Renting an apartment is one of the viable options for small income earners. It gives them an affordable means to access living apartments compared to buying a home. When renting an apartment, you need to consider the benefits of living there and its disadvantages.
Pros:
1. No maintenance: You don’t have to worry about any maintenance of the house or lawn care since the landlord is responsible for any maintenance like repairing leaking pipes and cleanness.
2. Bills and other utilities: Living in an apartment prompt to pay less in terms of electricity, water bills. You also pay less for heating and cooling the house. Some of the utilities are paid for by the landlord.
3. Access to amenities: There is a large pool of amenities you can access in an apartment. Some of these amenities include a common swimming pool, gym, security system, and a common parking area.
4. Ideal for living alone: If you need a simple and less space area or expect to live alone for a long time, then renting an apartment will be perfect for you.
5. Flexible: Renting an apartment is more flexible especially if you change jobs more often and have to relocate. There are no long-term commitments that making it easy to shift from one location to another.
6. Easy to move: You don’t have to stress yourself looking for someone to lease the house to or buy the apartment once you want to move out since this is the responsibility of the landlord.
7. Substantial saving: You’re only required to pay the rental fee and save the additional money towards buying a house on invest in another area.
8. Affordable: The total cost of buying a house is higher than renting the apartment. No down-payments or additional costs for rental apartments.
9. Prime location: You can easily get an apartment at the heart of the city compared to single-family houses at the outer-city areas.
10. Professional management: Rental apartments are maintained by professional management firms and building supervisors thus it is easy to get on-call support from them.
Cons:
1. Limited parking: There may be limited parking area or parking spaces at the premium in each apartment block, especially if the parking area is not allocated.
2. Less privacy: There is less privacy in an apartment due to its crowded nature. You can easily listen to your neighbor’s conversation.
3. Noise: Some tenants may put loud music in their apartment without caring how their excessive noise is affecting other tenants. It also limits you from holding parties or playing guitar in your apartment sine other tenants will complain of noise.
4. Small living space: Rental houses have smaller living space compared to owning a full-scale house. Space may not even be enough for cloth lines.
5. Limited personalization: There are restrictions to decorating and personalizing the apartment. Some rental apartment owners restrict you from painting or installation of air conditions among others.
6. Limited space for pets: If you own a pet, some rental apartment owners require you to pay a non-refundable pet deposit. You will also be forced to look for Dog Park to walk your pet since there is limited space at the apartment complex.
7. Short-term benefits: Compared to owning a house, renting an apartment gives you expendable money which is beneficial for a short time. Owning a house is a long-term benefit with a sense of security.
8. Follow rules: Once you rent an apartment you’re bound by the leasing agreement rules. This affects your freedom in living in the apartment
9. Long settlement of disputes: When you rent an apartment you deal with third-party agents and in case of disputes, it may take longer to settle them.
10. Rent fluctuations: Rent rates keep on changing each year, therefore you have no control of fluctuating annual rates.
I found it interesting how you mentioned how renting an apartment can help you save money on repairs because it is the landlord’s responsibility to keep things in perfect condition. My son wants to move out of his home to an apartment with his wife so they can be closer to school and work. Because I want to make sure he saves that needed money to put it towards his family, I will keep this in mind as we search for an apartment rental company who offers free repairs!
My favorite part of this article is when you said that renting an apartment can give you access to amenities such as gym, pool, and security system. Coincidentally, my girlfriend and I are planning to move in together and we are thinking about renting a two bedroom apartment. Thanks for the information about how you can easily get an apartment at the heart of the city.