Rent vs. Own – How Much Could You Save?

With many great Midwest Property Management apartment and townhome communities to choose from, renting is more attractive and affordable than ever. Below is just a small selection of the many benefits of renting to consider:

1. Lifestyle – Families grow, you finish school, you accept a new job, or you simply look for a change of pace. Any major change in your life will affect where you want to live. When your lease ends, you can easily upsize, downsize, or choose a new Midwest community that is exactly what you are looking for next!
2. Location – With many great rental communities to choose from, we guarantee you will be able to find a community that is close to your job, school, or transit. This helps you save on the expense of commuting and is great for the environment!
3. Savings – The cost of renting is a bargain compared to home ownership where both hidden and expected costs can add up quickly. See our quick comparison below for more information on how renting actually leaves more money in your pocket each month than home ownership!
4. Simple – Skip the stress of home ownership by letting someone else do the heavy lifting for you. With less time spent fixing, shoveling, or maintaining your lawn and home, the opportunities are endless!
5. Flexible – Never wait for the “right time” with renting. The cost of renting is much more consistent then the huge swings in the price of purchasing a house or condo.
6. Peace of Mind – With added security, a sense of community, and lowered costs, you’ll find apartment living allows for a virtually stress-free living experience!

There is no doubt that owning your own home comes with added costs, stresses, and work. While homeowners are busy doing yardwork, fixing leaks, or shoveling snow, residents of Midwest Property Management are enjoying their home and letting us do the heavy lifting by taking advantage of our 24-hour maintenance request service. Enjoy renting and having the time to binge a new TV series, catch up on reading and explore your neighborhood, while we take care of the not-so-fun stuff!

Rent VS. Own Cost Comparison

Homeowner’s Costs

• Mortgage – $1568 / month¹
• Homeowner’s Insurance – $80 / month
• Property Tax – $286 / month
• Maintenance – $375 / month²
• Mortgage Insurance – $40 / month
• Utilities – $350 / month

TOTAL MONTHLY COST: $2,699 / month

Renter’s Costs

• 2 Bedroom Apartment Rent – $1219 / month
• Tenant’s Insurance – $25 / month
• Electricity – $45 / month

TOTAL MONTHLY COST: $1,289 / month

TOTAL MONTHLY SAVINGS RENTING: $1,410 / month!

1) Average 2 Bedroom rent in Edmonton, Alberta per H12020 CBRE Report | 2) calculated based on yearly average