The Ben­e­fits of Rent­ing

The Washington Post Sunday - - SUNDAY READY TO RENT -

The Washington Metropoli­tan area has many apart­ment op­tions and high de­mand thanks to a tran­sient pop­u­la­tion. But why rent? Cost, flex­i­bil­ity and main­te­nance-free liv­ing are the most com­mon rea­sons to rent, ac­cord­ing to a na­tional sur­vey con­ducted by apart­ments.com. The largest num­ber of re­spon­dents (43.7 per­cent) rent pri­mar­ily for the main­te­nance-free liv­ing that apart­ments pro­vide. Many re­spon­dents have a strong de­sire for the con­ve­nience of a main­te­nance per­son avail­able for com­mon house­hold re­pairs, as well as the free­dom of not need­ing to tend to a lawn, gar­den or snow-cov­ered drive­way.

Con­tin­ued on page 5.

More than 23 per­cent of renters choose to rent for fi­nan­cial rea­sons. Ac­cord­ing to the Na­tional Mul­tiHous­ing Coun­cil (NMHC), if an in­di­vid­ual plans to live in one place for less than five years, it may make the most fi­nan­cial sense to rent. The costs of buy­ing and sell­ing a home can to­tal 10 per­cent or more of the price of the home. Ad­di­tion­ally, home own­er­ship in a de­sir­able neigh­bor­hood may be much more ex­pen­sive than rent­ing in the same neigh­bor­hood. Some of the sur­vey re­spon­dents in­di­cated that they chose to rent in a pre­ferred school district when own­ing in the area was not within their bud­get. Rent­ing also af­fords in­di­vid­u­als the free­dom to in­vest in a va­ri­ety of stocks, bonds and mu­tual funds that can pro­vide a higher re­turn on in­vest­ment than prop­erty own­er­ship. Ac­cord­ing to the NMHC, the av­er­age home value in­creases only five per­cent each year, whereas the av­er­age stock value in­creases seven per­cent and bond value in­creases eight per­cent each year.

Nineteen per­cent of re­spon­dents in­di­cated that re­lo­ca­tion flex­i­bil­ity and the lack of a long-term com­mit­ment in an apart­ment is the pri­mary rea­son they choose to rent.

For those who rent, apart­ment se­lec­tion hinges on spe­cific avail­able ameni­ties and com­mu­nity fea­tures. The sur­vey re­vealed that air con­di­tion­ing and in-unit wash­ers and dry­ers are the most de­sir­able ameni­ties. Prop­er­ties that al­low pets and have am­ple park­ing for ten­ants top the list of com­mu­nity fea­tures that in­crease renter sat­is­fac­tion.

There are many ad­van­tages to rent­ing. Find a fab­u­lous rental com­mu­nity in Ready to Rent to­day!

Pho­tog­ra­phy­byDavidC.Kennedy

The NMHC sug­gests that rent­ing may be a good choice for the fol­low­ing types of in­di­vid­u­als: • Young adults just be­gin­ning their ca­reers. • Sin­gle par­ents who do not have time for main­te­nance

or the money to buy a house in a de­sired school district. • Empty nesters who want to travel. • Any­one tired of long com­mutes to work. • Any­one who wants abun­dant ameni­ties and

so­cial ac­tiv­i­ties where they live.

• Pro­fes­sion­als who re­lo­cate of­ten.

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