Living in an apartment is suitable for some, but not for all. Whether you’re ready for your first place on your own or want to downsize your life, apartment living could be right for you. On the other hand, if you’re looking for more space and privacy, you may want to look for housing elsewhere. Today, we’ll review some of the pros and cons of living in an apartment so you can make a more informed decision.
Key Takeaways
- Apartments are generally more cost-effective than single-family homes. They often have lower monthly rates, utility costs, and fewer maintenance responsibilities.
- Many apartment complexes offer desirable amenities like gyms, pools, and communal spaces, creating a sense of community and social opportunities among residents.
- Apartment living can have drawbacks such as limited space, noise and privacy issues, parking difficulties, potential rent increases, and various rules and restrictions that may limit personal freedom.
Benefits of Living in an Apartment
There are several benefits to living in an apartment. For starters, they’re generally more affordable. Apart from that, they typically have on-site maintenance professionals and Baltimore property managers. That way, all your maintenance concerns will be taken care of. If you’ve ever considered living in an apartment, here are some of the benefits you’ll experience.
- Affordability
- Fewer Maintenance Responsibilities
- On-Site Amenities
- Sense of Community
- Building Security
- Prime Location
Affordability
One of the main reasons people choose apartments is that they’re generally more cost-effective than single-family homes, whether you’re renting or buying. Monthly rates for apartments are usually cheaper than rent or mortgage rates for single-family homes in the same area. Additionally, apartment units are often smaller than houses, making them less expensive to heat and cool, lowering your monthly utility bills.
Fewer Maintenance Responsibilities
Most apartment buildings have a maintenance team that handles any issues or necessary repairs in your rental unit. That means residents don’t have to worry about fixing a leak, mowing the lawn, or repairing broken appliances. Instead, things like lawn care, trash, and snow removal are done for you. Then, if something in your apartment breaks, all you have to do is submit a repair request, and someone will come by to fix it.
On-Site Amenities
One of the best parts of living in an apartment is the amenities for tenants in and around the building. Some apartment complexes have on-site gyms, pools, and communal spaces for tenants to enjoy. So, instead of leaving to find a gym or pool to use, you conveniently have them right where you live! Amenities like these can enhance your quality of life and allow you to socialize and connect with other renters.
Sense of Community
Some people move to apartment buildings to find new social opportunities. After all, since you’re surrounded by neighbors, living in an apartment provides a sense of community and allows you to make new friends. Even if you’re not one to socialize, having people around you can help you feel more safe and comfortable in your home.
Building Security
Apartment complexes can be safer than houses. If you want to stay safe in your home and you don’t have many neighbors around, you may feel compelled to buy your own security system. However, some apartment buildings have gated entrances, surveillance systems, and key code entry systems to help keep tenants safe. Additionally, there are plenty of neighbors around who are likely to notice any suspicious behavior.
Prime Location
Apartment complexes are generally located in urban centers or near essential services. That means renters can live where they want without committing to a long-term, expensive mortgage payment. If you want to live next to shopping centers or need access to local transportation hubs, you can generally find an apartment in an ideal location for you. This helps lower transportation costs, too!
Disadvantages of Apartment Living
Apartment life isn’t ideal for everyone. While there are several benefits, it’s important also to acknowledge the disadvantages. Here are a few cons to consider when living in an apartment.
- Limited Space
- Privacy and Noise
- Lack of Parking
- Potential Rent Increases
- Rules and Restrictions
- Frequent Moves
Limited Space
One of the main issues with apartments is the limited amount of space. Compared to single-family rental homes, you have less space to store your items and even more limited outdoor space. You also have to share your outdoor space with other renters. However, living in a smaller space can also help you save money on things like furniture and home decor.
Privacy and Noise
Another issue some renters have is a lack of privacy or noisy neighbors. For instance, you’ll have to share amenities like a pool or gym with other renters. Unfortunately, you may also get stuck living next to a noisy individual or family. Or, you may be in a busy area where you can hear traffic, construction, or people talking outside at all hours. So, before moving to a new area, you’ll want to consider the pros and cons of living in a busy city and acknowledge the fact that you may hear noise from your neighbors.
Lack of Parking
Parking can be a significant issue for apartment complexes. Finding a spot in busy urban centers where parking spaces aren’t designated can be difficult. That said, competition for parking spaces can be intense, especially if no street parking is available. If you plan on having visitors, it can be even harder for them to find a parking spot. So, before moving into a new apartment, ask your landlord if there are assigned parking spaces and scope out the overall parking situation.
Potential Rent Increases
Apartment complex owners might implement rent increases each year. So, if you’re looking for somewhere to live for more than one year, it’s important to consider a potential rent increase. That said, the average rent increase in the US is around 3% each year. If you don’t account for a potential increase, it could be hard to predict your long-term housing expenses.
Rules and Restrictions
When you buy a home, you have complete control over your space. However, many apartment buildings have rules and restrictions that limit your ability to paint the walls, have pets, or host big parties. As such, you may not have as much freedom as you want while living in an apartment.
Frequent Moves
If you’re looking for a long-term place to stay, an apartment may not be it. Some landlords offer longer leases or lease renewals, but most start off on a one-year lease. Even if you can renew your lease, you may face a rent increase.
Find Your Next Rental Home With BMG
If living in an apartment sounds right for you, finding one that meets your needs and expectations is important. Not all apartments are the same. Some may be too expensive, too far from work, or not meet your expectations in terms of amenities. However, you may easily find one that checks all the boxes.
If you’re looking for an apartment near Baltimore, Philadelphia, Northern Virginia, or Washington, DC, check out our current listings. Our property managers here at Bay Property Management Group can help you find your ideal rental home.
learn how bay property management group can help you today!
On the other hand, if you’re a rental owner and need help managing your properties, learn how BMG can help you today!
