Many people think of renting as a transitional phase before they get enough financial stability to afford a home. But many stick to renting the best apartments in Denver throughout their lives due to the flexibility it offers.
Renting is a good option for those who switch their jobs often. It comes with many attractive advantages like affordability and lower responsibility.
But the tenant life isn’t for everyone. Growing families might find the lack of space inconvenient. There are also more restrictions on the tenant’s freedom.
Whether you should rent an apartment or not ultimately depends on your needs. Here are some pros and cons of renting that could help you decide:
Pros Of Renting Apartment
Apts for rent in Denver are more affordable than buying a home. You don’t need to worry about property taxes, maintenance, etc. You just need to pay the rent, utility bills, applicable deposits, and tenant insurance. You’d need to stay five years at the same place before housing becomes the more affordable option.
- Fewer Responsibilities
The landlord usually takes care of most of the maintenance and repair needs of the building. They are usually responsible for the big repairs like burst pipes and falling roofs. You are usually responsible for minor maintenance.
- Great Flexibility
Renting is the best option for people who need to switch jobs and locations often. You have the option of choosing between full-term, short and month-to-month leases. You don’t have to worry about leaving behind and maintaining a permanent residence. You just need to give a month’s notice before moving out.
- Simple Maintenance
Apartments are smaller than homes, which means that it’s easier for a tenant to clean them.
- Afford Good Neighborhoods
You can afford to live in good neighborhoods by renting instead of buying a home. This gives you access to transport, medical care, and other amenities. Apartment complexes also tend to be closer to shops, restaurants, and other commercial facilities you may need.
- Stable Prices
Rents are usually not affected by fluctuations in real estate prices. So your rent is unlikely to spike out of control in most cases. At least until your lease term ends.
- Attractive Amenities
Many landlords offer amenities like workspaces, playgrounds, gyms, swimming pools, etc. to attract tenants. Fees for these may or may not be included in the rent. You may save money by availing of these amenities instead of paying for them elsewhere.
Cons Of Renting Apartments
- Landlord’s Rules
The landlord decides the rules of the apartment. You can negotiate a few terms based on local laws and personal needs. But the landlord ultimately sets the rules and regulations. You cannot renovate the place or bring pets without their consent.
- No Returns
You do not get any returns on the rent you pay. The rent you pay is gone forever. The rent-to-own option is an exception to this case.
- Small Space
Apartments are usually smaller than houses. This can make the area feel cramped when you have a lot of stuff. Growing families might also find it inconvenient. The parking space also tends to be limited, which can be inconvenient for tenants who share the apartment.
- Noisy Neighborhood
A building packed with many tenants can be noisy, especially with the lack of soundproofing. You need to check soundproofing during the tour for your peace of mind.
- Unguaranteed Lease Renewal
There’s a good chance that the landlord will not renew your lease when it ends. They might choose to lease the flat to someone else or sell the building after the end.
- Maintenance Issues
Some landlords need to be nudged multiple times before they make the necessary repairs. You’ll need to bear with the inconvenience caused in the meanwhile. That’s why interviewing the landlord before signing the lease is important.
Apartments for rent are great options for those searching for an affordable and flexible place to live in. But those who want stability or more space might prefer searching for more permanent options.