• If you're buying at $150K with a 5% down payment, it makes more sense to lease if you'll only be there for two years.  If you'll be there for three (or more years) it likely makes more sense to purchase.
    
  
• If you're buying at $300K with a 20% down payment, buying and leasing are almost equivalent in a two year timeframe, and it definitely makes more sense to purchase if you'll be there for three (or more) years.
  

There are, of course, plenty of extenuating circumstances.  Many people might buy a $150K house (or townhouse) even if they are planning to be there for only 3 years --- because they want their own home (not their landlord's), or to get in a certain neighborhood, or because of the tax benefits, etc.

• your monthly mortgage payment
  
• appreciation in your home's value
• the cost of selling your home after the two or three years ends
• potential maintenance costs
• potential tax benefits of paying mortgage interest
  

• 50% one-bedroom apartments
• 39% two-bedroom apartments
• 11% three-bedroom apartments

• Your cost savings will potentially be even greater than outlined above based on your tax savings you will see each year because of having paid mortgage interest.
  
  
• The analysis above does not factor in your closing costs when buying.
  

• 250 Metro (10)
   
  
• Reserve at Stone Port (168)
   
  
• Urban Exchange (194)
   
  
• City Exchange (32)
   
  
• Ice House (34)
   
  
• Livery Lofts (12)
   
  
• Loop Modern (9)
   
  
• Sancar Flats at West Rock (48)
  

Now -- to be clear -- some students do live in many of these apartment buildings/complexes -- but this is a reasonable list of apartments that non-students could/should consider if they are looking for an apartment to lease in Harrisonburg.

"The Reserve at Stone Port is a wonderful escape from the ordinary. Relax in an atmosphere appointed with luxury and comfort, where exceptional finishes and remarkable features outline each unique and spacious 1, 2, and 3 bedroom apartment homes. Experience extraordinary style, convenience, resort-style amenities, and an award-winning customer service team."

"The community combines a modern feel with Southern casualness.  These thoughtfully crafted 1,2 and 3-bedroom apartment homes feature contemporary kitchens with granite countertops, upgraded cabinets with brushed stainless pulls, and stainless steel appliances. hardwood flooring  Residents will be immersed in the Reserve lifestyle, becoming part of a community of individuals who prefer the notion of more time to enjoy life.  Features include a Grand Clubhouse, Resort style salt-water pool, Hot tub, State-of-the-Art Fitness Center, Wide Screen Movie Theater, Sport Court, Car Wash Area and much more! Pet Friendly."

• The Cathcart Group of Charlottesville plans to build a total of 396 units in 17 buildings between Ridgedale Road and the extension of Stone Spring Road commonly known as the southeast connector.
   
  
• The Cathcart Group is seeking to appeal to "renters-by-choice," including graduate students, young professionals, professors, doctors and retirees.
   
• In addition to the 168 residential units, The Reserve's first phase will include a 7,000-square-foot clubhouse with space for social gatherings, a professional chef's kitchen, a 24 hour business and fitness center, and a wide-screen movie theater. There will also be a swimming pool, spa, outdoor fire pit and dog park.
   
• Eventually, The Reserve will include a 27- acre "village center" with a "large grocery anchor or regional attraction with Main Street shops, restaurant[ s], hotels, pharmacies and service amenities — all surrounded by attractive green spaces and water features,"
   

• MLS Rental Search on my web site
    
  
• HarrisonburgRentalProperties.com
   
  
• Rocktown Rentals
   
  
• Priority Property Management
   
  
• Harrisonburg Craigslist
   
  
• Daily News Record Classifieds
   
  
• HarrisonburgHousing.com
   
  
• Riner Rentals
   
  
• Mountain Valley Management
   
  
• RentalMatchup.com
   
  

• Aspen Heights (student housing)
• Stone Spring Courtyard (luxury gated apartment community)

And now, I'm finding more details online about the residential development to take place at Stone Port. 

Here are details of the residential development at Stone Port, from their web site....

• The Cathcart Group from Charlottesville will be developing The Reserve at Stone Port.
• The Reserve will encompass 21.8 acres, and will consist of 396 apartment homes.
• Construction on the first phase (168 units) will begin in 2012-Q4.
• Stone Port is envisioned to eventually feature a 27-acre Village Center with a grocery store, shops, restaurant, hotels, pharmacies, etc.
• The residential community (The Reserve) is planned to feature amenities such as The Reserve Club --- a 7,000 SF clubhouse with a business center, fitness center, cyber cafe, movie theater, billiards room, ping pong room, spa and tanning rooms, etc.  Other amenities will include a pool, hot tub, outdoor fireplace and lounge, sport court, walking trails, kiddie pool and tot lot.
• The apartments will feature one, two or three bedrooms, and will feature granite counter tops, maple cabinets and stainless steel appliances.

All of the above (Aspen Heights, Stone Spring Courtyard, The Reserve at Stone Port) are all indications of a recovering, growing local economy.

• Distributed Information:  Unlike many larger cities, Harrisonburg does not have a centralized database of rental properties.  To find out about available rentals, you really need to check with each property management company in town (or on their web site), and check Craigslist, and check the Daily News Record, and drive around looking for signs.  Ugh.  With information so widely distributed, it's hard for me to provide a concise overview to potential tenants about which properties are available that might suit their needs.  Here is my one attempt at giving at least some quick links to many of the sources.
   
  
• Distributed Access:  If we find some potential rental properties, I can't even get you into the properties.  In most cases, it will require separate coordination with the owner or property manager of each potential property.
   
  
• Contracts:  Owners of rental properties and property management companies in this area each have their own lease documents that they prefer to use.  Even if I helped you sift through the available properties, and somehow arranged for access to the properties, I wouldn't then be able to represent you in writing an offer to lease a property because the property owner or property management company would insist that they prepare it on their own forms.
   
  
• Compensation:  Even if I helped you find a property, somehow arranged for access, guided you through the paperwork process (with the landlord's lease documents) -- property owners and property managers in this town are not accustomed to paying Realtors for having assisted tenants in securing a rental property.

If you are looking for a rental property, I would love to help you find a place to live -- but I won't be able to be much help based on how things currently work in the Harrisonburg area.

Fellow Realtors -- tell me I'm wrong!  Do you approach this any differently than I do? 

Local Innovators -- fix this problem!  Create a solution to make it easier for tenants to obtain rental housing in this area!