Call Today 877-677-8695
Resident Survey
Old Mill Town Homes
725 Mill Stream Lane
Lynchburg, VA 24502

Old Mill Townhomes Blog


Why More People are Renting

- Monday, September 23, 2013
Rent vs. Buy

More Americans are forgoing the housing market and becoming perma-renters. Here’s why:

According the National Association of Realtors, 5 to 6 million families will become new renting households in the next 10 years.

It’s just one more piece of evidence that shows renting is on the rise — and the trend away from home ownership is here to stay.

But why? We explore some of the obvious — and not so obvious — reasons why Americans are choosing to forgo the housing market and become perma-renters.

Renting is the new buying

For many Americans, it seems that renting really is the new buying. In a post-recession economy, one might expect that renting has become popular because more people simply cannot obtain mortgages.

According to at least one real estate survey, that’s not necessarily true. Less than one third of renters cited an inability to get a mortgage as a reason to continue renting. 43 percent of renters said that they just don’t want to own homes. Another 39 percent reported that they plan to continue renting because they enjoy it.

For these Americans, a renting preference is likely driven by the flexibility and amenities that renting offers. It’s easier to move when you want, convenient to have a landlord who takes care of repairs, and nice to be able to afford living in the neighborhood you prefer.

For many renters in cities where the cost of living is high, renting allows them the option of choosing neighborhoods where they couldn’t afford to buy. Renting can be a realistic, reasonable long-term choice that allows for an enviable lifestyle.

Personal reasons to rent

There are also personal and philosophical reasons why it’s better to rent rather than buy a home. Freedom and flexibility are often cited by younger renters as reasons why they prefer a lease over a mortgage. While the idea of putting down roots and building a family nest through home ownership appeals to some, others see home ownership as a trap, a limiting life choice that locks them into a 30-year mortgage agreement and keeps them from moving around and exploring life.

For some, renting also means having more time to yourself. Have a broken dishwasher? Just call the apartment community maintenance department, and they’ll be up to fix it in a few hours — with no time or money spent on the renter’s behalf. Home maintenance is time-consuming and stressful, and renters enjoy knowing that the stress of tending to home maintenance doesn’t fall directly on them.

For these reasons and more, renting is becoming a very appealing lifestyle. The idea of home ownership as a rite of passage and a symbol that one has become an adult no longer holds true for everyone. While there are still many positive aspects to home ownership, there are just as many reasons to rent, instead!

If you are interested in renting an apartment in Lynchburg, VA, contact Old Mill Townhomes.

Source: Apartment Guide

Recent Posts


hiking tips Old Mill Townhomes - VA Interlocken Music Festival tax deductions for renters improve credit score renting in Lynchburg, VA town homes, Lynchburg, VA what renters should know off campus housing two bedroom apartment, Lynchburg, VA football food college student apartments in Lynchburg, VA renting textbooks valentine's day ideas healthy snack ideas fried shrimp recipe restaurant week Lynchburg food pantries in Lynchburg live music in Lynchburg renting vs owning New Years Eve date ideas off-campus housing Lynchburg, VA corn nuggets how to fix your credit score HHHunt Apartment Homes Best Mountain Town bangers and mash Bridal show, lynchburg St Patrick's day party what to do in Lynchburg, VA Lynchburg christmas parade looking for roommates Old Mill Townhomes town homes in Lynchburg, VA how to get a better night's sleep St Patrick's day menu ideas Live Healthy Lynchburg why rent things to do in Lynchburg, VA renting vs buying pet friendly apartments, Lynchburg, VA study tips great movies do i need renter's insurance Lynchburg fireworks renting in Lynchburg restaurant week, Lynchburg, VA healthy easy meals decorating ideas pancake recipe Operation Christmas Child, Lynchburg, VA best time to move renting in retirement 3 bedroom apartments in Lynchburg, VA Backpack for Kids program first Fridays student apartments in Lynchburg, VA one bedroom apartment, Lynchburg, VA mardi gras recipe Valentine’s Day ideas college student housing Lynchburg, VA when to move pancake bar recipe what is renter's insurance for heart health Irish Soda Bread recipe libery mountain holiday lights Lynchburg holiday events halloween events Lynchburg, VA improve a credit score keeping new years resolutions off campus apartments, Lynchburg, VA halloween events St. Patrick's Day recipe chinese new year fall decorating ideas gift donations Lynchburg, VA Day at the Point donate to charity nuggets Lynchburg fourth of july old mill apartments local heavy metal bands rent or own townhouse in Lynchburg, VA spraygrounds, Lynchburg four bedroom apartment, Lynchburg, VA how much rent can I afford live music Lynchburg campus safety tips improve indoor air quality things to do in Lynchburg exam study tips reasons to rent new years resolutions apartment in Lynchburg, VA Lynchburg restaurant week improve apartment air quality St Patrick's day menu Lynchburg Museum Valentine’s Day Virginia how to remove carpet stains off campus housing in Lynchburg, VA bike trails in Lynchburg, VA Virginia 10 Miler Race rent or buy lynchburg road runners - VA 2012 Holiday book list pet halloween costumes veterans day events Lynchburg, VA Oscar nominations apartment decorating ideas looking for a roommate website old mill holiday movies theater in lynchburg pet moving tips townhome in Lynchburg, VA townhomes in Lynchburg, VA Lynchburg, VA fix your credit score 100 Mile Challenge health tips healthy budget friendly meals New Years Eve date Janurary events in lynchburg pet friendly apartments hot crossed buns recipe Holiday book list town house in Lynchburg, VA college expenses halloween recipes renter's insurance get a better night's sleep cutting down on college expenses off campus student apartments, Lynchburg Bride of the Year Extravaganza townhouses in Lynchburg, VA mardi gras shrimp recipe holiday gift donations Lynchburg, VA Thanskgiving dog park Lynchburg festivals Best of 2013 in Lynchburg perfect apartment pets Thanskgiving cookie recipe Downtown Lynchburg, VA how to fix a credit score off campus apartments waterparks, Lynchburg renting Liberty Mountain Snowflex Centre easy corn nuggets budget friendly meals lose weight tailgating recipes movie suggestions Lynchburg music festivals insomnia increase gas mileage apartments in Lynchburg, VA heavy metal jam awareness days jobs with the most opportunity most job openings happiest cities in America campus safety three bedroom apartment, Lynchburg, VA lights, camera Lynchburg video competition off campus apartments in Lynchburg, VA feng shui apartments town houses in Lynchburg, VA decorating tips decorating on a budget favorite cookie recipes scents for homes march awareness days how to set priorities time management recipes off campus apartments, Lynchburg Friday Cheers student housing in Lynchburg, VA 2 bedroom apartments in Lynchburg, VA civil war exhibit Lynchburg Museum student friendly apartments, Lynchburg, VA Lynchburg in Southern Living carpet stains how to improve credit score apartment pets