Home ownership may still be the American dream, but it is not necessarily for everyone. Evidence of that can be seen in the rise of new apartment communities being constructed all over the place. There are many factors as to why people choose to rent. One of the biggest reasons? The economy.
“With the economy the way it is, a lot of people are moving from homes to apartments because of the convenience and the price point. By building this new community and having all of the amenities people are looking for and not having to pay the premium prices of a home, is exactly why rental increases are happening,” said Anthony Paganucci, of Tri City Rentals.
The key word there: amenities. Those are the perks of renting at a particular property provided by that apartment community. Laundry, pools, fitness centers, and 24 hour maintenance and security, are just some of the features of different facilities. But the list doesn't stop there.
“A lot of the communities will come with garages. Some other things are like cable and Internet are going to be included in the rent as well. That's something definitely to look out for in a lot of other communities. As well as utilities, heat and hot water, included in some of them. It all depends on the location,” said Paganucci.
Location and amenities are definitely important concerns when you are deciding where to rent, but when it all comes down to it, your new apartment has to fit your budget.
“We have floor plans that range from $665 all the way up to $2000 so there really is something for everybody. Whether the renter wants a studio, a one-bedroom, a two-bedroom, a three- bedroom or even a townhouse we have styles to fit their needs and more importantly, their budget,” said Julie Knox, of Tri City Rentals.
Another additional cost to keep in mind is renter's insurance, which may or may not be required by the apartment community.
“We definitely recommend it. What a renter usually doesn't know is that it is very inexpensive to get. What renter's insurance does is it protects the renters belongings so if something like a fire does happen, they are protected, they're belongings are protected,” said Knox.
One last thing to look for when renting, especially when it comes to living in a community, is to make sure the property is owned and operated by the same company. That helps ensure someone will be there for you, should the need arise.