The rising cost of rental rates has been all over the news for the past two years. And now, those stories are being replaced by ones highlighting the softening of those same costs as well as the value associated with being an apartment renter (rather than a homeowner). But there is a whole lot more to the equation than just the basic cost – primarily rent. In fact, there is a ton of math that goes on behind the scenes at both apartment communities and inside renters’ apartments. Follow along as we crunch some numbers you may not have considered when it comes to your next apartment.
The Circumference of Location
Let’s face it, short of how much rent costs, location is usually the second most important factor determining where you sign your next apartment lease. But the perception of location is not the same for everyone. The apartment that you see as close to the things you want to do, someone else may see as too far away from their job. So when companies plan where to build the next great apartment community, they look at many factors. These include the “circumference of location” directly related to walkability and the proximity of things renters want outside of the apartment community. To decide for yourself if the next community is right for you, try the equation:
Great Location = The things you want to do / The time it takes to get there – What else you could be doing with that time
The Spatial Concern of Stuff2
They say the apartment is 850 square feet. What exactly does that mean and how much space do I really need? Maybe the better question is, how I can fit all my stuff into the space I am paying for? This question can leave many scratching their heads, but a few questions to the leasing agent can solve that:
Will my king-sized bed fit in this room?
Couch, sectional or something else?
So then where will I put ___?
Not surprisingly, many move-in days look more like a diabolical game of Tetris rather than a cheerful arrival. Of course, renting furniture from company like CORT can solve that equation and may even save some money along the way.
The Answer to the Rent vs. Buy Equation
Many people say a mortgage is a cost saver over time. Those people are only answering a small part of the equation. First off, measured by square footage (aka size,) rental rates outside of the mega-markets (i.e. NYC, San Francisco, etc) and comparable mortgage rates will be nearly identical by the end of the year. However, when you buy a home, you also are buying the upkeep (new paint, floors, and upgrades can costs thousands), maintenance (if the A/C breaks, you must hire someone to fix it), and amenities (we really want to add in a pool). In addition, you have increased taxes, potential HOA fees, lawn care, and a variety of other hidden yearly fees. All of this is included when you rent, plus lots of other extras and bonuses. Plus, utility costs and insurance costs are normally lower, you can move if you need to (so you have flexibility) and, best of all, you could make a friendship with a neighbor that could last a lifetime.
When the time is right, the math is right, and you are ready for your next apartment, visit ApartmentSearch.com. You can see the available apartments that meet all of your requirements and save time on your apartment finding. In fact, ApartmentSearch is the only national apartment locator that will pay you for using it (up to $200 in rewards). Now that’s the kind of math you can really enjoy.