You’re ready to rent a new place, but there are a lot of options out there. How do you know which type of rental is right for you? We’ve assembled some basic differences in the main rental types to help you make a decision about where to live.
Renting a house gives you more space, access to a front and backyard and, in most cases, a neighborhood experience. The pluses are many — no neighbors on the other side of the wall, more room for a pet and outdoor space that’s all your own. Many neighborhoods now offer amenities such as a neighborhood pool or clubhouse facility.
On the flipside, houses cost more to rent and may require more tenant upkeep such as yard maintenance. When considering renting a house, be sure to be realistic about your housing budget and how much time you can spend caring for your rental home.
As a mainstay of the rental market, apartments are usually the most plentiful option and come in a variety of prices, locations and types, including loft, luxury, garden, economy and high-rise. They require minimal maintenance and often feature on-site amenities such as laundry facilities, workout areas, meeting space and in some cases, services such as dry-cleaning pickup and concierge services. Newer apartments also offer high-speed internet and a variety of high-tech options. However, apartments can also mean condensed square footage and minimal private outdoor space, plus the close proximity of other tenants.
When looking to rent an apartment, make a list of your priorities for your new rental space and search for apartment communities with features that that match those on your wish list. This way, you will be sure to get the features and amenities that are most important to you.
Many times it’s impossible to distinguish between an apartment and a condominium just by looking. The difference between the two is really in the way they are owned. Condos are owned by separate individuals, like a house, but each one is part of a multi-unit dwelling. In addition to a mortgage, condo owners must also pay association fees to maintain common areas and shared structural pieces of the complex.
When you rent a condo, your neighbors will probably be a community of owners, who take a vested interest in their condominium homes. The good news is that there is probably more involvement in making sure all common-area items stay in good repair. On the other hand, you may face more of a burden as a tenant to make sure that you are living up to the requirements of the condominium association. Your landlord is ultimately responsible to see that you do maintain these standards. When looking to rent a condo, talk to your potential landlord and make sure that you understand all of the conditions and regulations you will be responsible for before you sign a lease.
Choosing a rental space
What type of rental is best for you? It all depends on the location, price and style of the property in question, as well as your general housing preference. Consider the aspects of each kind of living situation before you start your search, and you will be able to find the right type of rental space for you.