There are lots of advantages to renting an apartment. Although it’s usually smaller than a house, it can be a great choice for lots of people in certain life stages. Here are some reasons you should consider renting an apartment versus other options like a home or condo.
The terms of an apartment rental are tremendously flexible and typically short-term. With a home, you’re usually locked into a 15-or-30-year mortgage. That can be stifling, to say the least.
With an apartment rental, leases are often a year long. This is great for people who aren’t completely ready to settle down yet. If you eventually might move a few states over for your career or plan on going back to school, an apartment rental makes a smart choice.
Making friends in a new area can be difficult. With an apartment, it’s easier to meet the neighbors because you’re so close together. You might even go to the same gym. It’s the ideal environment for developing friends.
No or low down payment
Housing down payments are gigantic. At 20%, you’ll be saving many years. But apartment rentals don’t require a big down payment. They mar require a little more money upfront, but it’s far less than you would need when buying a home. You can use this money instead for things like a car, adding to your savings account, or investing.
Some people choose to have a roommate. This significantly decreases your cost of living. You can spend more money on things like clothes or restaurants because of this. Many people like to get a multi-bedroom apartment and have a roommate to share common space with.
Not only that – often you’ll make a new friend.
The amenities can be a huge plus. These include things like:
Do you want to have a big birthday party for your kid? You can do it in the event space.
Sometimes it’s hard to get rid of treasured items. Put them in storage instead of tossing them out.
If you have an onsite gym, you’re more likely to work out regularly due to the convenience. That’s great for your body, your mind, and your wallet.
There are many advantages to renting apartments like the Private Park Apartments Peter Cooper Village that go above and beyond the benefits mentioned here.