How can you know whether it’s better to rent a home versus an apartment? At Homes.com, we know there’s no “right” or “wrong” answer when it comes to your best fit, so we’ve broken down the pros and cons of renting each particular dwelling to help you find what’s best for you!
Pros of Renting a Home
If you’re looking for more space, renting a single-family home will give you exactly that! Physically speaking, your home’s indoor and yard space are the biggest differences between a home and an apartment. This is crucial for families and those wanting more space to make the property their own.
Privacy, Peace and Quiet
With more space usually comes more privacy. You aren’t directly sharing a wall or any amenities with your neighbors, so you’ll have more freedom to enjoy time at home without the noises or interruptions typical to shared dwellings. Single-family homes are also frequently fenced in, providing an ideal solution for pet owners.
Personal Landlord Experience
While this depends on the situation, when renting a home versus an apartment, you typically work alongside a landlord instead of a large-scale leasing company. This gives you the unique opportunity to develop a personal relationship with your landlord, which could be exactly what you’re envisioning. However — some don’t want this, and that’s okay too!
(Read More: Why Your Landlord Matters When Renting a Home)
Cons of Renting a Home
Alternative Landlord Experience
Everyone’s landlord experience is completely unique. You might not have that one-on-one relationship with yours the way someone else does. Whether you’re looking for a professional relationship or a more distant-one, it’s important to set expectations with your landlord ahead of signing a lease. This alleviates any surprises and helps you begin a positive mindset with your home rental journey.
When renting a home versus an apartment, a home will usually end up costing you more. However, you’re paying for more square footage, more rooms and more privacy. Again, it’s important to determine what’s important to you and your living space needs.
Limited Home Project Capabilities
Renters are often limited by strict rules for potential home projects or upgrades. Chances are, if you’re looking to update any of your home’s appliances or decor, you’ll have to get the idea approved through your landlord first.
Pros of Renting an Apartment
Renters searching for a small living space might find an apartment is their perfect match. This is the ideal cost-effective option for individuals living by themselves, or wanting to split their monthly rent among roommates.
Many apartment complexes attract potential renters with their extensive amenity options. From gyms to community pools, you won’t find these offered with a rental home. However, depending on your personal preferences, this might not affect your decision!
Since apartments are strategically placed within cities, you’ll most likely be surrounded by everything you’d need! Apartment buildings not only provide an excellent way to form friendships with your neighbors, but allow easy access to grocery stores, office buildings, restaurants and so much more. There’s a big chance these places are within walking distance as well!
Cons of Renting an Apartment
Lack of Remodel or Upgrade Opportunities
Another key comparison of renting a home versus an apartment is the ability to make an apartment “your own.” Apartments tend to discourage any remodels or upgrades within units. Complexes may offer punishment fees for those who go against these rules. If you’re looking to make any changes in your unit, make sure to go over your leasing agreement with your complex to avoid any surprise charges.
While this may be the most cost-effective deal, you’ll have to sacrifice on space. This means smaller rooms, smaller storage capabilities and smaller appliances. You also won’t have any yard space to utilize — with the exception of a possible community outdoor space.
Lack of Privacy
Finally, since apartments are typically found in more densely populated areas, you’ll have to factor in traffic and city-life noise. In fact, noise complaints are among the top 5 most common issues apartment renters have. With living in such close proximity to those in your complex, you’ll also likely compromise on privacy.
Things to consider
Ultimately, the choice comes down to what you need for your living space. Keep in mind your budget, family size, privacy must-haves, space usage and long-term plans. And if you’re ready to look into rental homes, check out the listings on Homes.com to find the property of your dreams!