Pros & Cons of Renting an Apartment

Are you looking for an apartment, but cannot decide on whether to buy or to rent? By most people’s standards, renting an apartment is often seen as a practical &  accessible way to find yourself a place where you can live. However, renting a home is not always as easy and effortless as it might first appear. Whether you are looking to rent or are currently on the fence, here are some of the key advantages and disadvantages of renting an apartment, which might help you to make an informed decision when the time comes. 

Advantages of Renting an Apartment

1. 1. Flexibility: No matter what stage of life you may be in, a bachelor just starting out in his/ her career, a student looking for affordable accommodations, or part of a young family–renting an apartment will often have its perks. One of the greatest benefits of renting an apartment is the flexibility you will get. If you are not sure about your decision, renting allows you to just pack up and move conveniently whenever you may need to. In a moment’s notice, you can pack up and leave; with only your landlord/ landlady to inform. After your contract or lease has expired, you can live like a free bird!  
   2. Lower Initial Investment: If you decide to buy an apartment, you know the expenses involve a lump sum to be paid as booking money/ down payment, which may not be feasible for everybody. In addition to the regular payments, additional charges in the form of hidden fees add to that initial cost. On the other hand, renting is convenient as the payments are monthly, broken down into chunks which are affordable for a range of people. The initial cost only includes a security deposit (often returned at the time of leaving), as well as the rent for the first month. Therefore it is far easier to rent for people with no savings or monetary backing to help.
   3. No Maintenance Required: Perhaps the biggest and most underrated advantage of renting an apartment is that if something breaks, gets damaged or ruined, like an HVAC unit, or edges of window sills, in most cases, the renter or lessee is not liable to pay for or arrange for the upkeep and maintenance of the apartment.  It is usually landlords who are responsible for maintaining the property, meaning that you will not have to spend your weekends fixing things.  For anybody who is not too handy or is trying to avoid wasting time or money on repairs, renting an apartment is definitely the more feasible option. 
   4. Nearness to Amenities: These days, a lot of apartment complexes are equipped with features like swimming pools, health & fitness centers, libraries, prayer areas, and  landscaped rooftops that can be used for parties or just to relax. Facilities like these can not only make life more convenient, they can often help encourage a healthier lifestyle amongst residents. Upkeep and maintenance of these amenities is also usually the responsibility of the landlord/ lady, so you can use these without a care in the world. 
   5. Ease of Budgeting: If you enjoy having reliability in your financial obligations, renting is the way to go for you. Unless your rent has the condition allowing rate increases, money for rent is often at a fixed rate; where a majority of the hassles will have to be dealt with by the landowner.  Renting offers more predictable financial obligations. This means that by renting, you could potentially simplify your budget, which is a lifesaver for those who are living on a fixed income. 

Disadvantages of Renting an Apartment

1. No Increase in Investment: For most people, investing in property is an important way of safeguarding their savings; making sure that the money increases in value with passing time. When you rent somebody else’s property, however, the rent you pay monthly goes towards the maintenance & upkeep of their property. You are paying rent to your landlord/ lady, but you have nothing to show at the end of it. Owning a home allows your payments to go towards increasing your ownership stake in the property.

1. Limited Control of Space: There is not much you can do to your living area when you are a tenant in somebody else’s apartment. Unless your landlord/ lady has approved any changes you need or want to make, your hands are tied in this particular scenario. If you are somebody who enjoys customizing their home and changing it up from time to time, this can be a frustrating situation to be in. 
2. Possibility for Increases in Rent: As there is often a contract signed by both the landlord/ lady and the tenant, it includes any possible rent increases for the duration of the rental. Right before renewal, though, often rent is increased – which can pose a problem in areas where there is high demand  and limited available housing. Unexpected rent hikes can force you to move out if the new rent becomes too high. 
3. No Stability: When you own your apartment, there is no sense of foreboding that you might get kicked out for any mistake, which is a feeling all too common to tenants. If the landlord decides for whatever reason that they will not rent anymore, you may be forced to move; even if it is at a short notice. Many people also have been known to have bad experiences with a less than pleasant landlord, which can lead to unnecessary stress in life.
4. No Tax Benefits: While homeowners and  landowners can deduct property taxes from their income taxes, tenants do not have that luxury. Homeowners can deduct property and other relevant taxes from their annual income taxes, which, in the long run, could be a huge financial advantage. Tenants are not privy to these privileges, sadly. While some small expenses for businesses can potentially be written off, not everything will fall into this category. 

When making any investment decision, it is always a wise idea to find out as much as possible about all potential choices involved. There are a number of pros to  renting an apartment, like the convenience or flexibility, lower initial costs, and no liability of maintenance. However, it is not all rainbows and butterflies. A number of setbacks also need to be considered in terms of apartment renting, such as no investment potential, possible increases in rent, and no control over your space.

No matter what you decide to do, your choice must be based on your personal situation. If you want flexibility, cannot afford to invest in a home yet, or are just happy to not have the liability of managing/ maintaining property. However,  buying an apartment might be a better option if you are thinking of long-term financial growth or want to make a space fully yours. The key factor is to know your priorities and figure out what best fits into your lifestyle, financial & career goals, and future plans. Whether you choose to buy or rent, the key is to find a home that feels secure, comfortable, and right for you.