When the RentLocal Rental Association started here in Hopkins County I was the first one to join. I searched the renter reviews and it literally saved me hundreds of dollars when I discovered my potential renter had bad reviews from another rental association member. Thank you RentLocal.
Should you rent or buy? The answer depends on a multitude of items and in today's world most of that is a result of the economy, your personal goals, budget, and personal tastes. However, we have put together some thoughts on the benefits and reasons to rent for your convenience.
Advantages of Renting
The freedom When you own a home, moving can be difficult if not impossible as you are confined by a mortgage and have to sell first or rent to someone before you move. If you have to sell quickly in order to transfer, you sell at a loss and the equity advantage of owning your own home is eliminated. Renting affords you the ability to move with 30 days notice or if you truly want to move immediately the most you lose is your deposit.
Millions of foreclosures have turned former homeowners into renters. According to a USA Today analysis of U.S. Census datanearly 35 percent of occupied homes were rented. with 25 cities including Baltimore, Minneapolis, Salt Lake City and Sacramento went from having more than half homeowners in 2000 to majorities of renters in 2010.The data looked at more than 500 midsize and large cities. Significant jumps in the renter-occupied versus the owner-occupied homes occurred in Irvine, California (from about 40 percent occupied rented homes to 49.8 percent between 2000 to 2010). During that same period Philadelphia increased from 40.7 percent to 45.9 percent and Birmingham, Alabama, saw a nearly 5 percent increase to reach 50.7 percent. Baltimore, Minneapolis, Sacramento, and Salt Lake City saw major shifts from owner-occupied to renter-occupied.
What are you really getting when you require your prospective tenants to fill our an in depth rental application? If your property is important to you then the answers are: Better Renters, Protection of Rental Property, and Peace of Mind.