October 28, 2020 Eview Group

The Benefits of Renting

The great Australian dream might be to own your own home, but make no mistake there are some serious benefits to renting.

Those perks are seeing a rise in the number of people who choose to rent rather than own their home, and as property prices increase, this rental demand continues to go up.

So, what exactly are the benefits of renting?

Less commitment

Renting allows you a degree of mobility and this is often particularly important for younger people who might be more likely to move around for their employment.

As a general rule, rental agreements tend to have a timeframe of either six or 12 months, allowing you to shift when required without the need to sell a property.

Less outlay

One of the main reasons people choose to rent is that the upfront outlay is significantly less than purchasing a property.

When you rent the initial outlay is generally four weeks rent which is held as a bond, and two weeks rent which is paid in advance.

Buying a property requires a fair bit more capital in the form of your deposit, which is on average around 10 per cent of the purchase price of a property.

Location

Renting can also allow you to live in a suburb or area that you would otherwise be unable to afford, and this is particularly relevant to the inner-city areas around most of Australia’s capitals.

Often suburbs with proximity to the city are sought after and that means they tend to command higher prices which are cost-prohibitive.

Less responsibility

When you own the home you live in, that leaking tap, broken gate and those council rates are your responsibility.

But when you rent, all items that relate to the structure of a property are generally the landlord’s to look after.

There’s a caveat here that any damage caused to a property by a tenant needs to be remedied and paid for by them, but as a renter, general repairs and property maintenance tend to fall outside your financial responsibility.

A rising renting trend

If renting suits your current financial and lifestyle needs, you are far from alone. 

According to the Australian Bureau of Statistics, renting has proved a rising trend in recent years. Back in 1995, just a quarter of the population rented, but by 2018 that figure had risen to almost a third (32 per cent).

Meanwhile, if you do choose to rent, your rental track record is critical. We have a great guide on what makes a good tenant, along with the attributes property managers look for in any application here.

And of course, if you plan on renting now with a view to purchasing your own home in the future, don’t forget that renting can actually help you own your own home. You can learn all about that here.

How we can help

At Eview Group our experienced property managers pride themselves on establishing great relationships with both tenants and landlords. We appreciate as a renter, the property you reside in is the place you call home.

You can learn more about our current rental opportunities available here.