For Americans ranging from the newly graduated to baby boomers on the verge
of retirement, renting an apartment or house has an inherent independence with
great appeal.
If you are looking to rent, you will still need to answer one basic
question: should you rent a house or an apartment? There are pros and cons to
both options, so here are a few things to consider when deciding for yourself.
Generally, apartments are less expensive to rent than single-family homes.
Apartments are rented in bulk, and they're usually smaller, so you get a
discount on the cost of your home. For budget-minded renters, this is one of
the best reasons to opt for apartment living.
Keep in mind, though, that some apartments may actually cost as much or more
than an individual rental house. Apartments located in prime areas of a city -
such as a vibrant downtown neighborhood - will probably cost more than a house
in a quiet, suburban area. And, if you want lots of fun amenities, you may have
to pay more than you would for a larger house with fewer amenities.
An apartment is usually located in a shared building where you have
neighbors all around - on one or both sides as well as potentially above or
below you. Modern apartment buildings are designed to minimize noises from your
closest neighbors, but some renters may not be used to the additional
activity.
A single-family home will almost always provide greater privacy. You
generally get a yard with a fence as well as outdoor areas you don't have to
share with your neighbors. If you like to spend time alone or entertaining friends,
this could be the lifestyle for you. If you're not comfortable living alone,
though, you might find it less stressful to have neighbors around and a manager
on-site.
Houses are usually larger than apartments, which could be either a pro or a
con for you. Larger spaces provide more room for families with young children,
for instance, or grandparents who want a guest room for the kids. But a couple
who both work or a retiree who wants to travel may not like the extra work of
keeping up a larger home.
In addition to more space inside the home, a rental house likely provides
more outdoor space. Apartments are often limited to balconies or patios, but
houses usually have larger outdoor space to offer. Additionally, rental houses
may provide more parking options, depending on the layout of the rental unit's
property.
Most apartment buildings are operated by a landlord with experience in the
rental business. They usually have professional management and an established
system for handling things. A single house, though, is often owned and operated
by an individual landlord - who may or may not have much experience.
Some renters prefer this more personal and casual relationship with the
house's owner. And if your rental house is managed by a professional service,
you may see little difference in how things are run. But if you opt for a house
that's managed by the owner, look for indications that they are responsive and
professional.
Finally, remember that while an apartment building is likely always going to
be used as a rental, a single-family home could be sold to new owners at any
time - meaning you may have to find another place to live.
In the end, the choice between renting a house or renting an apartment is a
personal decision. Only you can determine what are the most important aspects
to you and how to act on them. At Montgomery
Realtors, we provide a large inventory of options in both single-family
homes and apartments so you can find the perfect home for you and your family.
Call today to learn more.
