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Renting an apartment compared to owning a home was often seen as a second-class choice. The premise was that renting meant you were throwing away your money instead of investing it into a home that you would eventually own. Then you have the equity available for you to . . . do what? Many homeowners never touch the equity in their home.

Maintenance Challenges

In today's market, renting an apartment that's well-maintained isn't such a bad idea. There can be advantages to renting apartments, provided you choose one carefully. The owner is responsible for: cutting grass, fixing leaky faucets, repairing or replacing roofs, paying taxes, painting, remodeling and more.

In my home town of Pasadena, California, there are apartments and apartment-condos available close to entertainment centers and the major employers along Colorado Boulevard.

The idea of an urban village is now reality throughout the city: apartments or condos, retail stores, and mixed use offices in the same building or cluster of buildings. Young, urban professionals living here would rather spend their free time sipping coffee instead of doing chores to fix a house.

Apartment Charm

But some apartments, such as the Ely House, operated by family-owned Barbera Properties, maintain their charm and dcor relying on carefully groomed and maintained grounds. Tenants are attracted to buildings like this because shopping in the Pasadena Playhouse District or Paseo Colorado is accessible yet the neighborhood is quiet and relaxing. The Ely House is a converted mansion built in 1913 for silent film star Anna Ely.

It is a two-story Colonial with balustrades which wrap around the top paired, double hung windows on either side of the portico.

Cost of Renting Vs. Owning

Renting an apartment in a city like Pasadena may seem expensive when compared to many other similar-sized cities. A comfortable two-bedroom will rent for less than $ 1,700 monthly. But owning a home in Pasadena and the local Altadena area will cost $ 590,000 and up for a home that fits a small family. A homeowner seeking to purchase in a similar neighborhood as the Ely House may find prices costing $ 700,000 and more even in the current market.

Then add into that the cost of homeowners insurance, adding features like sprinkler systems, upgrading cabinets or fixing plumbing, the garage door and . . . the list can stretch on and on. Renting an apartment may be a wise financial move.

While owning a home has its own advantages and provides satisfaction, it doesn't mean that renting an apartment is necessarily a bad second choice. Just make sure you're satisfied and the apartment owner treats you with respect and care.

Learn more about this author, Don Simkovich.
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