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People today are renting in greater numbers, not just as a temporary step on the way to home ownership, but for the lifestyle they enjoy through renting.
Some of the factors to consider when deciding whether to rent or buy are:
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your job situation and likelihood of moving again
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initial and monthly costs of both options
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tax savings and advantages
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the availability, lifestyle and desirability of properties to rent or buy
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current interest rates and mortgages available
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Search for rentals or place your ad using the RPS Online Rental Center!
The cost, availability and variety of rental
housing possibilities will vary tremendously in different parts of the country.
While a large city will offer a far greater number of rental properties and a greater
variety of styles and amenities, they will also be much higher priced and may even have an
extremely low vacancy rate. On the other end of the spectrum, small towns also tend
to have a very low rental vacancy rate, simply because of the lack of rental housing
there. Mid-sized cities will generally have the greatest choices available.
Initial costs on a rental property usually include one month's
rent security deposit, additional deposits if you have a pet (many rentals do not allow
pets), first month's rent and/or last month's rent depending on the area, and an
application fee of generally $20-75. Be sure and get renter's insurance; if you
don't, your personal belongings will not be protected in the event of a burglary, fire or
any other loss.
| Read lease agreements thoroughly, as they can vary
greatly between states and even individual landlords. It is wise to have an attorney
review leases. Be sure you understand what you and the landlord are each
responsible for when it comes to utilities, maintenance and repairs. Although the
most typical lease term in the U.S. is 1 year, this can be negotiable too. Know what
your liabilities are if you have to break your lease early. |
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