About 35% of American adults rent an apartment or other living space. Renting an apartment can have its perks, but there are also downsides to consider before you sign an apartment lease agreement.
Advantages of Renting an Apartment
Renting an apartment is generally less expensive than buying a house, largely because you avoid extra fees like down payments and closing costs associated with buying property. Many apartment managers or owners will pay for some or all of the utilities costs, which can save you even more money.
Most apartments also come with appliances like stoves, refrigerators, dishwashers, and even laundry machines, which can cost a fortune to buy and install in a new home. Rental homes may require you to bring your own appliances, though, so ask about it before you sign an apartment lease.
When you buy a home, most of the responsibility for maintenance falls on you. In an apartment, however, all you have to do when something breaks is call up the owner or maintenance man. You usually won’t need to worry about lawn care either. Sometimes you can even take advantage of amenities like pools, tennis courts and laundry services.
Disadvantages of Renting an Apartment
Unfortunately, apartments may come with less privacy than single-family homes. If you have good neighbors, this won’t be a problem. If you have bad neighbors, this can mean a barrage of sounds and other annoyances. You may become the annoyance yourself, and loud parties and guitar jam sessions may have to be struck from your schedule.
It’s also more difficult to steer clear of neighbors you don’t mesh with, especially if you share hallways or stairwells. Unfortunately, the stresses of apartment hunting may force you to settle with less-than-ideal living companions.
You also may not be able to find an apartment in your budget with yard for parties or pets, and there’s often limited parking for any visitors. Some apartments don’t allow pets at all, or require an additional deposit.
Renting an apartment isn’t for everyone, but neither is owning a house. Consider what you want to get out of a living arrangement before you sign an apartment lease.
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