What you should know about rental options

Key takeaways

• The best rental type depends on space, cost and lifestyle priorities. Houses offer privacy and space at a higher price, townhouses balance space and shared living, apartments provide affordability and convenience, and condos offer amenities with some added rules. 
• Trade-offs are inevitable when choosing a rental. More space often means higher rent and upkeep, while smaller or shared spaces offer fewer responsibilities but less privacy and customization. 
• Amenities and location matter as much as the unit itself. Identifying must‑have features and researching neighborhoods help renters focus on homes that fit daily needs, not just eye‑catching extras. 

Once you’ve decided renting is the right choice, it’s time to start the search. Finding the right place can feel overwhelming, especially if you’re unsure what type of rental best fits your lifestyle and budget. Understanding the pros and cons of each option, and the amenities they offer, can help narrow your choices.

Rental homes range from small cottages to large single‑family properties. Houses often cost more than apartments or townhouses because they typically offer more space and a private yard.

• Privacy: You won’t have neighbors living above, below or directly next door. 
• Less noise: With more separation, noise is less of an issue, whether you play music, have hobbies or entertain guests. 
• Outdoor space: A yard provides room for pets, children and outdoor gatherings. 
• More space: Houses generally offer more square footage and may include a garage, basement or attic for storage. 

• Landlord experience: Private landlords vary. A responsive owner can improve the experience, while an unresponsive or inexperienced one can create challenges. 
• More upkeep: Larger spaces take more time to clean. Renters may also be responsible for yard work or snow removal. 
• Location: Rental houses are often in residential areas farther from downtown amenities and entertainment. 
• Higher costs: More square footage usually means higher rent and utility bills. 

Townhouses bridge the gap between houses and apartments. They typically share one or more walls with neighbors and often span multiple levels.

• Some outdoor space: Many townhouses include a small yard or patio. 
• Lower cost: Townhouses generally cost less than single‑family houses with similar square footage. 
• Community amenities: Many townhouse communities offer pools, clubhouses or fitness centers. 
• Less maintenance: Smaller yards and compact layouts make upkeep easier and exterior maintenance may be handled by the community. 

• Stairs: Most townhouses are multistory, which can be challenging for some renters and during move‑ins. 
• Private landlords: Many townhouses are individually owned, which can lead to varied landlord experiences. 
• Homeowner association rules: Townhouses often fall under HOAs that set rules and may charge additional fees. 
• Restrictions: HOAs may limit pets, parking, decorations or yard items. 

Apartments offer the widest range of options, from urban high‑rises to suburban garden units. Most are professionally managed, which streamlines leasing and maintenance.

• Maintenance support: Many communities offer on‑site or 24‑hour emergency maintenance. 
• Amenities: Apartment buildings often include pools, gyms, dog parks or common spaces. 
• Lower costs: Apartments typically cost less than houses or townhouses and have lower utility bills. 
• Community: Shared spaces and resident events make it easier to meet neighbors. 

• Noise: Neighbors may live above, below or beside you. 
• Limited outdoor space: Most apartments offer only a balcony or patio, if any. 
• Standardized design: Units often feature neutral finishes and limited customization. 
• Rising rents: Rent increases are common at renewal. 
• High turnover: Short‑term leases mean frequent move‑ins and move‑outs. 

Condos share many similarities with apartments but are owned by individuals rather than management companies.

• Amenities: Condo buildings often include shared amenities similar to apartments. 
• Unique interiors: Individual ownership can mean upgraded finishes or more personalized designs. 
• Stability: Owner‑occupied buildings often experience less turnover. 
• Prime locations: Condos are frequently located in sought‑after areas such as downtown or waterfront districts. 

• Limited availability: Condos for rent can be harder to find. 
• Inexperienced landlords: Some owners may be new to renting, which can affect communication or maintenance. 
• HOA rules: Condo associations usually have strict guidelines tenants must follow. 
• Shared walls: Like apartments, condos offer limited privacy and outdoor space. 

Once you choose a rental type, list the amenities that matter most to you. A fenced yard may be essential for pets, while a pool or fitness center may matter more in an apartment setting. Identify deal‑breakers versus nice‑to‑have features.

Avoid being swayed by amenities you won’t use. A community may offer impressive shared spaces, but what matters most is whether those features fit your daily life.

Even if you have specific neighborhoods in mind, explore nearby areas. Research local schools, read reviews and browse neighborhood websites or social media groups. If possible, talk with people who live in the area to understand what day‑to‑day life is really like.

With a rental type, amenity list and preferred location in place, the next step is setting a realistic budget — one that balances comfort with long‑term affordability.

This story was updated on May 6.