AD| Hey lovelies, today I want to talk to talk about something that’s been a big part of my life the past few years, renting. Being in my mid 20s, soon to be late 20s I’ve always been haunted by the fact I currently don’t own a house. It’s often not mentioned the perks to not buying in your 20s. So today I’m going to share some pros and cons of renting in your 20s, and let you know why renting in your 20s isn’t a waste of your time.
I’ve rented with private landlords since I was 18 in both student, and non-student households, on my own and in houses of multiple occupancies. I’d argue that having a good relationship with your landlord makes the world of difference for having a good communication, and a nice living environment. It can be very difficult to communicate with your landlords if you don’t get on. Anyways, I think it’s best to start with pros of renting!
No Mortgage
One of the biggest pros to renting is you don’t have a mortgage, you’re not tied down to one place or one property. You don’t have the hassle of needing to speak to a mortgage advisor. You’re not tied down to the property if your circumstances change, you can move out with a small notice period if you need to.
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The Maintenance Isn’t Your Problem
When you rent the maintenance and the upkeep of the property is down to the landlord. Meaning as a tenant you aren’t spending lots of money fixing things that go wrong. In my 6 years of renting I’ve seen burst radiators, a smashed bath, broken boilers, a broken washing machine, and a leaky bathroom that flooded our lounge. I’ve never paid a penny towards fixing anything.
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You Won’t Have To Sell The House
When it comes to a mortgage if you need to move out you will have to sell the house or find someone to take over the lease. This can be an incredibly timely process, whereas as someone renting in their 20s you’re able to give a minimum notice period and move out.
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You’re Not Tied Down
As someone in your 20s, you might not want to be tied down to a property. Renting cheap austin tx apartments or similar can allow you affordable housing while you travel, or explore your job options. Your 20s are a perfect time to try new things, go to different places and do what you want. A mortgage really does tie you down to one area.
The Cons
You Might Not Be Able To Decorate The Property
If you’re looking to renovate or decorate your home, you may not be able to do this with a rented property. This will change contract to contract but in most cases landlords won’t allow you to put screws in the walls. You may be able to do some bits to the house with the consent of your landlord.
No Pets
Again, with renting there are limitations. If you’re a lover of furry friends you may have trouble finding a landlord that will allow pets. I certainly have struggled with this over the past few years.
Your Rent Can Increase
When it comes to renting you are at the mercy of your landlord, they can increase your rent with just one month notice if you pay monthly. With inflation if you stay at a property more than one year you are likely to see an increase in you rent. In some cases this might make your rent more expensive than a mortgage.
A Lack Of Stability
With renting comes a lack of stability, I’ve lived in 6 properties in the last 6 years. Why it is possible to find long term renting agreements, as mentioned above you are the mercy of your landlord. With one months notice they may decide that they want to sell the house and you’ll need to move out. If you have a fixed term contract you would be able to stay until that period ends.
I’d love to know what your thoughts are on renting vs buying. I’m happy renting right now. I would love to save and purchase a house once I finish my PhD, but that’s a while off. I definitely think there are a lot of perks of renting in your 20s that aren’t talked about.
If you enjoyed this check out How To Set Financial Goals and Top Tips To Help You Get On The Property Ladder
This was very helpful to read! I’m 25 and plan on moving into my first apartment in a year. I’m definitely fine with renting for right now!
Such a helpful post! I’m currently back home with my parents after renting while at uni. They both are very keen to push the idea of buying a house instead of renting, so keep insisting I stay with them until I have enough of a deposit saved to move out into my own house.
A good relationship with your landlord is so important! Our flat 2nd-3rd year uni was with a private landlord and he came to fix anything within 24 hours of you calling him. He was also okay if our rent was a day late because student finance hadn’t paid us yet. My sister, on the other hand, had a nightmare of a time at uni as she was renting through an agency. They had mice problems, damp problems, and even structural issues with their flat, and they found it difficult to get anything sorted.
Thanks for sharing and giving me something to think about!
I often see a lot of negativity online towards renting, but I think that’s often skewed by people’s bad experiences with bad landlords. I am renting at the moment and the main reason for that is the flexibility. I have no intention of living in the city I currently reside in long-term. I also found that when it comes to decorations, as long as you can revert it back to the condition that you found it, a lot of landlords are fine with it. I also had 2 water leaks a few months after moving it, which I’m glad I didn’t have to pay to fix!
