The rental market has opened up in recent years as younger generations realize that renting can provide a better quality of life, more freedom, and still allow them to save and invest in creative ways. For these reasons, Las Vegas has become a top place to rent property today.
Key Takeaways: Renting Vs. Owning
The decision to rent versus buy a home is an individual one based on several factors. However, some general trends and attitudes have recently driven the public debate.
- Homeownership attitudes have changed significantly since the financial crash of 2008.
- Rent-Vesting is a new form of investing in rental property to help people buy property.
- Real estate markets have increased their renting numbers significantly since the 1980s
- Las Vegas is an excellent place to buy property if you intend to stay for the long term.
- Las Vegas is an excellent place to rent a property if you want to enjoy a high quality of life.
Homeownership trends have changed in line with generational attitudes and resources. According to surveys, millennials are choosing to rent for longer or renting instead of taking on a mortgage altogether. Millennials have had a financial recession and student debt to manage.
Since the subprime mortgage bubble burst, lenders have been reluctant to lend to high-risk individuals, making it harder for modern generations to get a foothold on the property ladder. But renting suits millennials; it prevents taking on more debt and allows them to move on quickly.
Millennials have drawn the short straw when it comes to getting on the property ladder. While renting, millennials can find it challenging to save money for a down payment on a home.
Rent-Venting is becoming more popular for this generation as it provides a level of autonomy for individuals and the possibility of getting on the property ladder and becoming a landlord. Rent-Vesting involves taking a mortgage on a cheaper apartment and renting it while saving.
Changing Real Estate Markets
Over the years, the real estate markets have changed significantly; in the 1980s, 35% of Baby Boomers had an owner-occupied home, and 61% had a rental property. In the mid-2010s, 22% of Millennials had owner-occupied homes, and 74% had rental properties.
These numbers suggest that it has become harder to find an owner-occupied home and easier to rent from private landlords. As mentioned, this is mainly due to the collapse of the subprime mortgage market in the late 2000s, but it also has to do with changing attitudes and lifestyles.
Benefits of Renting in Las Vegas
Las Vegas is traditionally a favorable place to buy a property; it offers an excellent range of properties that provide long-term value, tax benefits, and greater freedom and flexibility. However, in recent years, the market for renting in Las Vegas has grown significantly.
For people looking to stay in Las Vegas for a short time, or attempting to save a down payment, renting is an excellent option. Renting in Las Vegas is often cheaper in the short term. Renting can also be more convenient than ownership since the landlord takes care of the maintenance.
Benefits of Buying in Las Vegas
While the market for rental properties in Las Vegas is opening up, homeownership is still a viable option with many excellent benefits. Buying a property in Las Vegas is more affordable in the long run, thanks to lower interest rates if you minted to stay.
Buying a home in Las Vegas is also an excellent long-term investment; it helps you to build equity and improve your credit rating, helping you to reach your financial goals and improve your quality of life. So, when should you rent, and when should you buy in Las Vegas?
Renting vs. Buying in Las Vegas
Las Vegas has been considered a risky housing market for some time, especially after the global recession and pandemic, but it is now recovering. The cost of homes is rising, which makes it an excellent time to buy if you have a downpayment and intend to stay there.
That said, renting is an excellent short or long-term option in Las Vegas thanks to lower utility bills and rental costs than in other parts of the country. Renting also allows occupants to move their location in response to life changes and invest savings in other long-term options.
Apartments for Rent in Las Vegas
If you are considering a rental apartment in one of the liveliest cities in the country, there are plenty of fantastic options available. Whether you want a quiet sanctuary in a leafy suburban area or somewhere close to the strip, you can find the home you dream of at one of our apartments.
Signature Management Apartments are spacious, modern, and fully furnished, offering high-quality walk-in apartments in Las Vegas at affordable prices. Whether you are saving for a down payment, searching for a rent-vestment, or a new home, visit us today.
Some Final Thoughts
The conventional wisdom of the past was to find your way onto the property ladder as quickly as possible and make the most of your long-term investment. Money tied up in an investment property can eventually be freed, allowing families to pass on their wealth to future generations.
But that was then, and this is now. The global financial crisis of 2008 changed the housing market significantly and distorted the conventional views of home ownership – especially with millennials. Nowadays, younger generations are more likely to rent and invest in other ways.