The Benefits of Apartment Living over Home Ownership | The Presley

Choosing between renting an apartment and owning a home is a big decision, especially in Oklahoma City, where both options are affordable. However, while owning a home comes with myriad “hidden” costs like maintenance, property taxes, and utilities, apartment living offers an array of benefits beyond the financial that can make it the better choice, including convenience, community, and flexibility.

The Presley Apartments in Oklahoma City have redefined apartment living with high-end amenities and luxury accommodations that take your life to the next level. One of a series of dynamic projects from Gardner Tanenbaum–Oklahoma’s premier development firms–The Presley Apartments deliver impeccable style, first-class conveniences, and stunning aesthetics for a carefully curated experience right in the heart of this eclectic city.

Renting vs. Buying: Myth vs Reality

Several myths about home ownership make it seem like a better option than renting, but these need a closer look. Here are the 2 most frequently cited myths about home ownership in today’s market.

Myth 1: Mortgage payments are cheaper than rent.

Many believe mortgage payments are always cheaper than rent. However, what’s often being referenced is the monthly payments of just principal and interest on the mortgage to the cost of rent. However, property taxes and insurance must also be factored into the cost of your mortgage in order to get a true cost of buying versus renting. 

For example, in Oklahoma City, the median sale price for homes in May 2024 was $270K, with a monthly payment of $2,069, which includes property taxes and insurance. As of June 2024, the average rent for an apartment in Oklahoma City was between $700 to $1,000 per month, significantly less expensive than a mortgage payment. Rather than being cheaper, mortgage payments are more than twice that of the average rent.

Myth 2: By paying rent, you're throwing your money away.

Renting is often seen as a waste of money because you’re not building equity like you do with home ownership. Renting, however, offers significantly more flexibility and fewer financial commitments because you aren’t tied to a mortgage. Renters avoid costs associated with home ownership, such as repairs, maintenance, property taxes, and homeowner association fees. Plus, the savings from renting can be invested or used for other purposes, providing more financial freedom and less stress.

The Hidden Costs of Home Ownership

Owning a home comes with many hidden costs that can add up quickly and unexpectedly. These expenses are often overlooked but can significantly impact your budget. 

When trying to compare renting and buying, here are 3 “hidden” costs to consider.

1. Maintenance and Repairs

Homeowners are responsible for all maintenance and repairs, which can be expensive and time-consuming. Typical costs include routine maintenance like lawn care and HVAC servicing, as well as unexpected repairs like fixing a leaky toilet or a broken water heater. These expenses can add hundreds or even thousands of dollars to both monthly and annual costs. 

Larger projects such as replacing the roof, doors, windows, or siding are less frequent occurrences, but they can cost tens of thousands of dollars or more and be out of reach for many, impacting the home’s value as well as its safety and efficiency.

2. Property Taxes and Insurance

Property taxes are a significant expense for homeowners. The effective property tax rate in Oklahoma City is around 1.08%, which can amount to substantial yearly payments. Additionally, homeowner’s insurance is necessary to protect your investment, and in Oklahoma, the insurance costs are much higher than the national average because of the risks of natural disasters. With average costs of around $4,700 annually, this expense is a significant portion of one’s monthly mortgage payment. It is much higher than the cost of renter’s insurance, which averages just $200 per year.

3. Utilities and Other Bills

Owning a home often means higher utility costs compared to renting. Larger spaces typically require more heating, cooling, and electricity, leading to higher bills. Homeowners may also face additional expenses, such as Homeowners Association (HOA) fees, which can vary widely but add to the overall cost of ownership.

Understanding these hidden costs can help potential homeowners make informed decisions and highlight the financial benefits of renting, where many of these expenses are either reduced or covered by property management.

The Advantages of Apartment Living

Renting an apartment offers unmatched flexibility and convenience, perfect for those who value a hassle-free lifestyle. 

Four major advantages of renting an apartment include:

1. Ease of Moving

Renting makes relocation a breeze. Whether for a new job or just a change of scenery, ending a lease is far simpler and less costly than selling a house. This flexibility is ideal for those who don’t want to be tied down. Many apartment complexes also offer short-term leases or month-to-month options, providing even more flexibility. The moving process itself is often easier, with fewer items to transport and less stress as compared to moving from a house.

2. Less Responsibility

Apartment living reduces the burden of maintenance. Property management typically handles repairs and upkeep, saving renters time and money. This convenience allows for a stress-free living experience, with more time to enjoy life. Renters don't have to worry about seasonal tasks like snow removal or lawn care, which adds to the ease of apartment living. Additionally, major repairs, such as plumbing or electrical issues, are handled–and paid for–by the property owner or manager, providing additional peace of mind.

3. Ample Amenities

Apartment living offers significant advantages over home ownership, particularly in terms of amenities, location, and lifestyle. Residents enjoy access to a variety of conveniences and recreational facilities that make daily life more enjoyable and stress-free. These amenities often come included with the rental cost, offering substantial savings compared to purchasing gym memberships or other recreational facilities. For instance, many apartments provide fitness centers, swimming pools, and community spaces that would be costly to maintain in a private home. This makes apartment living not only more convenient but also more economical.

4. Elevated Lifestyle

Living in an apartment community also fosters a sense of connection and security. Residents benefit from being close to others, creating opportunities for social interactions and support networks. This sense of community can be especially appealing to those who enjoy being part of a vibrant, active environment. The communal aspect of apartment living often includes organized events and shared spaces, promoting a strong community spirit.

The Presley Apartments: Apartment Living at its Finest

At The Presley Apartments, the choice whether to buy or rent is simple–living here is simply next level. Why waste time worrying about property taxes, home repairs, and utilities when you could enjoy top-of-the-line luxury amenities, enhanced security and comfort, expanded maintenance and concierge services, and the convenience of being able to live, work, and play, all in the same place?

Here are just some of the benefits of living at The Presley Apartments:

Community Amenities

The Presley Apartments provide a wealth of community amenities designed to enrich your daily life. Residents can enjoy a state-of-the-art fitness center, a resort-style pool, and a clubhouse perfect for social gatherings. For those who appreciate outdoor activities, there are beautifully landscaped grounds and walking paths. Additional conveniences include a business center, a coffee bar, and a pet-friendly environment with a dog spa and dedicated areas outside.

Location and Accessibility

Situated in a prime location, The Presley Apartments offer easy access to shopping, dining, and entertainment options in Oklahoma City. The convenient location also means shorter commutes to work and proximity to essential services, making life simpler and more enjoyable. Public transportation options and major highways are easily accessible, ensuring connectivity throughout the city.

Enhanced Living Experience

Living at The Presley Apartments also means enjoying modern, well-designed interiors with high-quality finishes. Features like stainless steel appliances, granite countertops, and in-unit washers and dryers add to the comfort and convenience. The community also fosters a vibrant social atmosphere with regular events and activities for residents.

With these amenities and conveniences, The Presley Apartments provide a comfortable, vibrant, and cost-effective living experience, making apartment living an attractive option over home ownership.

Choose Luxury Apartment Living at The Presley Apartments

Choosing between renting an apartment and owning a home is a big decision, but the benefits of apartment living in Oklahoma City are hard to ignore. Apartment complexes offer cost-effective conveniences, greater flexibility, and a close-knit community, and at The Presley Apartments, you’ll find high-end, resort-style amenities, a vibrant social scene, and more, all located in the heart of Oklahoma’s historic district. Renting here means luxurious and elevated apartment living where you can be your best.

If you’re ready to embrace the vibrant apartment life at The Presley Apartments, check out our available listings and apply today!