Why renting for the long haul is a bad idea
October 23 2018
Rents rose more than 4 percent just in the first half of this year, according to the CoreLogic Single-Family Rent Index. And in some cities? They've risen even higher.
Rent costs have gotten so out of hand that the average millennial will now spend almost $100,000 in rent by the time they hit 30. That's money they could have put toward student loans, travel or a down payment on a home.
As if these costs weren't enough, renting also comes with serious lifestyle drawbacks, things like:
Restrictions on Pets: Rentals might only allow certain types, breeds or sizes of animals, or they might not allow pets at all. Most apartment complexes will require pet deposits, and many private landlords now charge monthly pet rent.
Design Limitations: You can't customize a rental property like you could your own home. Upgrades, renovations and DIY projects would all be subject to a property manager's approval. Even if a private landlord permits an update, your money will go toward improving their property instead of your own.
Nuisances: From neighbors above, below and beside you to 24/7 noise, rentals come with quite a few built-in annoyances. It might even be hard to move your belongings in and out (including your weekly groceries) if you have to deal with street parking.
Accessibility Issues: Rental units -- especially those in large apartment complexes -- generally aren't the most friendly for aging adults. It may be hard for seniors to find parking, get in and out of the building or even use the built-in showers and toilets. Unfortunately, many rentals don't allow for accessibility upgrades.
On top of all this, renting doesn't help you build equity or financial credit. Want to get out of the rent race and take charge of your living situation? We're here to help.