RENTER'S DILEMMA: HOUSE OR APARTMENT

Deciding whether to rent an apartment or a house depends on what you are looking for in a home. Both have their pros and cons.  Weighing the differences can create the "renter's dilemma." 

Let's consider three questions to help in the decision making process (in no particular order of importance).

1. How much living space do you need?

  Renting a house will, with few exceptions, provide greater living space than renting an apartment.  Not only are there more rooms, but the functionality of the rooms is enhanced by more space than corresponding rooms in an apartment.

  If you are sharing a home with a roommate, the house will afford you more living space.  If you are going to rent alone you may find the extra space in a house may not be worth what you are paying for it.

2. How much monthly rental can you afford?

 A lot depends on the current housing market in your area.  But when all things are equal in the same area, you will most likely find renting an apartment is more affordable, particularly if you are renting on your own.

 If the housing market is flooded with an excess of houses to sell, you may find home owners deciding to rent their houses instead of selling.  This will be an advantage for you when discussing rental price.

 The general rule: If you are looking at a place near a large metropolitan area or where the housing market is stable - renting an apartment will cost less than to rent a house.  If a surplus of houses are on the market or you're looking towards a more rural area, you can find affordable deals on house rentals as well.

3. What are you looking for in the way of amenities?

 More often than not you will find that rental houses offer more amenities than apartments.  If amenities like a washing machine, dryers, and dishwasher are important to you, than you will more than likely find them in a house rather than an apartment.  

 On the other hand, if onsite management that responds to maintenance or emergencies quickly is what you are looking for than apartments will be your choice.  Apartments are more likely to offer pools, community spaces, fitness centers, and property maintenance as added benefits.

In the end, how you answer these three questions will determine which property will best suit your needs, your finances and your level of comfort.