With the economy still on the rocks more people are choosing or are being forced to rent an apartment/house instead of buying. If you are one of those people, don’t despair. There are many advantages to renting. My favorite reason for renting is that it is more manageable to control your monthly expenses. If you’ve ever owned a home then you probably know that home maintenance/improvement projects are a never ending cycle. When you rent a home the responsibility for fixing leaks, replacing the water heater, HVAC repair, etc., typically fall on the lap of the landlord.
Society has conjured up the false truth that it is better to buy then to rent; “renting is like throwing your money away”. I believe that to rent or buy depends on the individuals circumstance. For example, if you do not have an emergency fund saved and/or you have high consumer debt, then I think the smarter option is probably to rent. Buying a home without an emergency cushion and where you are deep in debt makes you more vulnerable for foreclosure; in which case you will have “thrown out” much more money then if you would have rented.
If you rent or are considering renting, here’s an article for you to read: “How to Save Money when Renting and Apartment”.