There are differences in cost, space, and how repairs get done.
There are a ton of questions you may be asking yourself as a renter who’s looking for a new place to live. Whether to choose an apartment in a multi-family building or a single-family house may be among them. There are upsides and downsides to both, so we’ve listed some of the pros and cons of renting a house versus an apartment to make it easier for you to decide.
The pros of renting an apartment
Typically more affordable
If you’re looking to spend less on rent, an apartment may be the way to go. According to Zillow’s research, the average cost to rent a single-family home across the U.S. is about $2,170. And an apartment costs about $1,810.
You may have more flexibility for what you’ll pay, since apartments often come in various sizes, from a studio to a three-bedroom. And oftentimes if a space is smaller, it’ll cost less compared to a roomier option in the same market.
Maintenance help on call
Leaky faucet? A/C not working properly? File a maintenance request, or tell your landlord. If your landlord or property manager is good at their job, they’ll get these problems fixed quickly, so you don’t have to worry about it. And if you live in a multi-family building, a maintenance team may live on site to address things even sooner.
Near more things, and more people
Apartment buildings — especially in larger cities — tend to be located around areas with restaurants, shops, public transit, parks, and community centers. So it can be convenient in times when you’re missing a single ingredient for a recipe, or you just want to sit on some grass and take in some fresh air.
Plus, apartments can be a good way to meet new people right in your building. Some apartments offer amenities like game rooms and bars to encourage community connections. You might also be able to find a building that has its own dog park — teeter toter and doggy spa included.
More security
Codes, security badges, and passing by front desk concierges are becoming more popular features to get into an apartment building. Some complexes also have around-the-clock security guards doing the rounds on the property. And some communities have mail rooms and fenced in parking, for added peace of mind.
The cons of renting an apartment
Less space, inside and out
Some apartments tend to be on the smaller side with limited private outdoor space, so they may not be ideal for larger families or people who own large dogs. If you want to let your dog out to enjoy a sunny day in your own enclosed space, they may be limited to a balcony, or will have to share with other pets. Moreover, depending on the size of your apartment, you might need to pare down your belongings – compared to single-family homes with attics and other storage options, you might be limited on space.
Noise levels
Odds are if you live in an apartment, you have neighbors directly above, below, across, or next to you. And those neighbors could watch TV loudly, have lots of noisy guests over, or have kids who love to play. Or conversely, you may want to be louder than your neighbors would like, which means you have to try your best to be a good neighbor and keep quiet.
Pet limitations
There are many apartments that have rules on what breeds they’ll allow, how big your pet can be, or how many you can have. And if you already have a pet, odds are you’re a package deal. Plus, pet rent can run you hundreds of dollars a year. But there are ways to find a pet-friendly rental that’s right for your whole family, furry members included.
Less flexibility
Not only are you more restricted on how you can redecorate, but apartment buildings tend to have more rules about things like quiet hours; requiring you and your guests to memorize codes or having key fobs to get into the building or even your floor; or you may have a tougher time getting out of your lease early, if you need to.
The pros of renting a house
More space
The typical renter lives in an apartment measuring between 1,000 and 1,499 square feet, according to Zillow’s research. You may be able to find a single-family home with the same square footage, but one that also includes perks like a basement, attic, and maybe even a shed you can use for storage. This is a big plus if you’re looking for more space for yourself or your family.
More decor flexibility
Multifamily apartments often have building-wide restrictions on painting walls or making holes to hang up decor. But depending on your landlord, renting a house may give you more flexibility so you can personalize your space to your liking. Of course, ask your landlord before you make any big changes.
Parking included
Depending on where you live, not all apartments include parking. And if they do, it could get competitive. You may even have to pay a monthly fee for a parking spot. Homes tend to have a driveway or a garage where you can park, or street parking at the very least.
Yard access
Most homes will probably have some sort of outdoor space, like a front or back yard. This can be a big benefit if you have pets who need time outside, or if you or your family simply like to bask in some fresh air. Not to say apartments don’t have this, but you usually have to share it with others. In a house, it’s probably a fenced-off area just for you.
The cons of renting a house
More expensive
Rent for single family homes has gone up 40% over the last five years, while apartments in multi-family buildings saw a 26% rise over the same time. That’s according to Zillow’s latest research. We also found that deposits for single-family rental homes are also typically higher — $1,000 on average compared to $500 for a single unit in a multi-family building.
There are several reasons why the rent for a house costs more. For one, size: since homes tend to have more space, they also tend to cost more to rent. Another factor is a lack of supply: there are fewer houses to choose from compared to apartments, and those houses may be in higher demand. Plus, since home-buying prices are high, that means landlords are charging higher rents to make their money back.
Lease uncertainty
With a house, you never know if the owners will want to sell their house, move a relative in there, or move back in themselves. You’re less likely to experience this when living in a multi-family building managed by a property management company, so you can be more reassured of your living situation.
Potentially more space to fill, and maintain
Not that you need to fill up your home, but if you’re renting a larger house, the cost of decorating and furnishing it could be higher than if you lived in a smaller apartment. Plus, you may be responsible for maintaining your yard in addition to your indoor spaces, depending on the terms of your lease. Of course, you could always search for a furnished option, whether you’re renting a single-family house or an apartment.may be responsible for maintaining your yard in addition to your indoor spaces, depending on the terms of your lease. Of course, you could always search for a furnished option, whether you’re renting a single-family house or an apartment.
Possibly less formal
Apartment buildings tend to have established processes for how they handle every applicant, and how different leases work. You might end up renting from a landlord who is less experienced in doing this compared to a real estate company, so things may be more informal. That could mean you’ll have to do some extra legwork to make sure you get all of your lease terms, deposits, and other agreements in writing, versus a verbal agreement.
Is it better to rent a house or an apartment?
That’s really up to you. It depends on where you’re at financially and the benefits you want. Just make sure that you ask yourself the right questions before you sign a lease.
Making the decision on what you rent can also be easier once you figure out a realistic rental budget. Maybe a house is outside of what you can afford. Or maybe an apartment is very easy to afford, so you can spend the rest of your money however you want.