Everyone has their rational upon whether to rent either a home vs apartment and hopefully you will find something here that slipped your mind and will help keep you on track!
Due to the economy, Apartments are quickly filling up; but your option to rent a home has dramatically improved with more than 17 million foreclosure fillings since 2006, and many of which are now evolving as rentals. The housing crash has created opportunities that were once rare, and renting a home gives us more to choose from without the risk of buying.
The list is not meant to draw the line in the sand, but was created to point out the predominance. As you well know, not all homes are large, and not all apartments are noisy. Let’s see if we can come up with something that you didn’t think about.
- More space
- More cleaning
- Pet friendlier
- More privacy
- More expensive
- Higher utility bills
- Higher security deposit
- Mom & Pop Management
- Yard work
- Private parking space/garage
- More storage
- Cheaper rent & deposits
- More social
- Afford nicer locations
- Workout room
- Professional management
- All maintenance included
- Open parking
It’s unfortunate but many families that lost their homes to foreclosure just simply cannot fit into an apartment, nor can they afford rent on a three or four bedroom apartment in this very tight multi family market. While it is still a much cheaper option to rent an apartment for a one or two bedroom the monthly rent on three or four bedroom by comparison typically runs much higher in an apartment vs a home. Many families have pets that will also narrow their choices considerably with apartments. In addition, Apartment Operators are notoriously strict with credit credentials and getting qualified may be another challenge for the blemish that a foreclosure puts on their credit.
Apartment complexes filled their occupancies quickly after the housing bust since they were readily available to rent, an “higher occupancies” usually equal higher rents and tougher credit qualifications. That trend is expected to continue with a dramatic increase in building permits being accepted to build more and more multi family units for the foreseeable future.
If you are one or two people looking for a place to rent then the apartment complex may be the cheaper route, however if you are more than 2 people and require a minimum of 3 bedrooms, the single family home rental may be your best choice!
If you are only one, then consider getting yourself a trusty roommate or two and among many other positives enjoy the space and privacy a home offers.
One final note; if you are looking into a home rental, you will find a lot of inexperienced small operators out there who haven’t been able to sell their homes and thus are renting them out. Keep those mom & pop shops honest and educate yourself with the lease mumbo jumbo in advance at http://www.houstonapartments.com/apartment_lease_terms.php
Foreclosure fillings stats found here – http://www.statisticbrain.com/home-foreclosure-statistics/