If you’re looking to rent a place to live deciding between renting a home versus renting an apartment is your first question. So what are the pros and cons of each? Here are some answers to help you decide.
Renting a house. One of the biggest advantages to renting a house deals with the reason why you’re renting in the first place. If you really want to buy a house, but you can’t afford to, you may be able to afford to rent one. Why? Because a security deposit is smaller than the down payment a mortgage company will require. Another advantage is the fact that if the house needs repairs, you, as the tenant, aren’t responsible to pay for them. Next advantage, renting offers more options.
Houses tend to be bigger and have more bedrooms and yards. Renting a house also can give you more freedom in the location where you live. Apartments tend to be in more metro locations, houses are in cities, suburbs and rural locations.
There are a few disadvantages to renting a house too. One of the biggest is that you may not have a great deal of certainty beyond the initial lease term. This means when your initial lease is due to expire, you could be getting a notice to move. So be sure to talk to the landlord when you initially negotiate the lease as to the future of leasing the home.
Renting an apartment. Once nice advantage to renting an apartment is the amenities that many complexes have: pools, exercise rooms, etc. Many also offer extra security in the form of locked buildings that need keys to enter the building, not just the unit. Apartments tend to be less expensive to rent.
Neutral point, apartments are usually smaller. Consider based on your needs.
There are disadvantages. The biggest is noise. You are in a building right next to, underneath or above your neighbors. You will hear your neighbors fight, yell, and walk and run around, play music or video games. If your neighbors have small children or pets, you’ll hear the crying or barking at all hours. This also means you’ll have to interact with others more often due to the close quarters.
At least now you have the pros and cons, so you can make your decision!