In the market to rent a new place in Central Florida? Maybe you’ve just always rented apartments, trading out for more space, better locations, or upgraded amenities. But you have more options now than ever to find your next home, including townhouses.
What’s the difference between renting a townhouse vs. an apartment? Today, we’ll cover a few pros and cons of each type of property to help you make the right investment!
Pros of Renting an Apartment
By far, more people rent apartments vs. single family houses. They tend to have lower rent rates, require less upkeep, and are usually situated closer to public transit systems.
Often an apartment’s biggest draw is its proximity to workplaces, entertainment, and recreational activities.
Apartment dwellers don’t have to worry about extra costs for repairs or maintenance either—since they’re usually provided free of cost. In fact, if community amenities break or require upkeep, you never have to pay homeowner’s association (HOI) fees to cover it.
In addition, some leases even roll some or all of the utilities into the rent rate.
Cons of Renting an Apartment
On the flip side, apartment living spaces tend to have far fewer square feet per unit. And those smaller living spaces typically look fairly uniform because they allow for far less customization. Apartment buildings usually don’t allow pets, or severely limit the types of approved fur babies they welcome. And this is usually for a fee.
Apartments are also infamous for their lack of privacy. Someone lives on the other side of the walls from you, and on floors above and below you. And sometimes, those walls seem way too thin that you can hear people walking (real talk: RUNNING) up and down the hallways or breezeways at all hours.
Yet despite all those people around, many feel isolated. They might not know their next door neighbors at all, apart from the content of their 3 a.m. arguments.
Pros of Renting a Townhouse
Townhouses will offer larger living spaces than apartments, something many appreciated after spending so much time at home in 2020. Most townhouses have two-or even-three stories that spread out the living space, giving you more privacy.
That said, most townhouses offer a sense of community with neighbors. And those neighborhoods tend to be much quieter than apartment buildings.
They also have yards—typically front or backyards, or even both. And most get maintained by the rental company rather than the tenant.
Parking spots are located right out front, or sometimes attached garages make things like bringing in the groceries so much easier. As a bonus, many townhouse communities also offer shared amenities like gyms, swimming pools and outdoor recreational areas.
Cons of Renting a Townhouse
No surprises here. All the space, privacy, and sweet amenities come with a higher price tag. Because townhouses have more space on multiple levels, utility costs (that tenants pay almost without exception) are much higher, too.
Plus, neighborhoods have strict rules to maintain all those nice things, which requires more upkeep by the tenants. In fact, tenants may pay HOA fees to cover things like yard maintenance, renovations, landscaping, or storm drain repairs. Expect restrictions on everything from pool houses, parking, and outdoor townhouse appearance or even how you can decorate your rented property.
Renting a Townhouse vs. Apartment [Which Is the Better Investment?]
Apartments and townhouses each have attractions and drawbacks, but neither is inherently better than the other. Depending on your lifestyle needs and budget, you may still gravitate towards an apartment.
But in other cases, renting a townhouse can provide a much better living experience.
Can I Rent Out My Townhouse?
Do you own a townhouse, and want to rent it out? Follow a few steps to see if renting out your townhouse makes sense:
- Check your lease: Make sure to check the paperwork from your HOA to see if they permit renting. Also check for any zoning restrictions on renting.
- Determine its ROI: Figure out your break-even number with mortgages, fees, taxes, and insurance.
- Also include repair and maintenance costs.
- See if your number aligns with comparable rent rates in your area.
- Research local and state rental codes: You’ll need to determine if there are any changes you need to make in order to rent out your townhouse.
- Repair, or update, if needed: Get your townhouse rent ready by making repairs and upgrades attractive to potential tenants.
- Get the right tenants: Prepare to advertise, screen, and take care of issues as a landlord.
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