Renting has long been seen as second-best to owning a home. But Dwellsy CEO and cofounder Jonas Bordo says more and more Americans are relegating that perception to the same scrap heap that holds landlines, paper road maps, and VHS tapes. As the world has evolved, so have attitudes toward renting.
“Sure, cost and availability play a role in people’s decision not to buy, but I’m encountering more and more renters who say they’re choosing to rent because it’s just a better fit for their life,” says Bordo, coauthor along with Hannah Hildebolt of Everything You Need to Know About Renting But Didn’t Know to Ask: All the Insider Dirt to Help You Get the Best Deal and Avoid Disaster (Matt Holt, August 2023, ISBN: 978-1-6377439-2-8, $21.95). “It’s interesting because it reflects a massive shift in how people live and work and what they value. It really is a sea change.
“Look at workforce trends: Today’s talent insists on remote work, flexible schedules, plenty of autonomy,” he adds. “There’s lots of job hopping and gig work. Plus, people are delaying marriage and having fewer kids. There’s a sense of restlessness and a desire for fluidity and freedom. All this factors in. The thought of being tied down to a house is starting to feel like a relic of the ‘40 years and a gold watch/2.5 kids’ mindset.”
With several decades’ experience as a renter, landlord, property manager, and current CEO of the largest U.S. rental marketplace, Bordo is a trusted authority on all things rent-related. As its title suggests, his book is a comprehensive guide to help people “win” at renting. It covers the entire process—from preparing for the rental search to getting your security deposit back after your lease is up—and contains lots of advice to help you minimize costs along the way.
Whether you’re a young professional who isn’t ready to commit to a zip code or an empty nester who’s tired of spending weekends mowing the lawn, there are plenty of reasons why renting might work best for your lifestyle (and yes, for your budget too). For instance:
You’re not tied down. Let’s say you get your dream job offer, but it’s in another state. If you’re a homeowner, there’s a long slog ahead. Selling your house might involve expensive repairs and inconvenient showings. Finding a buyer might take months, and—even with that much-hyped equity you’ve built up—there’s no guarantee you’ll come out on top financially.
“As a renter, you won’t have to deal with any of that,” says Bordo. “You can usually tell your landlord you’re leaving and work things out by paying some extra rent, even if your lease isn’t ending soon. If it is, all the better—no extra rent necessary.”
You’ll find lots of cool places to live. In many areas, renters have more choices in terms of geography and aesthetics. For instance, your rent budget might get you a quirky little space in a historic downtown building, a trendy new apartment in a complex, or even a bedroom in a house-share. Homeowners often don’t see this kind of variety within their price range.
“Recently there’s been a material uptick in the delivery of new rentals, especially apartments, so your choices are expanding even further,” says Bordo. “Many of these new complexes offer amenities homeowners typically don’t enjoy, like pools, tennis courts, and on-site gyms.”
It won’t hurt your social life, either. Especially if you live in an apartment complex or rental community, you’ll have plenty of neighbors to connect with. In many cases, management might even sponsor activities like happy hour, game night, or trivia to help you meet them.
“There’s a certain ease to hanging out with fellow residents,” points out Bordo. “If you want to watch a movie together, borrow an ingredient, or meet a friend to vent about a stressful workday, just walk down the hall or climb a few flights of stairs. On the other hand, if you have to leave the house and drive somewhere, it might seem easier to doom-scroll social media instead.”
Your (rare) spare time is really your own. If you’ve never owned a home, you might not realize just how big of a time-suck it can be. In addition to keeping the interior (relatively) clean, you are responsible for unclogging the drains, mowing the lawn, pulling the weeds, cleaning out the gutters…and the list goes on. For every new season, there’s a new to-do list of tasks.
“Sure, homeowners can outsource these jobs—but that’s one more expense,” points out Bordo. “And wouldn’t you rather spend your free time focusing on your hobbies, hanging out with friends, or just relaxing than raking leaves or dealing with the rodent infestation in your attic?”
