Why More People Are Choosing To Rent in Athens

Buy a house, they told you. It will be a great investment, and it’s – well, it’s just what adults do. Maybe once upon a time, that was true, but it’s not so much the case now. Today, especially in urban areas, renting is often more popular than buying a home. Let’s examine, then, some of the solid reasons why more people are choosing to rent in Athens and across the country.

No Down Payment

First of all, a lot of people are choosing to rent in Athens because they don’t have to come up with a down payment, whether they simply choose not to or can’t round up the cash. Remember, the typical down payment for a home is around 15% to 20% of the purchase price. So the down payment for a $150,000 home could be as much as $30,000. It would take most people years to save up that kind of money, and they have to have somewhere to live in the meantime. It just makes more financial sense for many people to rent rather than sinking tens of thousands of dollars in a down payment.

Fewer Expenses

Also, people are choosing to rent in Athens because they will have fewer expenses as renters. They don’t have monthly mortgage payments with interest tacked on, and they don’t have any maintenance expenses either. In addition, renters don’t have to worry about paying for homeowner’s insurance, buying appliances, or coming up with property taxes every year.

As for property taxes, just consider that these can run anywhere from$900 to $8,000 every single year. And then there’s all the upkeep a home you own requires painting, roof repair, HVAC maintenance, and HOA dues. Home ownership can be a mighty expensive proposition.

More Money for Other Things

Similarly, more and more people are choosing to rent because, with no down payment and fewer expenses, they have more money for other things, especially for investing. Buying a home has traditionally been touted as a good investment, but there are many others that can yield a better return. And if you’re sinking all your money into home ownership, then you’re violating the number-one rule of investing – that is, don’t have all your investment eggs in one basket. Also, with the real estate market as volatile as it has been, homes can depreciate rather than appreciate.

Agility and Flexibility

For many, the most attractive thing about renting is the agility and flexibility it affords. You’re not tied down to a home with mortgage payments – you can pack up and go pretty much when you want to. This is an especially important consideration for people on an upwardly mobile career path, who never know when a promotion may mean moving across the country. And then there are all those unexpected events that life throws at us – death in the family, divorce, job loss. Any of these may require a rapid relocation, which just isn’t possible if you own a home. Selling a home can take anywhere from several weeks to many months.

The Millennial Phenomenon

Increasingly, millennials are choosing to rent in Athens and elsewhere instead of buying. In fact, among millennials, home ownership is decreasing at a faster rate than among those in any other group. Some of this phenomenon can be attributed to student loan debt, but not all of it. Those millennials are pretty savvy folks – maybe they’re on to something. Are you looking for a great rental property in Athens? Contact us now – we can help! 706-426-1082

Learn why more people are choosing to rent! Contact us today! 706-426-1082

Georgui Kassaev

Georgui Kassaev was invited to this country in 1996 during the Atlanta Olympic games. The first place he came to call his home after leaving Russia and performing all over Mexico, was Athens. He became a professional mixed martial arts fighter, then coach, and eventually obtained two black belts in taekwondo and Brazilian jiu-jitsu. He formed a specialty carpentry and construction business which sparked his passion for real estate. He then rediscovered his first passion performing. After all, he has performed in the circus since he was eleven years old in front of thousands of people and then again when he was an adult as a professional fighter. In 2018 he landed his first 3 television roles. While acting, he continued developing his real estate skills, becoming a value-add investor in the Classic City and then getting his real estate license. He has now become a listing specialist in the Greater Athens Area, working with homeowners to protect their interests and get them the right price for their property! However, he never abandoned his construction roots and works with investor clients to help them buy properties based on their numbers with no aversion to making multiple offers. Georgui is fluent in three languages Russian, Spanish, and English. He is proficient in video production and social media marketing.

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