Recent reports show some interesting shifts in the nation’s real estate market. For quite some time, the rate of home purchases was on an upward trend. All that began to wind down in 2014. Though analysts expected this to be a temporary situation, it’s still holding strong after six years. In fact, a recent report from the real estate sector shows homeownership rates have stalled out at present. In contrast, home rentals are surging by leaps and bounds.
Why Are More People Renting?
Research indicates more people are opting to rent rather than purchase a home for several reasons. For one, it’s the less expensive alternative. While both mortgage and rental rates are rising, the latter isn’t creeping upward quite as quickly. One write-up from the real estate industry points out that mortgage rates have soared almost 15 percent over the past year whereas rental rates have only risen about four percent. Although that’s reason enough to choose to rent over buying for many families, it’s only the tip of the iceberg.
Advantages of Renting an Apartment
On the outside looking in, renting an apartment instead of purchasing a home may seem a bit counterintuitive. In truth, that’s not necessarily the case. Many benefits can come from apartment living according to realtimecampaign.com, and some of them outweigh the advantages of purchasing a home by a considerable margin.
People often find they feel isolated when living in conventional neighborhoods. In the past, neighbors generally welcomed newcomers to their neighborhoods, gathered for community barbecues, and interacted with each other much more readily than they do today. Some even stopped by to check on one another or lend a helping hand if something just didn’t seem right or a family in the neighborhood was facing hardships.
These days, those courtesies are virtually unheard of. People in neighboring homes barely even speak to one another at this point, and they’re more likely to complain about the neighbors than offer assistance. In apartment complexes such as The Vue, it’s an entirely different situation. Neighbors are more likely to speak to each other, exchange names, and spend time together. As a result, the close-knit community is making a comeback.
Homeownership comes with numerous physical and financial responsibilities. Ongoing maintenance and upkeep are among the most significant. When you choose Apartments for Rent in San Pedro, maintenance teams handle repairs, upgrades, and routine maintenance. All you have to do is put in a work order request, and they’ll be on hand to help. At the same time, the costs of labor and materials fall on the shoulders of the property owner rather than the tenants.
Landscaping Is Included
Those who own their homes have to either take care of the landscaping and yard work themselves or enlist the services of landscaping companies. In an apartment complex, the property owner or manager handles the scheduling. You don’t have to worry about landscape design, planting flowers in the spring, cutting down damaged trees, or even mowing the lawn. As you’ll find out if you look here, it’s all taken care of for you.
These are only a few of the advantages of renting an apartment rather than purchasing a home. In many cases, utilities are included in the rent as opposed to being separate expenses, which is yet another benefit. While an apartment may not be suitable for large families or those with multiple pets, it’s certainly a viable solution for many people who are looking for a new home.