population in Pennsylvania. Other major cities have similar statistics. When one-fourth of a population is renting you find that many businesses and services are cater to the needs of renters. Meals, groceries, dry cleaning and other deliveries make renting even more convenient. Some city loft apartments even have a street level grocery market that is open 24/7.

Renting is often a cost efficient option for those looking to relocate. Unless you are certain that you are going to live in a location for more than 10 years, smart money managers will benefit more from renting than buying a home. When you prepare to move to a new location, find an apartment that will offer you a high quality of living and a maintenance free lifestyle.

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