With a strong demand for rental properties and a lower rent cost of $1,070 per month than the national average, renting a condo in St. Louis is an attractive alternative housing option. Let’s look at the top reasons why renting is better than buying a condo in St. Louis.
Downtown St. Louis Real Estate Market Watch
As of June 2024, the median price per square foot of homes in Downtown St. Louis was $134. St. Louis real estate trends change constantly. Contact St. Louis Premier Lofts if you need to buy or sell a condo in the St. Louis area.
Benefits of Renting a Condo in St. Louis
Flexibility
Renting a condo in St. Louis offers great flexibility for people who don’t want long-term commitment due to frequent lifestyle or career changes. Many landlords accept short-term leases ranging between 1 and 6 months, making it easy for the lessee to move in and out upon agreement without worrying about financial and property obligations.
Lower Upfront Costs of Renting a Condo in St. Louis
Working with a limited budget when buying a condo or house can be a significant financial strain. Renting involves lower upfront costs. For rentals, you typically only need to pay the security deposit plus advance payment for the first month.
All in all, you’d have to pay for two months of rent upfront, but it will still depend on you and the landlord’s agreement. The initial rent payment is more affordable than the cost of buying a house because you don’t need to make a down payment with the monthly mortgage payment.
Little to no responsibility for major maintenance or repairs. In this instance, renting a condo in St. Louis is much less expensive than owning.
The landlord or property management company is responsible for major maintenance and repairs in the unit. It’s one of the most significant advantages of renting because you’ll save more money without worrying about unexpected repair costs.
Enjoy condo amenities
Another benefit of renting a condo is enjoying amenities like swimming pools, a gym, security systems, and common areas. Renters have as much liberty as the owners to take advantage of the condo’s amenities and features without the financial and ownership obligations.
St. Louis Premier Lofts – Your Downtown St Louis Real Estate Resource
Do you need to buy, sell, or rent a loft or condo in the Central West End or Downtown St. Louis? Click here to contact our team. We are experts in the local real estate market.
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