Reasons to Rent vs. Buy

Freedom of Movement

For many people, the freedom to move to take a new job, go to school or just satisfy a call to wander is important. For a renter, this is as simple as getting out of an apartment lease, packing up and going. (Okay, maybe not that simple, but you get the point.) A homeowner would have to either sell or lease his/her house before being able to lease an apartment or buy a house in a new location.

Lower Up Front Expenses

Sure, when your searching for an apartment in Kansas City, you’ll probably have to fork over up to one months rent to cover the security deposit, but compare that with the tens of thousands you’d have to pay for a down payment, not to mention closing costs, lender’s fees, broker’s fees, inspections, and other “hidden costs” involved in the purchase of a house. If you don’t have a lot of ready cash, renting saves you lots of money.

Lower Monthly Expenses

Yes, it is true that in some areas monthly mortgage payments on a comparably-sized house or rental lease can be as low as (or even less than) monthly rent, but think of the other costs associated with homeownership. Renters don’t pay rental property tax; most renters pay significantly less in insurance; and most renters won’t need to pay for major (and expensive) repairs; which brings us to….

Less Responsibility 

Now, we are not advocating irresponsibility, but you have to admit that knowing you don’t have to pay to fix the water the heater when it breaks eases your mind somewhat. Most of us who rent an apartment don’t need to worry about having the ready cash (or credit) to repair a roof should it spring a leak, replace a faulty furnace, or buy a new refrigerator.

Amenities Amenities Amenities

So many apartments in Kansas City come with a variety of amazing amenities that just make life sooo much better! Amenities are on the rise with new developments and even older apartment communities are starting to add more amenities to attract more renters. In Kansas City, you can find apartments with on site dog parks, car wash stations, resort style pools, in-unit laundry, business centers, valet dry cleaning, state of the art fitness centers, and lots more. For the young professional, having these amenities on site means less stress in your life.

Browse Kansas City apartments with amazing amenities here!

The Equity Trap

One argument for owning is that you build up equity, and we do agree wholeheartedly – over the long term, almost all real estate appreciates. The real estate market is, however, historically very volatile, and homeowners can find their home’s value “under water” (they owe more than it’s worth) when they need to sell. No one would buy investment rental property when prices are inflated, but if you need to buy a home for your family, you don’t always have the luxury of waiting for a favorable market.

Why Not Rent a House?

Of course, apartment living comes with a certain loss of privacy, but have you thought about renting a house? Renting a house brings with it many of the advantages of owning a house: your own yard, no shared walls, likely more space, and perhaps even more pride in your home. Leasing a house does carry with it considerations that don’t exist with apartments (like owning yard equipment and more maintenance issues), so make sure you consider these issues when you decide to move.