After you have decided that you are not ready to purchase a home, the next question is whether to rent an apartment or rent a house. There are pros and cons to both scenarios. In this article we will try to cover some of the basic things you need to consider before making your decision.
The advantages of renting a house, generally speaking, include more indoor and outdoor living space, garage or carport parking for your car, more privacy from your neighbors, and less restrictions on pet policies.
The disadvantage of renting a house includes things like lawn and garden maintenance, more vacuuming and dusting responsibilities, and larger utility bills. More often than not, living in a rental house, you will pay a higher rental rate than if you were living in an apartment. If you don’t like shoveling snow in the winter or mowing the lawn in the summer, you may want to consider the pros and cons of living in an apartment.
A few advantages of apartment living include no outdoor maintenance required, easy access to building maintenance personnel or building manager, lower utility bills, and a lower cost of rent. In today’s market, most apartments have a swimming pool, and some sort of gaming area that is included in your monthly rent.
Let’s look at a comparison of the two scenarios….
A 3-bedroom, 2-bathroom single family home at 7534 186th St in Fresh Meadows, NY is on the rental market for $3800 per month. The house sits on a 4,800 square foot lot in a residential neighborhood with a nice size front and back yard. The house features a finished basement with a full bath, all kitchen appliances, hardwood floors, private driveway with a detached garage, and a security system. The location of the house is half block to local shops, restaurants, and banks. Fresh Meadows is a 40 minute bus ride into Manhattan on the express bus. You can get a 7-Day Express Bus Plus MetroCard for $59.50 to get you back and forth to work if you don’t want to drive your car.
Similarly priced is a Midtown Manhattan walk-up on West 48th Street. This is a 3-bedroom, 2-bathroom townhouse that covers a complete floor of the building. The features of the unit include wood floors, lots for windows, and a walk-in closet. The rental price is $3650 per month. The downside is that there is no outdoor space to enjoy.
If you are looking for a place to enjoy the best of both world’s, you should check out the apartments at Greybarn in Long Island. Although they do not have a 3-bedroom option, the 2-bedroom units are spacious enough. The complex currently has 1 building complete, and are working on another 5 buildings that will have 1- and 2-bedroom apartments for rent. A 2-bedroom, 2-bathroom apartment ranges in size from 1100 square feet to 1375 square feet. The complex will be designed around a community friendly clubhouse and include outdoor firepits, 2 swimming pools, a game room with a pool table, a fitness center, a bocce court, and a dog park.
The Greybarn community is a little farther outside of Manhattan, over in Amityville, but for the amount of outdoor space combined with the spacious apartments and all of the community amenities, Greybarn certainly brings together the best of both world’s.