Renting

There are many reasons why people choose to rent, including skyrocketing house prices and buyer affordability. 

Also, not everyone wants to own a property, take on the pressure of a mortgage or to be locked into living in the same property in the same area. They want the flexibility and lifestyle benefits that can come with renting.

Renting offers a number of key benefits:

• Easier to make changes if you are not locked into a home loan
• Better financial stability – you clearly know your monthly expenses and can plan for them
• No maintenance or repair costs – the owner of the property is typically responsible
• Affordability – renting enables people to enjoy a lifestyle in an area they may not be able to afford to buy in
• Flexibility to move – if you don’t like the neighbourhood or if you want a different lifestyle, you can easily move once your lease expires
• Ability to diversify your investments rather than putting all your savings into paying your home loan
• No market risk – as you don’t own the property, the impact of property market fluctuations will not impact your long-term finances
• Save for a home deposit