For many people, the American dream involves the purchase of a house. However, that type of lifestyle isn't always right for everyone. An apartment rental offers a number of advantages over the purchase of real estate. Here are some of the key benefits of renting an apartment over buying a home.

4 Advantages of an Apartment Rental 

1. Flexibility

With an apartment, you are tied to your situation for the length of the lease. This is typically one year, although many properties allow three- or six-month leases, as well. If you purchase a house, you do not have the same flexibility. Most mortgages last for 15 or even 30 years, and if you want to move, you must sell the house. This can be difficult or impossible in a down economy. Apartments offer both financial and lifestyle flexibility that homeownership does not.

2. Predictable Expenses

An apartment's rent almost always covers all maintenance requirements, and many complexes have full-time maintenance workers on staff. Repairs are free for you and only a phone call away. When you own a house, however, you are financially responsible for every repair. 

3. No Down Payment

Since the financial crisis, home loans are no longer as easy to get. Homeownership now usually requires a down payment of at least 20%. This means you must save up $20,000 to $40,000 before you can afford a home in most areas. With an apartment rental, you normally only have to cough up the first and last month's rents, along with a security deposit. 

4. No Property Taxes

Property ownership entails property taxes. In many areas of Alaska, the average property tax rate is about 1.2% That means, if you own a $150,000 home, you must pay local taxes of $1,800 per year. Apartment dwellers, however, have no corresponding expense.

If you're in the market for an apartment rental, contact MK Enterprises in Kodiak, AK. They have served renters throughout the region for more than 40 years. They also provide general contractor services, heavy equipment rental, and snow removal. View their website to see their available lodgings, or call (907) 486-5537 to schedule a consultation.