Moving to Louisiana? Renting Might be Right for You

renting vs. owning

We hear that owning a property is a good investment—but that is not always true. Owning a property comes with unknown costs and circumstances that, without proper planning or experience, can leave you bleeding financially from unprecedented expenses.

In reality, the answer to whether you should rent or buy a home just depends. And for some—especially those looking at expensive areas—may find that renting is a more reasonable solution than jumping straight into homeownership.

Renting a property is beneficial to those who:

  • Want access to a more desirable neighborhood and amenities
  • Are moving to a new area for their careers
  • Are looking to keep property costs and responsibilities low
  • Do not have a down payment and closing costs available

Accessing Amenities in a Desirable Area

Highly desirable areas tend to have more amenities than less desirable ones, and depending on your city, renting might be more cost-effective than buying a home. As a result, tenants have access to all amenities, like parks and trails, shops, restaurants, and event venues, without paying the substantial monthly costs of buying a home.

Moving to a New Area for Their Careers

Many Louisiana residents have been there, where they were offered an incredible job opportunity, and suddenly, they have to move to a new yet unknown city.

Moving to a new area comes with its advantages. New residents can explore local shops, restaurants, and entertainment and build meaningful friendships while in a new place. However, although new residents are expected to eventually settle, it does not mean they should immediately jump into buying a home.

Moving to a new city is a perfect time to become a renter—even if only for a year. The time will allow you to acclimate to your new neighborhood, learn about what there is to do, and live in close proximity to your new place of work.

Looking to Keep Property Costs and Responsibilities Low

When you buy a home, there likely will be a laundry list of responsibilities that follow, like yard work, renovations, unprecedented repairs, and more. While someone is renting, it pushes the responsibility of maintenance and repairs onto the landlord—meaning that each monthly housing payment will remain consistent over your lease term—something that is not the same in homeownership.

Over 30% of Louisiana residents rent instead of owning property. For many, not having to deal with maintenance and repairs gives them more time and flexibility to focus on personal interests or spending time with family and friends.

No Down Payment? No Problem!

Renters do not have to come up with tens of thousands of dollars to pay for a downpayment and closing costs. While there are some upfront costs before moving into a rental, they are a fraction of what it costs when purchasing a home. With less money upfront, renters can focus on their other interests like vacationing, sports, and investing what would have gone into their downpayment elsewhere.

Sign Your Next Lease with Kajen Rentals

While buying a home is a huge milestone, for many, renting might be more advantageous, depending on their needs. Renting comes with less responsibility, maintenance, and overall costs, and it grants tenants access to more desirable neighborhoods and schools and proximity to work.

If you are looking for your next rental in Monroe, West Monroe, Bastrop, or Oak Grove, contact Kajen Rentals today. Our team is ready to show you our available properties and help you find your perfect match.