5 Reasons Why Newlyweds Should Rent

Summary: 

Benefits of renting for newly married couples include:

• Lower upfront and monthly costs
• Freedom to relocate easily
• Time to figure out future needs
• Less stress during the first year
• Space to save for a future down payment

1. Renting Offers Financial Flexibility Early On

Buying a home is a major financial commitment, and the true cost goes far beyond the monthly mortgage. For newlyweds who are on a tight budget, these extra costs can be a heavy burden.

Renting gives you a break from surprise expenses like broken appliances or emergency plumbing repairs. In most cases, your landlord handles those costs. You also don’t have to worry about property taxes and homeowners association (HOA) fees, making it easier to manage your finances in the early days of marriage.

Typical homeowner expenses include:

• Monthly mortgage payments
• Property taxes
• Homeowners insurance
• Routine and emergency maintenance
• HOA fees

2. Renting Gives You Room to Move

Your first year of marriage may bring big changes, such as new jobs, grad school, or a desire to live in a different city. Renting makes these transitions much easier. Ending a lease usually just requires advance notice, and it's even possible to end a lease early if necessary. Selling a home is a longer, more complicated process that involves agents, showings, and closing costs.

With a rental, you’re not tied down. That flexibility can be a huge relief when you’re navigating life changes.

3. Renting Buys You Time to Discover What You Need

Many newlyweds aren’t sure how much space they’ll need, what neighborhood they’ll love most, or whether they’ll want to grow their family soon. Renting gives you a chance to explore your options before making a long-term investment.

From cozy one-bedroom apartments to spacious three-bedroom houses, Apartments.com make it easy to browse different layouts and locations that can grow with you.

4. Renting Reduces Stress During a Big Life Transition

The first year of marriage is filled with excitement—and adjustment. Tackling a home purchase during this time can introduce unnecessary stress. Between credit checks, inspections, appraisals, and legal paperwork, buying a home takes a lot of energy.

Renting simplifies things. Instead of worrying about roof repairs or escrow accounts, you can focus on building a strong foundation for your relationship.

5. Renting Helps You Save for the Right Home

Saving for a house takes time—and a lot of money. While 20 percent is the traditional benchmark for a down payment, even a smaller percentage can mean tens of thousands of dollars upfront. Renting lets you continue growing your savings without tying up your cash.

You’ll also avoid the 1 to 4 percent of a home’s value that owners typically spend on maintenance every year. That money can go toward a high-yield savings account or other financial goals.

Renting vs. Buying: A Quick Comparison

Renting lets you ease into married life with less financial pressure, more mobility, and time to grow together. When (or even if) you decide to buy, you’ll be better prepared, financially and emotionally, to choose a home that suits your shared future.

This article was originally published on June 10, 2013 and has since been updated.