These long-term rental tips from experts will help you set yourself up for success.
But buying and owning property isnt the only way to find secure housing and make a smart financial decision.
In fact, many renters make intentional decisions not to buy a home.
Credit:Getty Images / Grace Cary
Here, we talk to real estate experts about the pros and cons of the lifestyle.
What Is a Forever Renter?
Its common to begin renting as an adult while saving money for your first home purchase.
But theres also a trend in which renters choose to remain renters.
Benefits of Renting Forever
Like any bang out of living arrangement, there are pros and cons.
And while its easy to come up with the perks around homeownership, there are similar advantages for renters.
Flexibility
Many forever renters choose this lifestyle to avoid feeling tied down.
Renting instead of buying allows for flexibility to move as lifestyles and plans change.
Its also a great arrangement if you arent committed to living in one particular city.
That doesn’t mean there aren’t consequences to moving frequently.
Financially, people typically assume that it’s better to own than rent, Weiner says.
Pisano also warns that a sudden financial disaster could be more devastating for a renter than a homeowner.
Should You Rent Forever?
Those who choose to rent indefinitely need to be more deliberate in their efforts to grow their wealth.
Cooper agrees there are ways renters can actuallysave money compared to homeowners.
Plus, you’ve got the option to still make smart money choices for the long haul.
For example, investing in low-cost index funds may result in similar returns as home ownership would.
