With the housing market as it is, most people’s financial situation will not allow them to buy a home. In such cases, to rent a house or rent an apartment are among the few options available to anyone looking for a roof over their head.
In general, several search criteria must be taken into account. Some of them may include:
- A specific area
- One month’s rent within a reasonable range
- Outdoor space such as a patio, porch, balcony or garden
- A lack of noisy neighbors (very important if you have young children, an established routine, or are home most of the time)
- Tenant insurance rates
- Additional initial move-in costs, such as security deposit and first month’s rent (or more)
Your rental options
While apartment rentals are the most popular options for new grads and young professionals, you may be wondering about renting a house. If you are used to living in a house or need more space, apartment living may seem too restrictive. However, there is still a lot to know about the benefits of apartment living. In this way, you can make the right decision.
Renting an apartment or a house?
Wondering what it means to rent a house? Or if renting an apartment is the safest decision?
Stop asking questions and start talking!
1. The cost of the rental
The cost of renting an apartment is generally lower than renting a house. If you are working within a budget, keep the following factors in mind:
Higher monthly rent with a house
The monthly rent of a house will naturally be higher than that of an apartment. This may be true even if the house and apartment are technically the same square footage, which is rare.
More expenses for heating and air conditioning
Houses are generally larger than rental apartments and offer a variety of attachments, such as outdoor lots, attics, basements, and more. They also tend to have more rooms, with the extra space meaning your energy bills will also be higher.
If you rent a house with a yard, lawn or garden, there will also be maintenance costs to consider. This may or may not be part of the rental agreement; if not, you will also have to cover these expenses.
When will the cost be worth renting a house?
In the current state of the market, you should only be looking for houses to rent if:
- Your budget allows
- Private outdoor space is non-negotiable
- You need more space than a regular apartment can provide (for example, when you have parents and adult children living together, or a very large family)
In some areas, you may be able to find luxury apartments with all the amenities and space you need. However, these could be even more expensive than renting a house.
2. The cost and hassle of maintenance
Apart from rent and security deposit, regular maintenance could be a significant cost for house and apartment dwellers. However, when you rent an apartment, you have to deal with fewer moving parts than most people living in a house.
A house requires much more maintenance than the best apartments in the same area. Sometimes maintenance costs can be high enough that even homeowners wonder if they should sell the house and rent an apartment.
Who has the majority of the responsibilities?
With an apartment, your maintenance responsibilities are usually just the basics. For example, you might be responsible for cleaning refrigerator coils and replacing filters in heating or air conditioning systems. However, if one of these devices fails, a homeowner will usually pay for it to be repaired or replaced.
It is worth choosing an easier option
All in all, if you don’t like to work on your home maintenance on a regular basis, renting an apartment is the way to go. Of course, you will need to find apartments with the right clauses in their rental contracts.
Before looking for an apartment rental, also make sure you know the best time to rent an apartment.
3. The flexibility factor
One of the main advantages of renting an apartment or a house is the flexibility you get. There’s no mortgage holding you back if you’d rather rent than buy a home. So, job transfers and other major life changes shouldn’t be that complicated.
Rental is flexible
If you or your spouse have a job transfer to another state, you won’t have to think about breaking mortgages or renting out your home ASAP. On the other hand, a house is likely to have a lot more possessions than when living in a house.
If you need to move quickly while living in a house, it might be worth checking out where to find affordable storage units in your area.
Flexibility in interior design
On another level, you might want to be more flexible in terms of decorating your living space. In such cases, apartment buildings usually have very strict policies prohibiting tenants from redoing their unit as they see fit. You may not be able to hammer in a single nail or paint walls without express permission from the landlord.
Property management companies in charge of apartment buildings
In many cases, landlords may not be so strict, but they are unreachable behind property management companies that run apartment complexes. However, it is still possible to decorate your space without causing objectionable changes or damage to an apartment.
A little more freedom when renting a house
Landlords who rent a home are more likely to allow their tenants to change light fixtures, repaint walls, and even plant something in the private outdoor space. However, when renting an apartment, if your noisy neighbors are too loud, you can always complain to the landlord or consider moving out relatively easily at the end of your lease.
Whichever housing option you choose, be sure to read all the terms of your contract carefully.
4. The walkability score
Walking is a great way to exercise regularly and stay healthy. If you want to be able to walk to malls, places of work and places of leisure, it might be best to check out apartment complexes. Most of them will be located close to areas where people can meet their daily needs. If in doubt, you can always consult the best real estate agents in your area.
Additional exercise options
In a house, you probably won’t have the same amenities. For example, while a house gives you more space to set up your own gym, apartment buildings are likely to have convenient on-site gyms for your workouts.
When we take all the factors into account, it looks like apartment living is the best option yet. Although a rental home has its advantages, few people can ignore their higher monthly rent. If you are looking for space in major cities or near the city center, apartments are usually your only option anyway.
Are you ready to visit the most likely apartment building in your chosen area? Where have you found excellent luxury apartments within a reasonable rent range? If so, be sure to research the best players immediately!