You may have asked yourself, “What is the best way for me to determine the cost of renting an apartment vs renting a house?”
As you know, the cost to rent an apartment or home can vary wildly depending on where in the country you are moving. A great place to start is to review the local rental market conditions for the city you are moving to. You can also find neighborhood information and school information as you begin to search homes and apartments for rent.
In a given metropolitan area the average rental cost can vary widely. So the best way to determine the cost of apartments for rent or homes for rent is by searching local rental homes or apartment listings on sites like www.homesandland.com. Researching what is on the market, and what amounts the landlords are asking for rent, is the best way to get a true view of local rental markets.
Property management companies can also be a source of valuable information regarding the cost of renting and they can help you determine the up-front costs of renting (deposit, pet fees, security deposit, etc). These costs vary depending on the specific market. In some places, renting in a particularly biger town, like Orlando, FL, where nice rental homes in good neighborhoods are in high demand, landlords may ask for a couple of months rent, plus a deposit upon the lease signing. A security deposit that equals at least one month’s rent, plus first and last month’s rent, are often required when renting a house. Don’t forget to factor in transportation, parking, utility costs and lawn maintenance costs when deciding whether or not you will rent a house or an apartment.
In markets where landlords are having trouble renting out their properties, look for benefits like one month of free rent, low security deposits or other perks that are offered. These types of concessions are common when landlords have empty units on their hands.