One Benefit of Renting: Flexibility

What's the biggest benefit of renting? For us, it's flexibility. I think it's the same for a lot of people. The typical amount of time for buying to "pay off" vs renting is about 5 years. This is variable depending on purchase cost, market, rental costs in the area, etc... but the standard is about 5 years. So, unless your research tells you otherwise, it's a good prediction to go by.

This is why we're renting currently. We could potentially not be here in 2 years, so it's not financially practical for us to buy. Also, if we were to buy, & then end up having to move, it's much easier to do so as a renter than as a homeowner.

Philadelphia Mag

That flexibility is so important when you're in an unpredictable life stage. The amount of time it takes to sell a home can be super short, or super long, and if you buy, it's a risk you have to take... you may end up having to pay two mortgages or a mortgage at your old house & rent in your new town until you can sell. There's always the option of renting out your home if you move, but that comes with its own sets of problems too, and you still have to go through the process of finding a renter & getting all the legal stuff squared away before leaving your home.

If you're a renter & you have to move, all you have to do is leave, assuming you timed it so that you can move at the end of a lease or you're in a month to month agreement. So the flexibility of renting is a major perk for us.

It's not for everyone, but when you don't know if you're going to be able to stay in a location for very long, it can be the practical choice.

Follow along with my 31 days of loving my rental series here: