Flickr by midwestnerd
On our @RentJuice Twitter account we tweeted a link to a great post busting some myths about renting. But it got us thinking back to a book some members of our team read called Who’s Your City? by Richard Florida. Specifically, the book subtly makes the case for a major benefit of renting – flexibility. Here’s a great quote:
“The point is, where we live is a central life factor that affects all the others—work, education, and love—follow. It can make or break existing work arrangements and personal relationships. It can open new doors. And regardless of what kind of life we envision for ourselves—whether we aspire to make millions, have a family, or live the way of a bachelor—choosing where to live is a decision we all must make at least once. A good number of us will make it multiple times. The average American moves once every seven years. More than 40 million people relocate each year; 15 million make significant moves of more than 50 or 100 miles.”
If you take those moving statistics at face value, it’s easy to see why renting actually offers a major benefit over buying a home. If you’re trying to stay competitive in the work force, or if you are younger and willing to chase opportunities as they arise, there’s a big cost buying a home: you limit your options and are tied down.
“As the most mobile people in human history, we are fortunate to have an incredibly diverse menu of places—in our own countries and around the world—from which to choose. That’s important because each of us has different needs and preferences. Luckily, places differ as much as we do…
It’s not just that places’ personalities are different. What we need from a place also shifts with each stage of our life. When we’re young, just out of school and single, many of us want a place that’s stimulating, offering lots of jobs and opportunities for career advancement, great nightlife, and a vibrant “mating market” filled with single people to meet and date. When we get a bit older, and certainly when we marry and have children, our priorities change. We want a place that offers good schools, safe streets, and better lives for our families. And when the children go off to college and leave the house, our needs and interests change yet again.
At each of these turning points, and at many others along the way, a growing number of us have the opportunity to choose a place that truly fits our needs.”
Renting lets you move closer to jobs both within your current city or within a new location. Add in that you avoid many of the hassles of ownership, and it’s easy to see why in today’s world renting instead of owning is becoming a more popular and acceptable option – and not just when you’re younger.
It’s not just about jobs either. If you rent, you typically are not tied down to any place more than 6-12 months, depending on your lease. And even then, you can usually get out of your lease for a fee.
Additionally, the flexibility of renting lets you try out new locations within your city and all over the world. Not only do you avoid having to do major repairs on your home or apartment, but you also can “change the scenery” as long as you’re okay with moving.
Bottom line: The flexibility offered by renting is increasingly important for jobs, relations, pleasure, and more. The benefits of owning a home are eroding while the benefits of renting are becoming more pronounced and important in the world we live in today.
