Pros and cons of renting

Now that you’ve decided that renting is best for you, it’s time to get started. Finding the right space can be tricky, especially if you aren’t sure what type of rental you want. Let’s review the different options, the pros and cons of each, and some of the amenities you might find in your rental.

From charming, one-bedroom cottages to huge, five-bedroom homes, you’re only limited by your imagination and your budget when renting a house. Houses can be more expensive to rent than apartments or townhomes since you will probably have more square footage and a yard, which you don’t often find in other rental types.

• Privacy: There’s no one living above, below, or next to you.
• Noise is less of an issue. Because a house offers more privacy, you won’t have to worry as much about making noise. This is especially great if you play a musical instrument or have a hobby like woodworking, but it’s also nice if you like to blast classic rock while you clean the house.
• A yard: Having an outdoor space is ideal for backyard get-togethers and providing a place for kids or pets to play.
• Space: Single-family houses tend to be larger than traditional apartments. Your rental house may have a garage, a basement, or even an attic or bonus room for extra living space and storage.

• The landlord: In some cases, having a private landlord is a benefit rather than a drawback. A great landlord who is responsive, understanding, and willing to work with you can make renting delightful. However, an unresponsive, overbearing, or inexperienced landlord could lead to a more difficult renting experience.
• More upkeep: Since houses are larger, there’s more to clean. If you’re responsible for the yard, you may spend your summers mowing, your autumns raking, and your winters shoveling the driveway and sidewalk.
• Location: Many rental houses are in residential areas, far from the entertainment districts typically located closer to downtown. This may be a benefit if you like the idea of living in the suburbs, but keep in mind you might have to drive to reach the grocery store, shops, and restaurants.
• Cost: All that space may mean higher rent and utility bills.

A townhouse is a great halfway point between a house and an apartment. While you won’t have people above or below you, your townhome will share at least one wall with your neighbors. Townhomes are typically narrow and have two (or more) levels. Townhomes may have street parking or small driveways which are sometimes shared. Some townhomes have garages.

• Small outdoor space: Where an apartment typically won’t have any yard and a single-family house may have a full yard, the middle option is a townhouse, which usually includes a small yard.
• Cost: Townhomes are usually less expensive to rent than single-family houses, even though the square footage is somewhat comparable. This is because you aren’t paying for the large yard that often comes with a single-family house.
• Amenities: Like apartment communities, townhome communities often include shared amenities, such as a swimming pool, tennis court, or clubhouse.
• Less upkeep: You may find a compact townhouse easier to maintain, and the townhome community may even take care of the outdoor space for you. Even if you are responsible for the yard, the small size will keep maintenance a breeze.

• Stairs: Most townhomes are multi-level, so you’ll be climbing at least one set of stairs in a townhome. Some townhouses have very steep stairways due to their vertical nature, which could be a strain, especially if you have knee or back issues. It also makes moving in and out more challenging.
• Landlord: While you may find some townhome communities that are strictly rentals, most townhomes are privately owned, so you may be dealing with the owner directly.
• HOA: While a lot of single-family homes are in communities with a homeowner’s association (HOA), you’ll find plenty that aren’t. The opposite is true with townhouses, which are more likely to have an HOA. This could mean extra fees if they aren’t included in the rent, and regulations you’ll have to follow as a resident.
• Rules: Most townhome communities have rules for residents to follow, including limiting what you can have in your yard or in your windows. You may find additional regulations concerning things like parking, amenities, and noise.
• Pets: Some townhome HOAs will forbid or restrict pets, so if you have a pet or want to get one in the future, be sure to ask about the pet policy before renting a townhouse.

There are a wide variety of apartments to choose from. You might want a modern studio apartment in a sleek high-rise, a trendy downtown loft in a renovated warehouse, or a garden apartment in the suburbs. No matter the location, most apartments are professionally run by property management companies. This means that the application process is fairly standard, and while there may be less personal interaction than you’d get with a private landlord, there will almost always be someone available to handle any issues that arise.

• Maintenance: Most apartment communities have on-site maintenance or even 24-hour emergency maintenance so when something breaks, you can get it repaired quickly.
• Amenities: Some apartment communities seem to be in a competition over who can offer the best amenities. This benefits you, the renter, who can find apartment amenities ranging from pools and fitness centers to dog spas and movie theaters.
• It’s cheaper: Even though rents have been increasing at a steady pace over the last few years, apartments are still the least expensive rental option. You’ll also save on utilities since most apartments have less square footage than a house or townhouse.
• Community: Living in an apartment, you’re more likely to interact with your neighbors. This is especially true if you visit shared amenities like the pool, fitness center, or dog park. Many apartment communities hold events for residents, as well, which provide even more opportunities to get to know fellow tenants.

• You’re surrounded: In an apartment, you may have neighbors above, below, to the left, and to the right. This could mean you’ll hear frequent noise, such as footsteps overhead, music, and voices. It also means you’ll have to be careful not to disturb the neighbors around you.
• Limited outdoor space: You may have a small balcony or patio, but that’s it.
• Generic spaces: Apartments are designed for frequent turnover, so the color palette is almost always bland. It’s difficult to find high-end appliances or finishes, and there’s very little variation in floor plans.
• Climbing rent: Typically, every time you renew your lease, you can expect a small rent increase.
• Turnover: Apartments usually offer 12-month leases. Many residents choose to move after only renting for a year or two, so you’ll probably see a lot of moving in and out.

A condo is very similar to an apartment, so you’ll have some of the same benefits. However, where apartments are owned and managed by large companies, condos are rented out by their individual owners.

• Amenities: Just like apartment communities, condominiums provide a variety of amenities for residents.
• Custom designs: Unlike apartments, which tend to be generic, condos are individually owned, and the condo owner may have lived in the unit at some point. Because of this, condos have a little more personality and maybe even some upgrades.
• Long-term neighbors: Since condos are privately owned, there’s far less turnover than in an apartment community.
• Location: Condos tend to be in highly sought-after locations, such as downtown, along the river, or near the beach.

• Scarcity: Condos for rent aren’t as plentiful as apartments, houses, or townhomes, so it might be more difficult to find one in your desired location.
• Inexperienced landlord: Since you’re renting from the condo owner, you may end up with a landlord who has never rented property before. This could work to your benefit as they might be more willing to work with you, but it could also be a drawback when you are trying to get repairs done or work out the terms of your lease agreement.
• HOA fees: These will likely be included in the rent, but be aware that most condos have HOAs, and you’ll have to follow all the association’s rules and regulations.
• You’re surrounded: As with an apartment, you’ll be surrounded by neighbors in a condo.
• Limited outdoor space: You likely won’t have a yard in a condo, but you may be near the beach or in the middle of an entertainment district, so this may not matter as much as it does in an apartment.

Once you’ve determined what type of rental you want, make a list of the amenities you’d like to have. For example, if you have a pet and are renting a house, a fenced-in yard might be an important amenity. If you’ve decided to rent an apartment or condo, perhaps you want a pool. Once you have a list of every amenity you want, star your deal-breakers. For example, you may be able to live without the pool, but pet-friendly is a must.

Don’t get distracted by the shiny perks some communities offer. The apartment complex may have a spectacular clubhouse, but it may cost a lot to rent it out. Make sure the space is one you can use often if it’s going to factor into your decision.

You may already have a neighborhood or two in mind, but take some time to explore other areas, as well. If you’re looking at locations from a distance, read up on the areas by visiting neighborhood websites and social media pages. Read reviews and check out the local schools. If you know someone who lives in the area, ask them about the places you’re considering.

Now that you have an idea of the type of rental, the amenities, and the location you want, it’s time to set a budget.