Great tips. I’m 28 now and still live at home with my parents so I don’t think I’ll actually be renting at any point in my life, chances are my next step would be buying a property with my boyfriend. Although I know my bf doesn’t want to rent (he thinks it’s a waste of money – I disagree!) I so wish I’d have gone to Uni and moved out at a younger age to get that independence and experience x
This was such an interesting post to read. All I ever hear is about how bad renting is, but there are actually some positives of it. I think it likely depends a lot on who you are and your situation – for instance if you’re someone who needs to move around a lot! X
This is really interesting to read at a time where my boyfriend and I currently rent a flat and are considering our next move to buy. I’m looking forward to having more say in the decor but of course with that comes the maintenance costs. All swings and roundabouts, isn’t it!
Paris | http://www.thegirlinflat26.wordpress.com
They can sure be benefits for both but I have rented for over 10 years now. I would like a mortgage but can’t just yet. Luckicly our landlord is ok with pets.
I rented throughout my 20’s and as a single parent it worked for me. There were times where i was unemployed and the mortgage would have gone unpaid, thankfully a short stint on housing benefit meant we still had our home.
It is so hard now to get on the property ladder but I can see the benefits of both.
Great post Kayleigh x
Great post!! I can definitely relate to all of these both pros and cons.
I live alone and have been completely dependent since 18, so getting a mortgage is extremely hard to save for and have always rented.
A lot of people knock renting but I’ve always found places that allow pets and landlords who are happy for me to decorate to an extent and there’s so much you can do to make a rented place feel like yours with furniture and decor that doesn’t mean you lose your deposit. If renting is your only option then it’s not so bad.
This is a such a helpful post! I’m in my early 20s and undecided between renting now or saving up to buy.. thanks for sharing! x
Love this, thanks for the great tips. I think we are all made to think we have to have certain things in life but we all go on different paths. Really interesting points, so many pros and cons to both! Thanks for sharing! x
I opt to stay home and save for school fees while I worked too….
Hi Kayleigh. Interesting consideration of the ‘to rent or not to rent’ dilemma that many face. For me, it always boiled down to this: After, say, 25 years what do I have to show for the payments? Renting = nothing. Buying = a house.
You did a great job breaking down the pros and cons of renting. Not being able to properly decorate does seuck ,but at least there are a number of options that allow you to put your personal flair into your home without changing too much. I think the one big key to having a positive experience with renting is a good landlord.
I moved into my first house a year ago (at 24) and rented for 2 years before that. Renting is a great way of learning to live on your own without be tried to a mortgaged but I was shocked at how much I am now saving by owning my own house. I was renting a 1 bed flat and now have a two bedroom house with a garage for less that our rent, it’s crazy!
Steph ! http://www.stephhannam.com
This is a good post on the pros and cons of renting in your 20s. If ever I do rent, I’d like to go with a rent-to-own scheme so that it’s sort of like paying for an apartment little by little. 🙂
I am way past my 20’s and currently living in a rented home – though we do own an apartment that is rented out. I have to say I am not a fan of rental housing. Never have been exactly for the reason you mention, the lack of stability. Though we are lucky in the sense that we can pretty much do whatever we want with where we live now when it comes to changes we made etc., and we do own a dog, it still feels temporary which is not a feeling I enjoy. Looking forward to the build of our forever home to start…
This is a very insightful post. Renting is definitely something I’m starting to think more about as it’s waiting for me next year.
Antonia || Sweet Passions
Great post! Being from NYC I’ve lived in apartments all of my life, so I know the struggle and have had our fair share of crappy landlords. There are benefits to being in an apartment but after all these years I’d like to have my own house as well
I absolutely love that you did this post and chose this topic to write about! There are a lot of pros & Cons of renting and same with owning a house really! I know the pro for renting is it can be a bit better financially (depending on what kind of apartment you have or how much you pay). Mortgage can go up too! mine went from 800 something to 1k something, No one ever taught me anything about owning a house so l am learning as I go and that was a shocking moment for me. I will say that as a young adult it’s better to have an apartment (if it’s cheaper, just looking on the financial side of it) but when you have a big family like me definitely worth getting a house. I look forward to more of your posts!
Completely agree that there are many pros in renting! You don’t have as much rules to abide, the cost of the property and maintenance can be such a hard thing to keep up with. But i truly hope sooner than later i will manage to have my own place to have a dog and have the chance to decorate and renovate as much as i like! x
This is a really helpful blog post for people who are thinking of renting. I have rented previously but I have moved back and will be buying a property. Thank you for sharing this post.
Lauren – bournemouthgirl.com
This is such a helpful blog post for those who want to rent, so many factors to consider! x
Lucy | http://www.lucymary.co.uk