With the housing market the way it is, most people’s financial circumstances won’t allow them to purchase a home. In these cases, renting a house or renting an apartment are among the few options available to anyone seeking a roof over their heads.

The Criteria

Generally speaking, there are several search criteria that you have to consider. Some of these may include:

• A specific square footage
• Month’s rent within a reasonable range
• Outdoor space like a patio, porch, balcony, or garden
• A lack of noisy neighbors (very important if you have young children, a set routine, or are at home most of the time)
• Rates of renters insurance policies
• Additional initial apartment move-in fees, such as the security deposit and first month’s rent (or more)

Your Renting Options

While apartment rentals are the most popular options for fresh graduates and young professionals, you might be wondering about a house rental. If you are used to living in a house or crave more space, apartment living might seem too constricting. However, there is still a lot to know about the perks of apartment living. That way, you can make the right decision.

Rent an Apartment or House?

Wondering what renting a house means? Or whether renting an apartment is the safer decision?

Let’s stop wondering and start discussing!

1. The Cost of Renting

The cost of renting an apartment is usually lower than renting a house. If you are operating under a budget, keep the following factors in mind:

Higher Monthly Rent with a House

The monthly rent of a house will naturally be higher than that of an apartment. This might be true even if the house and apartment technically have the same square footage, which is rare.

More Spending on Heating and Cooling

Houses are generally larger than apartments in Farmington Hills, MI and offer a variety of add-ons, such as some outside grounds, attics, basements, and so on. They also tend to have more rooms, with the additional space meaning that your energy bills will be higher too.

Lawn Care

If you are renting a house with a yard, lawn, or garden, there will be maintenance costs to consider as well. This may or may not be part of the rental agreement; if it’s not, you will have to cover these expenses too.

When will the Cost Be Worth Renting a House?

As the market stands now, you should only be looking for houses for rent if:

• Your budget allows for it
• Private outdoor space is non-negotiable
• You need more space than a regular apartment unit can provide (for instance, when you have parents and adult offspring living together, or a very large family)

In some regions, you might be able to find luxury apartments with all the amenities and space you require. However, these might be even more expensive than renting a house.

2. The Cost and Hassle of Maintenance

Other than the rent and security deposit, regular maintenance could be a major cost for house and apartment dwellers. When you are renting an apartment, though, you have to deal with fewer moving parts than most people living in a house.

A house requires significantly more maintenance than the top apartments in the same area. At times, the maintenance costs might be high enough to make even homeowners wonder whether they should sell the house and rent an apartment.

Who has the Majority of Responsibility?

With an apartment, your maintenance responsibilities are usually just the basic ones. For instance, you could be responsible for cleaning the refrigerator coils and replacing filters in the heating or air conditioning systems. If any of these appliances break down, however, a landlord will usually pay for their repairs or replacements.

It is Worthwhile to Choose an Easier Option

Overall, if you don’t enjoy working on home maintenance on a regular basis, renting an apartment is the way to go. Of course, you will have to find apartments with the right clauses in their lease agreements.

Before searching for apartment rentals, also make sure that you know about the best time to rent an apartment.

3. The Flexibility Factor

One major advantage of renting an apartment or house is the flexibility you get. There are no mortgages tying you down if you prefer renting over purchasing a home. So, job transfers and other major life changes should not be such a hassle.

Renting is Flexible

If you or your spouse has a job transfer to another state, you won’t have to think about breaking mortgages or renting out your home as soon as possible. On the other hand, a house is likely to have a lot more belongings than when one is living in a home.

If you do have to move quickly while living in a house, it may help to check out where to find affordable storage units in your area.

Flexibility in Home Decor

On another level, you might want to be more flexible in terms of decorating your living space. In such cases, apartment buildings usually have very strict policies against tenants redoing their unit as they see fit. You may not be able to hammer in a single nail or paint any walls without express permission from the landlord.

Property Management Companies in Charge of Apartment Buildings

In many cases, the landlords might not be so stringent, but they are inaccessible behind the property management companies running apartment complexes. However, it is still possible to decorate your space without causing objectionable changes or damage to an apartment unit.

A Little More Freedom When Renting a House

Landlords who rent out a house are more likely to allow their tenants to change fixtures, repaint the walls, and even plant something in the private outdoor space. However, while renting an apartment, if your noisy neighbors are too much, you can always complain to the landlord or plan to move relatively easily at the end of your lease.

No matter what housing option you choose, though, make sure to carefully read all the terms in your contract.

4. The Walkability Score

Walking is an excellent way to get in some regular exercise and stay healthy. If you want to be able to walk to shopping malls, your workplaces, and places of recreation, it might be better to check out apartment complexes. Most of them will be located near areas where people can fulfill their everyday necessities. When in doubt, you can always consult the top real estate agents in your area.

The Options of Additional Exercise

In a house, you probably won’t have similar conveniences. For instance, while a house offers more space for you to set up your own gym, apartment buildings are likely to have convenient on-site gyms for your workouts.

The Takeaway

When we take all the factors into account, it does seem like apartment living is the best option yet. While a rental house has its advantages, not many people can overlook their higher monthly rent. If you are looking for a space in major cities or near the city center, apartment units are usually your only option anyway.

Are you ready to tour the likeliest apartment building in your desired area? Or have you found some excellent luxury apartments within a reasonable rent range? If so, make sure to research the top movers right away!