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Benefits of Renting Vs. Owning

Owning a home may be a lifelong goal for many Americans but that does not mean it is for everyone. After all, homeownership comes with inevitable headache and responsibility, which is why renting is a valid and appealing option for many! Here are five of the biggest benefits renting has over owning…

1. Smaller Upfront Cost

The average American pays about 6% of their home’s value for their down payment, so even on a moderately-priced home, the upfront cost of buying a home can be substantial.

While there are also upfront costs to renting (security deposit, pet deposit etc.), the cost of moving into an apartment should be far less compared to what you would spend on a home purchase.

2. Access to Amenities

Most modern apartments feature several amenities for their Residents to enjoy. 500 Park Avenue boasts a resort style heated outdoor swimming pool, 24-hour onsite fitness center, billiard lounge and more! To have access to the same type of amenities as a homeowner would require expensive installations or monthly membership costs.

3. Lower Maintenance Costs

Owning your own home means you are responsible for all the repairs and seasonal upkeep yourself. From shoveling the snow to cleaning the gutters to changing filters, a home’s maintenance never ends. On top of standard home upkeep also comes the cost of repairs, from smaller electrical repairs all the way up to costly roof and foundation repairs.

As a renter, maintenance and repairs are someone else’s responsibility! There is someone else to shovel the walk, someone else to call in the middle of the night when there is an emergency and someone else to hire the contractors. As a Resident of 500 Park Avenue apartments, you’ll enjoy 24-hour emergency maintenance, a professional on-site team ready to help, and the confidence of renting from WPM Real Estate Management - a well-established, award-winning management company that puts its residents first. 

4. More Free Time

Time is our most valuable resource, and the way that we choose to spend our hours adds up to the way that we spend our lives. Renters spend less time on household upkeep and home projects, which means more time for rest and leisure!


5. More Flexibility


A lot can happen over the course of a 30-year mortgage. You might need to relocate for a job or want to be closer to an aging parent, or you might simply want a fresh start. Yet again, renting has a distinct advantage compared to owning as it offers more flexibility to the resident. If your circumstances change, and you need to move, it is much easier to get out of an apartment lease compared to a home mortgage.

Let Us Help You Find Your New Home!

Reap the benefits of renting for yourself! Come home to the luxury apartments at 500 Park Avenue! Call to schedule your tour today!