There are a lot of people renting nowadays, but it’s not a coincidence either. Believe it or not, there are plenty of legitimate reasons to rent, especially in markets like the Michigan real estate market…enough, in fact, to beg the question “is it really better to buy or rent?” Well, it looks like a lot of people are giving this one up for rent. Because? Well these are just some of the reasons.

First, rent is usually easier to come by. You find a place you like, make sure it’s within your price range, and rent it. The decision is usually easy compared to when you’re buying because renting isn’t forever… it’s just for now, or however long you need it to be. This is an especially good deal if you’re not sure if you’ll be around for a while. For example, what if you move to change jobs in four months? It would not make much sense to buy a house if you are only going to be in it for that period of time, so rent-to-buy is usually chosen in these cases. It’s also easier to walk away from a rental home. Just let the landlord know, hand over the last rent check, and start packing. However, if you buy, you have to sell before you can walk away, or you better be ready to pay two mortgages!

But another reason why more people are renting than buying these days is the issue of liability. If you are renting a home, the responsibility for maintenance and major repairs falls on the landlord, not you. This means you won’t have to pay for things like a new roof, new plumbing, or new flooring. You will be in charge of keeping the house in order, but this is usually covered by the no smoking and no pets policies. Complying with these and paying the rent is usually all that is asked of you. Not having to worry about these expenses can really put your mind at ease, especially if you don’t plan on being there forever.

This brings us to probably the number one reason why more people rent than buy…and that is the need to be mobile. Lots of people move nowadays. A person needs to work, but if he doesn’t get a job in the city where he lives, he will have to move and find work elsewhere. Some people move every two years, or even every year! In these cases, buying and selling would be too complicated. It is much easier to rent than to buy in a situation like this.

There are many reasons why people are renting more, but renting is definitely more popular than it has been in a long time.