There is no shame in renting as opposed to buying and owning. The old stereotypical mindset which says it is cheaper to buy to own over renting is has been proven to be wrong. I am not talking just about buying a home. There are times renting a cars, tools, and other items cost less than buying out right.
When it came to working on my car, if I needed a specialty tool or widget, I would buy it. I would count that tool or widget as part of the cost of doing the repair myself. I didn’t take into consideration the fact I would maybe only using that specialized tool only once. What resulted was having a shed half full of tools I only used once or twice.
My neighbors and friends capitalized on stupidity. When it came time for them to need some specialty tool or widget, they would come by my place and check if I had it. If I didn’t have it they would go down to the local tool rental store.
We are one of the millions of people who rent their home. Last month our lease was due for renewal. So before going in to discuss any term changes on the lease, I decided to do a little homework.
The Wall Street Journal has had, this year, several articles stating that apartment vacancies were at a 30 year high. 2009 ended with the vacancy rate of 8%.
CNN Money.com reported that rents are going down on the average of 3% per rental unit.
According to Harvard University 40% to 50% of all households in the United States are renters. Renters may not live in the same building as the landlord. Renters may not even live in the same town as the owner. Many property owner’s use a property management agency to take care of all the work in being a landlord for a flat fee or a small percentage of income from the rentals.
No matter if you are renting or because of one situation or the other, there are a few things you must consider. The whole process of moving into a rental is like entering a relationship with the owner of that rental. If you find yourself renting an apartment, townhouse or even a house through a property management agency you are entering into a relationship with the owner through the property management agency.
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