4 reasons why now is the time to rent

Looking to rent? Here's four reasons why you should be in the market right now.

It seems like everyone has an opinion on what’s the best decision when it comes to living arrangements. Is it better to rent or buy? It’s not an easy answer, as each option has its upsides and downsides.¬†Typically, the right choice depends on a family’s situation.¬† While owning a home may sometimes be more affordable for some, renting may be more convenient for others.

One thing that is certain is when the right time is to rent.. And if you’re in the market, that time is right now¬†– particularly if you’re looking to save money.

The following are some important reasons why this time of the year is a great time to consider a rental:

More affordable

As noted by Rent.com, October, November, and December are the best months on the calendar to be in the market for an apartment if you’re looking to save some extra money. As with many things in the winter that slow down, so too does apartment turnover – the rate at which people leave their apartments for new place.¬†This also means that vacant apartments usually stay that way until things start to pick up again when the weather gets warmer. To fill these vacancies, property managers will often reduce the cost to rent in order to encourage apartment shopping.

Home prices are rising

Of course, the alternative to renting is buying a house. Some believe that homeownership is a better value. But as reported by the National Association of Realtors, home prices are skyrocketing, primarily due to a high demand and a limited supply. In fact, the Wall Street Journal recently reported that due to labor shortages within the construction industry, residential housing projects are taking a lot longer to complete. Builders say that the slowdown will eventually trickle down to buyers in the form of higher prices.

Rental accommodations

Whether you like it or not, winter is fast approaching, and with it, cold temperatures and potential heavy snowfall. As a homeowner, you’ll have to shovel it or snowblow it all yourself, the former taking a lot of time, and the latter a lot of money.¬†However, by renting, the amenities may include snow removal. In instances where snow removal isn’t included, there’s a good chance you’ll have a smaller area to snow shovel when you’re in a rental.

Renters insurance

In contrast to homeowners insurance, optional renters insurance often comes with a lower price tag. This is due to several reasons – the size of a home compared to an apartment being one of them – but the bottom line is that the affordability of this type of coverage is a win for renters.

While optional, it’s highly recommended that you do pick up this coverage. The policy will replace your belongings if they’re damaged or stolen, and it’s extremely affordable.¬†Elephant offers great information on renters insurance, what you should keep in mind, and how you can take advantage of discounts.

If you were thinking about starting to look for a rental in January or the early spring, the above information might be a reason to move up your plans.