By using this website, you agree to our use of cookies to enhance your experience.


Build To Rent chief's take on Why Renting Works

Nick Woodward, director of lettings at Essential Living, gives insights into why renting may be the best option for many.

1. Responsibility for repairs and maintenance

One of the biggest deciding factors when it comes to renting vs buying is responsibility. How much responsibility do you want to take on with the property?


Given the mounting stress of the cost of living for a significant portion of the population, many people will find relief and enjoy having the responsibility and pressure being put on the landlords, rather than themselves. 

When you enter a rental agreement, any maintenance and repair jobs are to be sorted out by the landlords. If your shower starts trickling out cold water, or if your oven decides to stop working, it’s your responsibility to let the landlord know, but it’s not for you to expense. 

This can help take the stress away from you, as you don’t need to invest time and money searching for a handyman or budgeting for maintenance costs. If you own property, any issues that arise become your responsibility, potentially causing significant financial strain.

Renters also don’t have to deal with the many taxes and hidden costs of owning their own home. Landlords will often include these taxes in the cost of your monthly rent. Much like the cost of maintenance, your rent will help pay any taxes on the property. 

2. Access to facilities 

Some complexes and apartments offer amenities that would cost an absolute fortune if included in a house purchase. For instance, facilities like fitness centres, indoor pools, and communal social areas are often unavailable for most people when purchasing a house.

Rather than using most of your budget on purchasing, installation, and upkeep costs, already having these facilities can make renting just that bit more attractive. These facilities can also provide the opportunity to meet other people and build a great social group with the people living close to you. It’s also a great way of saving money by not having to pay for a gym or pool membership. 

3. Flexibility over where to live 

When you’re buying a home, you’re committing to living in an area for a long time. For people who might want to relocate, travel for work or move in with someone else, this could feel quite restricting. 

Imagine you've recently moved in with a friend, but you're considering living with your partner in a few years. Renters have the flexibility to terminate their lease after a specified period. Typically, once your lease expires (often after 12 months), you can choose to renew it for another year or explore other living options.

This arrangement is perfect for individuals who enjoy travelling, exploring new cities, and meeting new people, as you’re not tied down to a mortgage for a house. Additionally, it offers the flexibility to experiment with various types of properties, including houses, apartments, or bungalows.

4. Fixed amount of rent 

Whilst owning a home may seem like a clever financial decision, with mortgage rates rising, it may be a good idea to look at alternatives.

Similarly to your monthly paycheck where you know exactly how much money is going in, when you’re renting a home, you also know how much is coming out every month. Whilst landlords can sometimes raise the rent a little, having a fixed agreement means you’re able to budget efficiently and not stress as much about money. 

This is similar to homeowners who have fixed-rate mortgages, but many people don’t have this type of mortgage. In this day and age with mortgage rates increasing by the minute, those with adjustable-rate mortgages can see the price they pay each month fluctuating, which can be stressful and harder to budget.

5. You won’t have to save for a deposit 

When you buy a home, chances are most lenders will ask for a deposit of at least 10% of the property value. In comparison, your tenancy deposit on a rented home will usually be around 5 weeks' rent, which is a lot less coming out of your bank account!

If the thought of spending heaps before you start living in your new home scares you, then renting might be a better option for you. 

6. Tax Management and Financial Responsibility 

Something that renters do not have to deal with are the many taxes and hidden costs of owning their own home. Landlords will often include these taxes in the cost of your monthly rent. Much like the cost of maintenance, your rent will help pay any taxes on the property. 

When you buy your own home, you will have to pay taxes such as Stamp Duty Land Tax. This is only on homes over £250,000. If you buy a property that is worth less than that amount, you won't have to pay Stamp Duty.

When you own a property you have the option of selling up and moving to a new home. But, there are a lot more strings attached. You will have to pay to list your home, pay seller fees and estate agent admin fees. Selling a home is much more difficult than simply cancelling a rental contract.

Want to comment on this story? Our focus is on providing a platform for you to share your insights and views and we welcome contributions.
If any post is considered to victimise, harass, degrade or intimidate an individual or group of individuals, then the post may be deleted and the individual immediately banned from posting in future.
Please help us by reporting comments you consider to be unduly offensive so we can review and take action if necessary. Thank you.

  • icon

    Zzzzzzzzzzzzzzzzzz 😴

  • icon

    He would say that as a corporate!

  • icon

    I agree with a lot of what he says.

    Home ownership is fine if you're firmly rooted in an area and have a secure job with adequate pay to cover building maintenance or service charges.

    Renting is more suitable in most other circumstances. New relationship, rocky relationship, lack of income to cover property maintenance, job mobility, job insecurity, growing family, etc.

    Buying and selling costs a fortune in fees and has no timetable certainty. Renting is financially easy in, easy out and a much more certain timetable.

    The other real bonus with renting is if life goes pear shaped LHA exists for tenants to at least cover some of their rent. There's no equivalent for homeowners.

  • icon

    If renting has so many positive points, why do activists complain so much?


    Without complaining, they would have noi purpose in life.

  • icon

    A big long Article about what, no talk about the landlord needing a license to rent it to you or whether you are single people or a family.
    Might be in an Article 4 area or not you might have a Licence for what is considered a small HMO up to 6 persons otherwise need planning permission but I had some for 7 before they made that rule. Anyway it if you let to a family you are stuck with them and it immediately becomes a, C 3 and can no longer re-let in the future as a permitted small HMO but would require planning permission unlikely to obtain.


Please login to comment

MovePal MovePal MovePal