No need to become an amateur handyma…er, handyperson. As mentioned earlier, hiring someone to fix your leaky faucet or install your new ceiling fan costs money. Thus, many homeowners find themselves watching YouTube tutorials so they can complete these tasks themselves…and then watching more tutorials to fix the mistakes they made the first time.
“When you’re a renter and you need something repaired or installed, the steps are simple,” says Bordo. “One: Pick up the phone. Two: Call your landlord. Voilà!”
Oh yeah, renting helps you save money. You didn’t think we’d forget about the benefits to your bank account, did you? Across the country, home prices are rising, competition is fierce, and interest rates are high. That all adds up to one heck of a monthly mortgage payment. Meanwhile, median asking rent for many rental property types hasn’t changed dramatically in the past year, and as Bordo has pointed out, inventory is increasing.
Even if your theoretical mortgage payment is lower than your rent (not a given these days), the cost of owning and maintaining a home tends to cut deeper into your wallet. Homeowners insurance, property taxes, repairs, lawn maintenance, utilities, and more can add up quickly.
“We’ve all heard that owning a home is good for building wealth,” adds Bordo. “And yes, some people do sell their homes for more than they paid. But often that profit isn’t enough to make up for—much less exceed—the amount the homeowner paid for property taxes, maintenance, improvements, insurance, etc. Also, consider that over the years or decades they owned the home, they may have had less money in their pocket…because it was all going into the house.”
Finally, you’re in good company. When asked how she stays humble, Emmy-winner Ayo Edebiri quipped, “I’m still renting.” Furthermore, self-made Seattle multi-millionaire Tori Dunlap recently commented that not buying a home was “one of the best financial decisions I ever made,” citing flexibility, location, her lack of home-repair savvy, and the ability to diversify her investments. (And since Dunlap’s business centers on financial and investing education for women, her word carries weight!)
“These two women represent a significant number of, shall we say, comfortable Americans who have chosen to ditch the successful-people-own-their-
“In our fast-paced, overscheduled world, flexibility and free time are increasingly important—and in this economy, almost everyone needs to save money,” concludes Bordo. “Whether you’re a for-now renter or a forever renter, choosing not to take out a mortgage is a great way to achieve all those things. There’s nothing less-than about renting…and a lot to gain.”
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About Jonas Bordo:
Jonas Bordo is the coauthor, along with Hannah Hildebolt, of the book Everything You Need to Know About Renting But Didn’t Know to Ask: All the Insider Dirt to Help You Get the Best Deal and Avoid Disaster. He is the CEO and cofounder of Dwellsy, the free residential rental marketplace that makes it easy to find hard-to-find rentals. Prior to cofounding Dwellsy, Jonas was a senior executive at several leading real estate firms including Essex Property Trust and BentallGreenOak, and was with the Boston Consulting Group after graduating with his MBA from the University of Chicago Booth School of Business.
About the Book:
Everything You Need to Know About Renting But Didn’t Know to Ask: All the Insider Dirt to Help You Get the Best Deal and Avoid Disaster (Matt Holt, August 2023, ISBN: 978-1-6377439-2-8, $21.95) is available from major online booksellers.
About Dwellsy:
Dwellsy is the renter’s marketplace: a comprehensive residential home rentals marketplace based on the radical concept that true, organic search in a free ecosystem creates more value than the pay-to-play model embraced by all of the current rental listing services. Dwellsy has more than 14 million residential rental listings—more than any legacy classifieds site—as well as the most diverse set of listings, including single family rentals, condos, and apartments. Dwellsy’s entirely different approach to residential rental listings focuses on presenting houses and apartments based on features renters need and want, not based on how much landlords pay to show their listings. Dwellsy investors include Frontier Ventures, Ulu Ventures, Blackhorn Ventures, Heroic Ventures, and the University of Chicago. For more information, please visit our newsroom or find your next home at Dwellsy.com.
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