Why Buy When You Can Rent? Three Apartment Rental Options

When looking for an apartment rental, the two biggest factors are location and price. Consider what you can comfortably afford and what you are looking for in apartment living. Do you want a shorter commute, granite countertops, or want to have a small space just for you? Approximately 35% of adults in the U.S. rent an apartment or house. Read below and decide what will fit your needs best.

1. Rent a loft apartment.
Experts recommend rent and utilities eat up no more than about 35% of your take-home pay. A loft apartment is one large open room with a bathroom. Some renters might enjoy the open feel. This type of apartment is best suited to one person, or a couple who do not mind being in close quarters with each other for an extended period of time. A potential drawback is that the apartment may not have a washer and dryer in the unit.

2. Rent a luxury apartment.
A luxury apartment is one that has upgraded amenities. This may include nicer carpeting, granite countertops, or a full-sized washer and dryer included in the unit. Maintenance on the apartment and shared outdoor areas is included, so there is no cost to you if an appliance breaks through regular use. Some luxury complexes also offer on-site security as well. While this category costs more than perhaps a loft depending on the area, the renter can experience a different level of comfort than would be available in a house at a similar price.

3. Rent a city apartment.
A city apartment is one that is located in an urban area. If you are trying to find a shorter commute, an apartment rental in a metropolitan location might be for you depending on where you work. Some studies indicate recent college graduates prefer this option because of the proximity to shops and restaurants. One drawback is the parking situation might be lacking. Find out the apartment building’s policy on parking and visitors before signing so there are no surprises.

No matter which apartment you choose, make sure to read the agreement carefully. Who is responsible for repairs? What is the noise policy, and how do you report a disturbance? Also, make sure you do a walk-through of the exact unit you will rent before signing to avoid disappointments.

An apartment rental may be the right choice if you plan to relocate in a few years. Jobs change, as do people and relationships. Don’t get tied into a housing contract you might have to break later.