PROS AND CONS OF RENTING AN APARTMENT
Although owning a home is a lifelong goal of many people, renting has advantages too. Homeownership isn’t for everyone at some point. Rates of homeownership are currently high due to the high taxes and mortgage rates.
For some people renting might make more sense for their financial circumstances.
Renting allows you a bit more flexibility than homeownership would whether you’re in a house or an apartment.
With renting, you’re not tied to the property long-term, and you’re also less responsible for saving for repairs, paying for taxes, and keeping up with other expenses. If you’re moving every few years renting is probably the cheaper and most rational option.
PROS
FLEXIBILITY
Renters can live practically anywhere, while homeowners are restricted to areas where they can afford to buy. And also you’re not tied to one location long-term if you need to always move around.
Renters can more readily find an affordable monthly payment than home buyers.
COST EFFECTIVE
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.
AMENITIES
Having access to amenities that would otherwise be a huge expense is a big plus when it comes to renting an apartment. Certain luxuries like an in-ground pool or a fitness center come standard at many middle-scale apartment complexes with no additional charge to tenants.
LOWER UTILITY COST
Homes can vary in size, they are typically larger than rental apartments. As a result, they are more costly to heat and also can have higher electric bills. Rental properties typically have a more compact and efficient floor plan, making them more affordable to heat and power than many houses.
CONVENIENCE
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.
CONS
LACK OF REMODELLING/UPGRADES
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, consult with your apartment caretaker in order to avoid additional fees or even legal issues.
Your landlord might not want to let you paint your walls, or if they do let you, they’ll expect you to put them back the way they were when you move out or risk having some (if not all) of your security deposit withheld.
SMALL SPACES
When you live in an apartment, you have to get used to making the most out of smaller spaces. You have limited space for storage, the rooms are smaller than what you might find in a house, and unless you live alone, you might start feeling like there’s just no escape from the people you live with.
Renting apartments may be the most cost-effective deal, yes. But you’ll have to sacrifice space. This means smaller rooms, smaller storage capabilities, and smaller appliances
LOUD NEIGHBORS
Apartment living means you’ll be in very close quarters with your neighbors, whether you like it or not. If the walls are thin, even a quiet neighbor can sound like they’re causing a total racket by doing simple, ordinary things. And if your neighbors actually are very noisy, you might feel like you can never get any peace and quiet in your apartment.
And then what if you have nosey neighbors? I’ll leave that to your imagination.
The choice of renting an apartment is mostly influenced by financial reasons so you should understand what you are getting into. The pros outweigh the cons so it’s a good sign.
