Once seen as the option for students or those who hadn’t quite grown up, the rental sector is attracting a whole new demographic since the implosion of the housing market
From young families to established professionals, renting can mean living in the suburb you love, like Glen Allen, with the flexibility to move should work or your children’s schooling demand it.
Those enjoying the perks of a great neighborhood, minus the mortgage don’t buy the “renting is a waste of money” argument.
Many people are not interested in locking themselves into a mortgage just yet.
Renting is a more attractive option for many because of the uncertainty over home prices.
Often, looking for a three bedroom home in the area of town where many people want to live just is not affordable.
The positive with renting is that you are not tied up with a mortgage and all that comes with that.
Right now there is still a period of instability in terms of home prices. Many are not convinced it’s the right time to buy.
The flexibility of renting is a plus. One can move with short notice if needed. Often the decision to rent is not a financial one. Many can afford to buy, they just don’t want to.
One renter said, “I know people talk about it being money down the drain, but we know exactly what our expenses are. We’ve got nothing hanging over our heads. In terms of day-to-day stress, it’s a much better way to live.”
“My gut instinct is that there is a cultural shift going on regarding renting,” he says. “People have seen the problems with the property market and they are looking for rentals.”
If you are interested in renting an apartment in Glen Allen, VA right outside of Richmond, contact The Gardens at Twin Hickory Apartment Homes.