Facts About Renting You May Find Interesting
People choose to rent for a variety of reasons. Some appreciate the flexibility in renting where they live while others like not having to save for a large down payment to purchase a home. Renting is valuable for young people getting started out and seniors are discovering it is a great way to downsize in later years. Renters may be able to rent month-by-month or sign longer leases.
Here are some interesting statistics surrounding renting.
- There are about 36% of Americans who rent the spaces where they live. This is the highest rental rate in America in more than 50 years.
- 90% of rent prices in the largest cities in America have increased over the past year.
- In 2/3rds of the housing markets in the United States, buying is less expensive than renting.
- Rental properties are statistically more prone to crime.
- Over 40% of renters are paying over 40% of their income on rent.
- 2 million people who rent apartments are single women.
- Landlords will screen about 2 applicants for every successful renter.
- Almost 75% of rental properties are owned by individual investors.
Renters are often under the belief that their landlord carries insurance that will protect the renter in a loss. The reality is landlords will only carry insurance to protect their interest and their property. This is where renters insurance is so valuable. Renters insurance protects the personal possessions of the tenant in a loss and even provides liability coverage should a delivery person or visitor become injured while on premises. Many policies have other benefits including covering possessions while traveling. Contact your independent agent for details. The best news is that renters insurance is extremely affordable. Again, your agent will have details based on your circumstances.
If you are or are considering renting, contact one of our independent insurance professionals for a no-obligation quote. You just may be surprised at how affordable renters insurance can be. Get the protection you need at a price you can afford by contacting us today.