Although there are few better ways to accumulate wealth than investing in real estate, for many people, there also may be solid reasons to rent their home instead of own.
Among them:
- Renting provides locational flexibility;
- Renters don’t pay property taxes;
- Renters have few if any maintenance costs;
- Many amenities (such as Wi-Fi or gym use) that homeowners pay for are included in rent; and
- Renters often have lower utility bills than homeowners.
But not all rental markets are equally inviting. While some cities boast affordable rents, they may not have welcoming job markets are ample parks to visit.
The lifestyle and retail website Living Cozy recently surveyed the attractions that tend to be appealing to renters in order to determine the best cities in the U.S. for renting a home. Researchers looked at each town’s average rent, job prospects, green space, walkability, cost of living and average earnings to make its determinations.
The slideshow above illustrates the top 10 rental markets in the U.S., according to Living Cozy.
Insurance concerns
Of course, just because a renter may not have to pay to swim in a community pool or have a clogged sink fixed, diligent renters still purchase insurance for their home and belongings. Renters insurance also can help protect an inhabitant for liability related to major losses such as fires, theft or damage from a natural catastrophe.
The Insurance Information Institute says consumers should know that buying renters insurance, which is sometimes called tenants insurance, offers them protection for damage to personal possessions, legal liability and additional living expenses should they be forced out of their home by a named peril.
“Your landlord may have insurance to protect the building you are living in,” the I.I.I. says. “But your landlord’s policy won’t replace your personal possessions or pay for your living expenses while the building is being repaired.”
Insurance experts also like to remind agents that when they snag customers as renters and manage to maintain and build upon their role as trusted advisor, those renters often return to the same agent in the future for advice regarding auto, homeowners’ or business insurance.
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Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.