For some people, renting an apartment is a temporary arrangement, while others happily rent for a lifetime. Renting and purchasing a home each have their respective advantages, and of course, many people both rent and purchase homes at different times throughout their lives. Here we examine some of the perks that keep many potential home buyers renting long term:

-Low maintenance lifestyle. Perhaps one of the most attractive aspects of renting an apartment is that under normal circumstances you do not have to foot the bill for repairs and maintenance. If an air conditioning unit fails, a water leak forms or a toilet quits working, homeowners can be out thousands of dollars. Many renters are attracted to a lifestyle free of home repairs and yard upkeep.

-Cost advantages. Usually, renting an apartment is less costly than purchasing a comparable home. Even with a mortgage payment comparable to rent, homeowners incur additional costs from property taxes, repairs and maintenance. Additionally, living in an apartment may help keep energy costs down as compared to a larger house. Over time, the savings from apartment living can add up.

-Security. Gated apartment communities requiring a code or remote control for access provide peace of mind to residents concerned about security. Gated access can be an appealing feature to renters as an added level of security that stand alone homes most often do not provide. With or without gated access, many renters feel a greater sense of security in a community environment because others are always close by.

-Minimal commitment. The ability to move with minimal burden is one of the major advantages to renting a home. Many people do not want to make the commitment necessary to purchase a home, opting instead to keep their options open regarding the area in which they live. Homeowners must endure a more involved process for an indefinite length of time to sell their homes before moving, a responsibility that many renters are content to avoid.

-Community setting. It can be an advantage or a drawback, but a communal environment is the desired lifestyle for many people. Perhaps you enjoy living alone but do not want to be isolated from society. Maybe you feel safer knowing that your neighbors are just steps away. Or perhaps you are new to town and seek an easy way to meet new people. An apartment community can be an ideal fit in many situations.

Both renting and purchasing a home have their perks and drawbacks, and the ideal living arrangement for each person or household is a matter of lifestyle, financial considerations and personal preference.