The COVID-19 pandemic continues to rock the global economy, even as New York City and surrounding states are making substantial gains on reducing the spread of the disease. One question that naturally arises during any time of economic uncertainty is about housing. Given what’s happening in the economy and in public health, is renting or buying the better choice right now?
There are always pros and cons to both. But in this particular moment, there are several reasons why renting could be the better choice right now. Here are three ways renting could be better than buying during a recession or a pandemic (or, you know, both).
Location Rules All
Especially in a dense urban environment like NYC, location is everything. If you want to live in Manhattan, for example, buying is simply out of reach for all but the wealthiest residents. One advantage of renting is the greater flexibility in location. Single-family and semi-attached homes in Midtown Brooklyn regularly sell at over $1 million. If you need to live here and can’t afford to buy, renting is the way to go.
Renting Is Lower in Risk
Renting is much lower in risk than buying as well. If you rent a brand-new apartment and later encounter a serious flaw, it’s on the property manager to fix the problem and foot the bill. When you buy an older home in the area, all those hidden maintenance issues come directly out of your bank account.
And what if your circumstances change? If a renter suddenly needs to move out of state or has a sudden drop in income, it’s easier to relocate quickly. When you own a home, you have to work to sell that home. And if your income drops and you aren’t able to sell your home quickly, you could even lose your home!
Predictable Costs Help You Save
When you rent, your costs are pretty predictable. Rent doesn’t fluctuate, and you’re not on the hook for home repairs or yard maintenance. In a pandemic, we all want to be as careful as we can to save. By keeping your costs predictable now, it’s easier to budget and save. Maybe buying will be right for you later on! Renting now can help you get there by allowing you to save in predictable ways.
The Vitagraph: Modern Living in Midtown Brooklyn
For these reasons and more, renting may be the better choice for many NYC residents right now. If you’ve decided that renting is better for your situation than buying, the team at The Vitagraph Apartments wants you to love where you live. The Vitagraph Apartments offer modern living that pays homage to the history of our Midwood location in Old Brooklyn. That’s why we’ve kept the iconic smokestack, a reminder of a bygone era. But we also offer our apartment community the modern touches and exceptional amenities the urban NYC resident seeks, like a comprehensive business suite, fitness center, and indoor and rooftop lounges.
If you’re ready to step into luxurious modern NYC apartment life, apply today.