Thinking of living in an apartment? Maybe you’re an empty nester looking for less housing upkeep, or a mid-life job changer not sure where you’ll be in a few years.
Or you might be considering moving out on your own. After all, about 45% of people ages 18 to 29 currently live at home, according to a Sep 2023 Harris for Bloomberg poll.
Financial advantages
Cost-effectiveness
Renting saves you money in the short term versus buying. You skip the down payment, and first-and-last-month-rent and security-deposit money returns to you. There’s no direct property tax payment. Renter’s insurance costs a small fraction of home-owner’s insurance.
Fortunate enough to be able to invest those savings? That’s where the long-term advantage of buying a house – home equity – gets knocked out by the benefits of renting an apartment. You can save in the short term and gain assets over time.
Zillow has a great calculator to compare the cost of renting versus buying. Start by plugging in the cost of your potential house and down payment. Add the rent of the apartment you’re eying.
Say you’re looking at a modern, 1436-square-foot, $414,900 house built in 1996 in Las Vegas. You’re planning to put 20% down.
A nearby, similarly sized, brand-new apartment, also with 3-bedrooms and 2-baths, runs $2151 a month. Looking at the Zillow calculator, you’d have to stay in your house 8 years and 7 months before it would be more cost effective to buy.
In the meantime, you’d have enjoyed access to amenities like a balcony, sauna, soaking tubs, smart-home technology, a resident lounge, billiards room, resort-style pool and spa, and an onsite management team.
Flexibility and budgeting
You can simply leave an apartment once your lease is over; you don’t have to find a buyer for it. This yields more freedom to follow a job, a romantic partner, or an opportunity to travel. For the duration of your lease, your rent won’t change and unexpected repair costs will be covered by your landlord.
Amenities and convenience
Access to on-site amenities
Features that may be difficult to afford in a private house setting often come standard when shared by apartment complex residents.
Not only are these amenities great for keeping yourself entertained, they’re also good places to meet other people. So, another benefit of living in an apartment rests in a sense of community.
According to an NMHC survey the community amenities renters want most are:
1. Reliable cell reception
2. Secure, self-service, 24/7 package access
3. Swimming pool
4. Controlled property/amenity access
5. Non-smoking buildings
6. Fitness center
7. Property-wide recycling
8. Covered parking
9. Dedicated visitor/guest parking
10. Controlled access parking
Maintenance and repairs
Landlord Responsibility
Standard leases cover major maintenance and repairs that are not the fault of the tenant. Read up on local laws that may include more specifics.
Check your lease before you sign it.
Find the name of the management company or landlord responsible for maintenance. Do your research. Look at the Better Business Bureau reviews where you live. Look for any negative patterns. Consider members of NARPM, which promotes ethics in property management.
Time and Effort Saved
Assuming a professional, ethical landlord or management company, you can expect proper repairs, ongoing maintenance and resulting peace of mind for you and your neighbors.
Cross numerous chores off your list, knowing they will be properly taken care of, and paid for, by someone else.
Location and accessibility
Prime urban locations
In-demand cities boast higher levels of apartment living. The New York City metro area tops the NMHC list, at 26% of residents living in apartments. California contains four of the top 10 metro areas for apartment living – Los Angeles, San Diego, San Jose, and San Francisco. Texas sees two in the top 10 – Austin and Dallas (Houston’s 11th) – and Miami, Seattle, and the DC area fill in the rest.
Because businesses and multifamily dwellings go hand-in-hand, there are often more job opportunities nearby. In prime urban locations, single-family homes may gradually give way, over time, to denser housing like apartments.
You might be within walking distance of your job, the theater, live music, nightclubs, large parks, restaurants, coffee shops, professional sports, and more.
Use your job as the hub for your apartment search and consider your ideal distance away.
Minimal environmental impact
Expect to see reduced utility costs in your apartment. It’s cheaper to heat connected spaces because fewer walls face cold outside air.
Similar environmental economies of scale abound. Think shared pools or landscaping services. A smaller space means scaled-down furniture, fewer light fixtures, and apartment-sized appliances.
Downsizing and simplifying
Decluttering and minimizing possessions
To downsize in order to move into an apartment, decide what to give away or sell, and what’s really important to you to keep. Consider an estate sale for a whole household, or try Facebook Marketplace or Craigslist.
Choosing between fewer possessions? Expect more peace in your life.
Mindful apartment selection
Moving into an apartment means the opportunity to consider your values and interests. You, your partner, your kids, even your dog (with your help, of course!) can benefit from making a list.
Wishes might include living on a golf course, a short walk to work, or a view of the ocean. Preferences? Think living on a top floor with no neighbor above you, a building less than 10 years old, and not located on a busy street.
What about deal breakers? From your dog’s perspective, it must be pet-friendly and near a park to run around. Your kids might require a pool because otherwise they refuse to move to Las Vegas. Perhaps you need a kitchen with an oven big enough to cook a Thanksgiving turkey.
Know your budget and don’t let yourself fall in love with anything that exceeds it. Base it on actual income and expenses or use the concept of 30% of your gross monthly income as a starting point.
Then start looking. If you have time, window-shop for neighborhoods. Ask a ton of questions, in-person or on the phone, particularly about maintenance responsibilities.
Apartment features that support intentional living
Natural light coming through large windows that open, balconies for fresh air, and green spaces in, around, and nearby all contribute to healthy living.
Look for a space with enough closets, cupboards, and shelves to help you stay organized. Identify and request remedies prior to moving in to ensure a clean, functional, and stain-free space.
Consider whether the vibe fits yours
How do you feel inside and outside of the space? If you try to chat with a resident, do they seem closed or negative? Do people actually use the amenities?
What’s it like to walk to the nearby restaurants, shops, and cultural events? Do you have to cross over a large highway or boulevard? Is there space for friends’ cars?
Are there frequent weekend parties? Is this a benefit or a downside for you?
It’s your space, so make sure it feels right to you.
