Renting your own private home can be tempting, but is it worth it? Review the pros and cons of renting a home!When it comes to deciding between renting an apartment or a private home, there are so many things to keep in mind: costs, space, location, maintenance, etc. Today we’ll take a look at the pros and cons of both options to help you make the best decision for you!
Renting an Apartment
Pros:
1 Cost-Effective: Renting an apartment is often more affordable than renting a private home, especially in large cities where the cost of living is higher. Private homes have a ton of unused square footage (hallways, closets, extra rooms you don’t need etc.) In an apartment – you’re only paying for space you frequent. On top of this, apartment application fees and deposits are minimal in comparison to a private home.
2 Streamlined Approval Process: Apartment complexes that have 5+ units are required to take a unit off the market when you apply and pay application fees. No application wars here, meaning if you want the unit and qualify – it’s yours!
3 Location Location Location: Apartments are often located in the heart of cities, making it easier to live your best life. You’re usually minutes away from grocery stores, restaurants, coffee shops, nightlife etc. Check out DMagazine for info on things to do in each Dallas neighborhood!
4 Maintenance and Repairs: When you rent an apartment, the property takes care of virtually all maintenance. There’s nothing more annoying than your hot water not working when you want to shower after the gym, or a leak after an ice storm (we’re looking at you Dallaska) – but with an onsite maintenance team that has emergency service around the clock – you don’t have to sweat it!
5 Amenities: Apartments have more bang for your buck. Period. You’re not just getting a living space by renting with a managed property. Once you pick up your apartment keys, you have access to amazing amenities like resort style pools and state of the art gyms. New properties continue to raise the bar with their amenity offerings – we’re talking 3000sqft coworking spaces, sky lounges with city views, bowling alleys, bocce ball courts, and more! Get connected with one of our expert agents to learn more about apartments with sick amentines in DFW.
Cons:
1 Privacy: Apartments obviously come with lots of neighbors, so you will have to share walls, ceilings, floors and common areas. This can be a disadvantage for those who value privacy.
2 Limited Space: Apartments tend to have smaller living spaces, making storage an issue for folks who have a lot of stuff. This also makes it harder to have guests over or host large parties. So you might have to take your superbowl party Rihanna concert viewing party elsewhere.
3 Noise: Living so close to other people can come with more noise – especially if your unit is near the pool or across from an elevator. People that prefer a quieter environment may find this to be disruptive.
Renting a Private Home
Pros:
1 Privacy: Renting a private home is the ultimate level of privacy while renting. You can blast your morning playlist with less worry about disturbing the peace. You may even have a yard or garden to call your own, as well as more control over your living environment.
2 Space: Private homes tend to have more living space, extra rooms for offices or guest rooms, and larger kitchens and bathrooms. You’ll also probably have closets galore! Crafters, bakers, campers, hockey players rejoice – you won’t have to worry about where to stick your equipment!
3 Quiet: Renting a private home also tends to be quieter than an apartment, as you won’t have to deal with the noise of neighbors or foot traffic from the hallway.
Cons:
1 Higher Cost: Renting a private home is often more expensive than renting an apartment, especially in urban areas where real estate is at a premium. Not only are the rents higher, you often are required to pay 1-2 month’s worth of rent as a deposit before even moving in! Be sure to have a few grand saved up if you want to get into a private home!
2 Competitive Market: Landlords of homes do not have to process 1 application at a time like apartments do. This means they will accept multiple applications and pick the very best tenant – a very subjective process! Renters are often left feeling frustrated and defeated, putting in multiple applications for homes hoping to be selected.
3 Timeline: Private homes typically hit the market when they are available for immediate move in. Landlords are not keen on accepting tenants with further out move dates because they want someone in the home as quickly as possible. For renters this means having to find, tour, apply, schedule movers, and get settled all within a 30 day period – making for a very stressful process!
4 Maintenance and Lawn Care: When you rent a private home, you are responsible for the maintenance and repairs of the property. No one wants to sit on the phone at 2:00am trying to get an emergency plumber out for an overflowing toilet and pay astronomical fees for it! You’ll also be responsible for maintaining the yard if there is one, so go ahead and budget another $50-100 per month for this!
5 Appliances: Many private homes are not furnished with all of the appliances you need. You’ll likely have to purchase your own washer and dryer, refrigerator, microwave,etc.
We hope this helps you make the right call on what type of rental is right for you! There are a lot of pros and cons of renting a private home, be sure to consider them all for your next move. Whether you choose to rent an apartment or a private home – our team of licensed Realtors is here to help. We have access to all options on the market and will arm you with even more info so you can get into the best place for you! Get in touch with us today!
