If you’re looking for a place to rent in Rochester Mn at the moment you might be suffering from a bit of sticker shock. Our average rent rate at the moment is at a daunting $1,100 compared to the national average of $1,400 per month.
No doubt there are lots of options for you at the moment but lots of them aren’t exactly making renting in Rochester Mn very affordable.
If you take our city’s average rental rate of $1,100 per month, you could buy a $180,000 home. And within 2 and a half years you would have spent less to own your home than to rent. But that’s not to say that owning a home is the right option for everyone.
So let’s take a look at some pro’s and con’s of renting & buying and then get you a list of resources should you decide you’d like to rent in Rochester Mn.
Advantages to renting in Rochester Mn.
- You have fewer maintenance costs. When you’re renting a property the landlord/owner is responsible and legally obligated to fix health & safety issues in the home. This makes for less headaches and costs to you.
- You don’t pay real estate taxes. Technically this would be rolled into your rent rate but it’s one less thing you have to worry about.
- No risk of home price depreciation. If the real estate market in Rochester tanks you won’t be at risk for loss of equity.
- Worry about less utility bills. Again, this is one that will likely be rolled into your rent rate but it’s less accounts in your name that you have to worry about.
Disadvantages to renting in Rochester Mn.
- Your rent rate might be higher than the monthly cost of a mortgage. This is often the case when you rent in Rochester Mn.
- Your payments never stop. With a mortgage there is light at the end of the tunnel; at some point you will have it paid off. But with a rental agreement, you simply keep paying rent month after month, year after year.
- You’re always at the mercy of the landlord/owner. If the market has skyrocketed and they decide to dump their investment, you’ll be left out in the cold trying to find another place to live.
- Rent will rise over time. Just like anything else, inflation is a part of our economy and it’s highly likely that your rent rate will continually rise over time.
Advantages to buying a home in Rochester Mn.
- Tax deductions. Home ownership comes with tax benefits that reduce the overall monthly expense of owning a home.
- Fixed payments. You don’t have to worry about your rate going up if you go with a fixed mortgage.
- No landlord. You no longer have to worry about a landlord or owner bothering you or putting restrictions on how you can decorate or use the property.
- You can sell and upgrade. If the market rises after you’ve purchased your new home you can sell for a profit and buy a better or larger home.
Disadvantages to buying a home in Rochester Mn.
- You could overpay. Without a qualified Realtor to guide you and negotiate on your behalf you could very well overpay for your new home – putting you in a very bad financial position.
- You may not get approved. Not everyone is able to obtain financing for a new home and if this is the case, then renting might be your only option.
- You need some cash upfront. Not only will you need to save up some cash for a downpayment, but closing costs and moving costs add up quickly.
- You’re responsible. If the toilet breaks or the roof leaks you’re 100% responsible for the repairs and costs to do so.
How to Rent in Rochester Mn.
Now that you’ve got a good handle on which way you’d like to pursue your living arrangements maybe you’re still thinking you’d like to rent in Rochester Mn.
If that’s the case I’d check out a few of the following resources to make sure you’re getting a fair shake at all the options that are available to you.
- Homes & Apartments for rent in Rochester Mn
- Dog Friendly Apartments to rent in Rochester Mn