More people than ever are making the choice not to be a homeowner with renting meeting the requirements of their current lifestyle. For years, many Americans considered homeownership an essential part of the American Dream, but growing student loan debt, an increasingly transient workforce, and the elimination of the government’s first-time homebuyer tax credit have prompted a change in the way people view renting a home.
Renting an apartment is now more attractive to a broad range of age groups because of its affordability. Renters have the convenience of living in a community that often has great facilities including clubhouses, fitness centers, game rooms, community rooms for parties, and much more. Residents can achieve many of their needs without having to leave their community, saving them time and money.
With more people having transient jobs, the need is increasing for shorter, more flexible lease options.
Low-Income Apartments
If you need help paying your rent, it is a good idea to contact your state housing finance agency or your public housing agency office to see if you qualify. There are government programs that help people on low-income find affordable rental housing. Depending on your income, you could be eligible for subsidized housing, public housing, and housing choice vouchers. The government gives some property owners money to provide low-rent apartments. To be eligible for renting one of these apartments you will have to provide proof of income and the size of your family, there may also be other conditions set by the property owner. Public Housing provides affordable rental houses or apartments for low-income families, people who are elderly, and people with disabilities. The Housing Choice Voucher Program is where you find a rental property and use the voucher to pay for all or part of the rent.
If you are a high school or college graduate and haven’t had time to build your credit scores, an increasing number of apartment communities are helping residents build their credit by notifying credit agencies when rent is paid on time. This is a benefit for renters of all ages.
1 Bedroom Apartments
For a single person, a one-bedroom apartment is usually big enough. If you're a couple, you can still opt for a one-bedroom apartment and still have enough space for the both of you, however, you might not have enough room in the future if you are considering starting a family. A studio apartment is an option to save you money, with Studios rents usually being several hundred dollars cheaper than 1-bedrooms, depending on square footage, location, and finish. You need to weigh up your requirements as the increased size of the 1-bedroom may be worth the added expense.
2 Bedroom Apartments
A consideration that many couples and singles face when looking for an apartment is whether to opt for two bedrooms, rather than a one-bedroom apartment. For couples looking to extend their family, a two-bedroom apartment may allow them to live in the apartment longer, especially when they only have one child, reducing the need to upsize more urgently.
Renting a two-bedroom apartment can also be a good solution for those who need more space to organize their belongings or use as office space. The extra bedroom can make all the difference when it comes to keeping a clutter-free, organized space or can be used when having friends and family to stay over.
Demand for rentals continues to grow, so whether you’re searching for convenience, flexibility or value for your money, there’s a good chance you’ll find a rental that meets your requirements.
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