Should You Rent an Apartment or a House?
How to Get the Most for Your Money When Leasing a Home
Aug 15, 2008
Location may be the most important factor when renting, but also consider how much space you need and what kind of amenities are available before signing a lease.
Does a pool, club house, and fitness center on-site sound appealing? Then you might want to rent an apartment. Or does a yard and privacy mean more? Than a house is what you should look for. Aside from amenities, if cost is an issue (and when is it not?) the choices are not as clear.
How to Get the Most for Your Money by Renting an Apartment or a House:
- Rent from an individual owner, not a large corporation. It’s easier to negotiate with a single owner than a big company. If you try to work out a lower rent before you move in, an apartment manager probably can’t make that decision. He/she will have to check with higher-ups. So you’re better off dealing with an owner who also manages the property himself. Corporations often set the rent in stone and aren’t willing to budge. While a landlord with only a few rental units might take a liking to you and give you a better rate just to get you to move in. You might also be able to get a break in the rent if you are willing to do a few odd jobs around the place. Also, companies tend to raise rents as soon as the lease is up, simply as a matter of practice. An individual owner is likely to keep the rent stable to keep you as a tenant.
- The more amenities, the more you pay. If you move into an apartment community that looks more like a country club, you’ll end up paying country club prices. Simply ask yourself what you really need in a place. Don’t pay for what you won’t use. If you love to swim and play tennis but don’t plan to get on the treadmill or host a lot of parties, look for an apartment complex with a pool and a court. But avoid places with a huge fitness center and banquet room.
- Drive by the unit several times before you sign a lease. Make sure the property is well-lit at night and the building is adequately maintained during the day. If you are looking at a house where you are responsible for yard up-keep, make sure you check the prices of lawn services in the area, or find yourself a well-operating mower and trimmer.
- Bottom line: Whether you rent a house for privacy or an apartment for convenience, get the best price you can. Many owners of condos and houses who can’t sell are leasing them out. So you might be in a good position to negotiate a lower rent.
The copyright of the article Should You Rent an Apartment or a House? in Consumer Education is owned by L. Marie Dubuque. Permission to republish Should You Rent an Apartment or a House? in print or online must be granted by the author in writing.
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