Baby boomers are among the fastest-growing group of renters in the United States. Nearly a third of urban rental applicants are over the age of 60. But why are more and more senior citizens opting to rent? Oftentimes, they are left with homes that are meant to house a family of four, five or six people.
When their children move out, they look around and realize they don't need all of the space that was once occupied. Not only is the space in these homes sitting vacant, but owning a home comes with lots of upkeep. Unless you have a passion for mowing the lawn and fixing leaking faucets, it might be time to consider moving into a rental home.
The decision to rent or own a home depends on the situation of the couple or individual. Some senior citizens are perfectly happy owning their own home, but if you're looking to downsize by moving into an apartment or condo community, there are numerous benefits to this:
- Renting can be less expensive. Homeowners have to worry about mortgage payments, real estate taxes, maintenance bills, HOA fees, etc. In most cases, renting only requires your monthly payment and renters insurance.
- Less maintenance equals more free time. If you're spending weekends maintaining your property or paying a fee for someone else to maintain it, that time or money could be spent enjoying hobbies or relaxing. Most condo and apartment communities will take care of your maintenance needs, all you have to do is submit a request.
- Less space, more amenities. Less space means lower utility payments and maximizing the space to the fullest. Condo and apartment complexes come with nice amenities within walking distance. Which means luxurious relaxation at your fingertips.
- Better location and value. If you're looking to maximize your space, live in a great location, have luxurious amenities, all for an affordable rate, renting an apartment or condo might be the best course of action... especially in Southwest Florida and Naples in particular.
There's a lot to consider when deciding to rent or continue owning a home. If you've decided that it's time to downsize and move into a rental home that suits your needs, contact Reed Property Management! We have a firm grasp on rental and real estate trends, allowing us to put you in the rental home that suits your needs in a timely manner!