1-855-512-RENT (7368)For the Baby Boom generation at the start of their careers, there was no question that, when it came to renting vs. buying, buying was the better option. During the 1960’s and 1970’s, many young people entering the workforce expected to marry young, start a job, then settle into one area for the foreseeable future. Buying was seen as a smart investment.
Today’s workforce is a little different, and with the growth in Ohio industry and business, many workers find that the ability to be “mobile” can actually be an advantage to their careers. As a result, many workers native to Ohio or moving to Ohio choose to rent as both a short and long-term solution to their housing needs. Even the New York Times recently posted an article that shows that buying is an advantage over renting, but only if buyers plan on staying in their homes for more than six years.
Renting has many advantages over buying. According to SmartMoney magazine, advantages include the ability to negotiate lease terms as short as six months or even month-to-month agreements. Renters also find that rent costs are typically lower than the many costs, fees, and payments required when first buying a home. And for many new workers coming to Ohio or moving within the Ohio area, the ability to move without some of the necessities required by homeowners, like lawn care equipment, home maintenance tools, and sometimes even furniture, is a bonus.
In another New York Times article, Ohio was called a “pivotal” state whose growing economy is outpacing other states affected by the economic slump experienced between 2001 and 2008. One reason for this growth is the, “…sudden boom around shale oil in the eastern part of the state, where only in the last few years have energy companies figured out how to extract oil and natural gas buried more than 5,000 feet below the ground. The Appalachian region of Ohio, which just a decade ago seemed to have been left behind with the closing of coal mines and steel mills, may now be the modern era’s equivalent of Sutter’s Mill in 1850.”
Other industries are growing rapidly, as well, including manufacturing and the auto industry. Workers are finding that renting in the area they are working is advantageous to the fast-paced growth. As a result, the rental market grows stronger as employment opportunities increase and more workers have a need for housing. Rental property owners are often more willing to negotiate on security deposits, lease terms, and amenities as demand increases and competition grows.
Overall, now is a great time to rent in Ohio. At REM Commercial, we are a private property management company with over 30 years’ experience. We offer the finest in real estate services and our renters receive the best in care, 24 hours a day. If you’re looking to rent in Ohio, check out our listings online, then fill out an application. We look forward to making you feel at home!
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