When searching for your perfect home, there are plenty of big decisions to make – and one of those is deciding the kind of space you want. Renting a house isn’t the same as renting an apartment! Leasing a home does have its benefits, but it also has several drawbacks you should consider.
The NFL football season is back and sports fans around the country are celebrating the return to action of their favorite teams and players. When you move into an apartment, you also join a team. A team composed of neighbors as well as the employees that manage your apartment community. As a member of this team, you receive many benefits and lifestyle perks that make every day a victory.
In recent months, exaggerated reports plague the news that living in a house is more affordable than apartment living. These examples are only true in five percent of U.S. markets where the population is living in densely-populated urban cores. Examples of this include San Francisco, New York, and Washington, D.C. In the other 95 percent of housing markets, the apartment lifestyle remains the most affordable option, which takes more into account than mortgage versus rent. The unforeseen maintenance costs and increased utility expenses cost home owners thousands of dollars per year over what renters pay.
Rent controlled apartments are the four-leaf clovers of apartment life. Hiding among thousands of their fellows, they’re very hard to spot, and the finder of one is considered incredibly lucky. That’s because rent controlled apartments offer rent rate benefits to tenants that other apartments lack. Though the city best known for its rent controlled apartments is New York City, there are rent controlled properties in other U.S. cities like L.A., Washington D.C., and New Jersey.
Confused about rent control rules? Here are the top 4 things that apartment hunters need to know about rent controlled apartment life.
What Is Rent Control, Anyway?
The concept of rent control is the result of a variety of U.S. legislative measures passed between the 1920s and 1970s. Rent control means that rent cannot be raised above the limit that was set when the rent control law went into effect. Thus, it acts as a price ceiling for rental properties to ensure that rates are not being raised unfairly. Sometimes landlords are able to raise the rate and remove the controls once the original tenant moves out, but these rules vary from property to property. Generally, rent controlled apartment prices remain the same indefinitely.
Choosing between renting and buying is a tough decision, made even more difficult by comparing rent rates, the housing market, lease lengths, neighborhoods, and property taxes, just to name a few. If you’ve been debating whether to rent or buy, you’ve definitely got a lot on your mind. To ease your woes, here are just a few of the pros and cons of renting an apartment vs. buying a home.