How to Choose the Best Rental Property for Your Needs

Are you considering renting a property as your next home? For many people, renting a house is a practical housing solution reflected by the fact that rental properties are in high demand. Since the mid-1970s, the number of Americans renting residential properties has steadily risen, and the latest figures from 2019 show that property rental is at its highest level. These figures from 2019 reveal that there are 43.28 million renter-occupied homes in the United States, compared with 25.66 million renter-occupied homes in 1975. The statistics show a vast uptick in the number of households renting accommodation rather than purchasing a home.

Renting a home is a favorable choice across the world, which could be due to ever-increasing house prices and the rising cost of living. Whether you plan to rent or buy a property, both options are significant decisions to make, so it is best to arm yourself with as much knowledge as possible. Here are some of the factors that you will need to consider to help you select the best rental home:

Choose Your Property Type

Your first step on the journey to find yourself a new home is to consider the type of property you will be happy living in. When you start your search for a new home, you will find that almost every imaginable property style of property is available to rent. Whether you are looking for a single-occupancy rent room with shared facilities, or you would like to rent a luxurious executive home, you are sure to find an option to suit your requirements. 

As well as deciding on the size of the home you are looking for, it would be best if you also considered the building type. Would you be happy living in an accessory dwelling unit (ADU), a private home, or an apartment building? Deciding which option best suits your tastes will help you to narrow down your property search. You will then be able to make a clearer decision about the kind of home you are looking to rent.

Pick The Right Location

Location is one of the most vital considerations to keep in mind when selecting a property. You may find a property that looks perfect on the inside, but if the area doesn’t suit your needs, it can impact your lifestyle. Real estate experts often cite location as the single most crucial factor influencing a property search, as it is one of the only variables about a home that you cannot change.

No doubt living in a location that does not suit your way of life can cause significant issues. Selecting the wrong area can cause many inconveniences, so you may want to think about factors such as how long your daily commute will take and whether places that you like to spend your free time are close by, such as restaurants, shops, etc. Choosing a rental home that is way out of town can add hours to your working day. If you have to commute through rush hour to get there, you will also need to consider the cost of traveling to work from a greater distance. You may find that your longer commute causes your transport costs to rise significantly.

If you plan on relocating to a different area, you may find it helpful to research the different neighborhoods to decide which best suits your needs. Looking for statistics such as the area’s crime rates will help you to get a better feel for the location. If you have kids, you may also want to consider how good the local schools are and whether there are child-friendly facilities close by, such as play parks.

Calculate Your Budget

Figuring out how much you are able to afford to spend on rent will have a strong influence on the type of property that you decide to choose. It is essential that you can comfortably afford your rent. Otherwise, every month will become a stressful race against time to get enough money together for your rental payments. Knowing that you can afford your rental costs without pushing yourself too close to the limit will give you peace of mind.

Before you begin looking for a rental property, don’t forget that as well as affording the rental costs, there are other costs to consider. If the rental agreement includes bills within the monthly payment, then you may be able to afford a better property. However, if bills are extra, you will need to calculate the property’s expected running costs to ensure that it is affordable.

Rentals with additional facilities usually command a higher price than those without, so it is worth checking to see what is included with the property. For example, if you choose to rent an apartment, you may be able to access the building’s gym or pool as part of living in the apartment block. The same applies to properties with outdoor space, don’t forget to check with your landlord or real estate agent to see if you are able to use these facilities during your tenancy.

Long-Term Rental or Short-Term Option

Thinking about whether you plan to rent a property for the long-term or short-term is a crucial consideration. Some property owners are only looking for tenants that will commit to a long-term rental, whereas others only offer short-term contracts. Thinking carefully about whether renting is something that you plan to do for just a few months or many years will make it easier for you to narrow down your property search. Viewing properties that match your criteria is essential. Otherwise, you may find yourself in an extended tenancy agreement when you were only looking for temporary accommodation.

When it comes to renting a home, it pays to do your research and to have a clear idea in your mind of your requirements before you even begin to view properties. Knowing what you want will make it far more likely that you will end up in the best rental property for your needs.

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