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Should I Rent An Apartment

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Is Renting an Apartment More Affordable?

When you are making a life transition, one of the main things that changes is your place of residence. If you are questioning whether or not to rent an apartment, buy a condo, or buy a house it can seem like there is a lot of sales advice to read through. If you are looking for direct and relevant information that will help you to make the right financial decision, stay tuned.

The economy supports renting an apartment

In today’s economy, the headlines are always talking about foreclosure and people losing their jobs. No matter which industry you work in, there is a chance that things could change suddenly and you are scraping by on unemployment for months or years at a time. Worse, you need to change cities for a new job and you are stuck with a house that will not sell. Obviously, renting an apartment is right for anyone looking for an affordable way to float by in the current job market.

Avoid unexpected costs by renting an apartment

While the old model of thinking is that you will save money in the long run by owning your home, there are many hidden costs that may mean you do not have enough for the upkeep. A good example is a roof that needs repairs or pipes that burst with no explanation. Unless you have at least $5000 in savings set aside for emergency repairs, you may find that checking local apartment rental listings is a more affordable option. In general, your living expenses should be no more than 30% of what you make each month.

How much does renting an apartment cost?

The price tag says that a one bedroom costs $500; but is this all you pay? Depending on the area of the country that you live, suggests that there are variations in the amount you pay before you move in. For example, some lease agreements ask that you pay first and last month’s rent as part of the rental agreement. In general, there will be a deposit of some kind that is regulated by state or city laws. In many cases, this amount can be as low as ½ the monthly rent amount.

Are utilities lower for apartments?

For individuals looking at the ‘rent now, buy a home later’ plan, renting a 1-3 bedroom apartment does save money in the short term. Mainly, all of the repairs and upkeep are the landlords responsibility and this helps to build savings. Regardless, there are things you may be responsible for that are not included in the rental agreement. For example, all or part of the utilities may be your responsibility.

However, many choices found at are offering full utilities paid or include water bills in the rent. This saves you money since many utilities companies require a deposit. On the other hand, the deposit for utilities can be much higher for residential homes. This is especially true if the homes are over the ‘county line.’

Should you rent with a roommate?

When you browse the available apartments online, you soon realize that its not that much more to add a second or third bedroom. Since the cost of utilities can be high depending on which region of the country you live in, getting a roommate or two sounds like a cost effective option. If your finances are not where they need to be, getting a roommate may be the only plan you have. Before you decide to make this step, there are a couple of things to consider.

Mainly, the issue is whether your new landlord will allow you to add roommates to the space you are renting. If you look in your rental agreement before you rent the extra bedrooms, there should be clear indications whether or not this is allowed. The main piece of advice than most apartment renters will give you is to have each new tenant sign on to the lease. This protects you legally and will prevent any avoidable costly problems in the future.

Legal advice on renting an apartment

Legal advice about renting an apartment usually focuses around whether or not the document is legally binding. For example, a lease will be illegal if it says that a tenant is responsible for all repairs to the rental unit. In spite of this, you should put your fears aside. In general, there is little to worry about in regards to signing a new lease with a landlord.

The main issue that you should be concerned about is having a written lease in the first place. If there is no lease, you cannot work in your defense in a court room and this could cost you extra money. Otherwise, you will find that renting apartments is an affordable option and one that helps you save up for the home of your dreams.

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