Why Multifamily Homes are Being Sought After By Renters
Renting a townhouse, apartment, or other multifamily dwelling is often considered a transitional step between establishing self-sufficiency and acquiring a home. Many think of renting multifamily property as lacking the sense of independence and tangibility that comes with owning real estate, and therefore choose to trade the perks of living in a multifamily complex for the perceived comfort of home ownership.
However, misconceptions have resulted in countless people never gaining exposure to what renting a multifamily home really has to offer, not just in terms of affordability, but convenience and versatility; even the rugged freedom and privacy touted by mortgage brokers as prime benefits of homeownership are often characteristic of numerous types of multifamily living space. To clear up any confusion regarding the tangible benefits of renting multifamily, I’ve laid out a few main perks below.
- Lower costs – Though many (often individual) factors influence the financial feasibility of taking out a mortgage, renting is often the cheaper option. One financial benefit of renting is that renters don’t have to pay the auxiliary closing costs of home purchase, such as legal fees, deed recordings, documentation fees, title searches, etc. Also, due to the relatively smaller size of many multifamily dwellings, utilities, upkeep and maintenance services such as lawn care or snow removal are usually cheaper, or even included in the rent. Home mortgages also require a long-term commitment to ownership, which may become a financial burden under certain conditions, such as plummeting area real estate values, or the discovery of additional necessary renovations/repairs.
- Renter-exclusive amenities – Many, if not most decent multifamily setups offer areas for residents to fill their daily doses of relaxation and exercise; swimming pools and fitness centers are often an exclusive perk of renting multifamily dwellings. Laundry services and convenience stores also provide residents the necessities of daily life, all within easy reach of their living space.
- Spatial versatility – Maybe you’ve been led to associate renting in a multifamily setting with surrendering the freedom of movement and ultimate privacy associated with having a backyard, basement, home office or even a property with more than one level; however, this is simply false. Renting a traditional apartment will limit your personal space and lead to more community interactions than the introverts among us might prefer. However, the dramatically fewer tenants, backyards, and sprawling recreational areas boasted by many roomier multifamily units (such as townhouses) maintain most of the spatial and privacy-based pleasures of owning a traditional home.
From reducing financial burdens to the convenience of consolidated exercise, recreational, and other daily-necessary facilities, these and more benefits increasingly prompt renters to seek out and achieve peace of mind through multifamily living.