July 17, 2023
Renting or buying a house in the Ottawa real estate market is a decision that depends on personal circumstances and financial considerations. Many young adults are choosing to rent from a landlord instead of renting a house from the bank through a mortgage interest. Here’s why:
Young people crave financial flexibility, which is easier when renting, compared to homeownership. Renters are not tied down to long-term financial commitment, allowing them to put their money towards investment portfolios, education, or travel. Young people find this flexibility particularly appealing for those who are establishing their career paths or wish to lower their housing costs by co-living with friends or family.
By co-living with a roommate, you’re able to share the rent and expenses and enjoy community amenities. Lepine Apartments, for example, offers amenity-rich apartment living that includes fitness centres, pools, lounges, and green space. By renting, you’re able to enjoy these sorts of amenities without the responsibility and costs of buying and maintaining them yourself. Renters enjoy top-notch features, convenience, security, and an opportunity to build connections with like-minded individuals. All while investing time and resources into their career and future.
Compared to buying a home, the upfront costs for renting are exponentially lower, due to the absence of down payments, closing costs, moving costs, taxes, utility and insurance costs, and ongoing maintenance expenses. When renting, the responsibility of maintenance and repairs lies with the landlord, removing the weight from your shoulders. Instead, you’re able to use your savings for other purposes such as growing equity through investing, and not tying it up in long term mortgage obligations.
Young people crave this sense of freedom and mobility. They like the idea of keeping their options open, making relocation for job opportunities much easier when you don’t have the burden of selling a property. Renting an apartment like the ones Lepine Apartments offer also provides an opportunity to live in Ottawa’s most loved neighbourhoods next to everything a young family needs to thrive.
All in all, the real estate market can be unpredictable, and property values fluctuate over time. For the past few years, housing prices have been at an all time high, making it challenging to come up with the required down payment, but the monthly interest costs are financially stressful on the borrower.
A housing market correction is underway, and nobody knows what that will do to house prices. By renting, people are able to avoid the potential risks associated with a housing market downturn or property depreciation that traps their hard-earned equity for the foreseeable future. Renting has allowed people to live the life they want, while waiting for a more favourable time to enter the real estate market once they have a clearer picture of their long-term plans.
If you're interested in exploring the freedom a rental lifestyle has to offer, fill out a contact form on our website or call 1-888-4LEPINE.