Even those on a tight budget can rent luxury apartments for the most part. It might sound like some sort of scam, but it’s just the reality in most cities. So many people have decided to buy homes over the past couple decades have left the options for renting an apartment plentiful.
1.) Cheaper Than a House: On average renters save about $560 a month over those that choose to buy a home. Plus you’re not risking investing in a depreciating asset, which is what houses can become. The average price to rent an apartment in Philadelphia in 2013 was $819 a month. That would be a fraction of what most home mortgages would cost you. On top of tall this, you can put the money you would have had to pay as a down payment into your monthly rent fund and probably have enough to rent luxury apartments, not some rundown slum.
2.) Find a Roommate: When you buy a house it’s usually an individual purchase unless you have a spouse. It’s probably not a good idea to do so with a friend or family member unless you’re absolutely sure of your relationship and how you plan to work it out. One of the benefits of apartment living is that you can find one, or multiple roommates to get a place with. This could be the difference between a standard city apartment on your own, or the ability to rent luxury apartments with friends!
3.) No Surprises: One of the great advantages of apartment rental is the fact that you can plan almost every expense out to the T. Rent price agreed upon will remain unchanged for starters. On top of that though you won’t have to set money aside for things like typical home maintenance and repairs because the landlord takes care of these matters in almost all renting situations. If you’re living on a budget the last thing you want is some surprise mishap that ends up costing you thousands of dollars to fix.