What is a multifamily property and what are the benefits of renting an apartment in 2023?
Are you moving and possibly considering renting an apartment? Are you wondering the benefits of living in a multifamily apartment complex? In this article, we will talk about the benefits of renting an apartment in the United States fall of 2023.
A multifamily apartment complex is a type of property that consists of multiple residential units within a single building or complex. These properties are designed to accommodate more than one household and are often used for rental purposes. The rental units can come in different development styles like townhomes, garden style, large campuses, high rise, and others.
- More Cost Effective:
An advantage of living in a multifamily apartment complex right now is the financial aspect. With interest rates in August ticking up north of 7%, the cost of a mortgage is at a three year high. It may benefit you to rent for a year, two, or 3, work your butt off, and save up for your first big investment. With renting you know your fixed monthly housing expenses (with a house random things pop up that need cash) which is a great environment for “stacking” up your capital.
Many multifamily properties come with amenities that may be costly or impractical to have in a single-family home, such as, swimming pools, fitness centers, communal lounges, and outdoor spaces. These amenities can enhance your quality of life and provide opportunities for social interaction. These features make apartment living exceptionally convenient and enjoyable.
- Lower Utility Costs:
Lower monthly utilities bill. Apartments are usually smaller square feet than a house so you are paying for less energy. Also, when the a/c is acting up the owner of the complex is responsible for fixing it.
- Maintenance and Repairs:
In multifamily properties, maintenance and repairs are managed by the property management team. This can save you the time, effort, and money required to handle these tasks that may pop up if you lived in a single-family home.
- Community and Location:
Living with neighbors can lead to a stronger sense of community and encourage social interaction. You’re also more likely able to live in the area closer to the action, home prices in those areas are very high. Shared spaces, organized events, and common areas can facilitate interactions and help residents form lifelong friendships and connections with others in the building.
Multifamily properties are often located in urban or suburban areas that are close to shopping centers, public transportation, entertainment venues, and employment hubs. The closeness of these essential services can reduce commute times and make essential services more accessible for you.
- Less Yard Work:
If you’re not a fan of yard work and outdoor maintenance, living in a multifamily property means you won’t have to worry about maintaining a lawn, garden, or other outdoor spaces. The communal outdoor spaces are taken care of by the owner and property manager. Here at Grow Inn Homes, we manage the edible garden and aim to deliver the fruit to your doorstep or available in the leasing office. Instead of giving out cookies and candy in the leasing office, we give out “orange sherbert mangoes” and “butterscotch sapodillas” grown at the apartment complex.
Before deciding to live in a multifamily apartment complex, consider your lifestyle, personal preferences and most importantly, the rules and regulations for the specific apartment you are looking at.
**P.S If you are going the roommate route: make sure they are cool because they will influence your life whether you like it or not.
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