Are you on the hunt for a new rental? If so, you may find yourself torn between the choice of renting a townhouse or an apartment. But do you truly understand the differences between these two popular types of properties?
Deciding on a place to live can be overwhelming, especially if you're not familiar with the main distinctions. To make this decision easier, we've put together a comprehensive guide outlining the key comparisons between townhouses and apartments. By taking the time to familiarize yourself with these living arrangements, you can discover which one offers more of what is important to your rental journey.
What is a Townhouse?
A townhouse, also known as a townhome, is a single-family dwelling that shares a wall with another house and typically spans across at least two stories. Townhouses have been around for centuries and are often found in towns and residential areas just outside of city centers.
While these units have been overlooked in favor of single-family homes or modern condos, there is now a resurgence in the marketplace with a demand for convenient, low-maintenance housing.
Who is a Townhome Ideal for?
Renting a townhome can be a practical and affordable option for many renters. Whether you're looking for more amenities, downsizing, just starting out, or in between homes while on an extended work assignment, a townhome may suit your needs. If you value your privacy and have a budget in mind, renting a townhome can be a preferable choice. In some locations, you can even get more space for a similar price compared to apartments within the same area.
Differences Between Townhouses and Apartments
There are several critical differences between townhouses and apartments that may impact your rental experience. Let's explore these distinctions:
- Landlords: Townhomes are usually rented out by owners, while property management companies typically handle apartment rentals.
- HOA fees: Apartments are standalone rental units, while townhome communities rely on HOA fees to maintain shared amenities.
- Layouts: Townhouses often offer layouts similar to single-family homes, providing more spacious living arrangements.
- Stories: Unlike apartments, townhouses have multiple stories, allowing for larger layouts and more privacy.
- Prices: Due to their larger floor plans, townhouses are generally more expensive compared to cozy, one-story apartments.
Now that you understand the differences, you can weigh the pros and cons of renting either a townhouse or an apartment to determine which suits your preferences and budget.
Pros and Cons of Renting a Townhouse
Before making your final decision, let's explore the pros and cons of renting a townhouse:
Pro #1: More Space
Townhouses are an excellent option for those who want to expand their living space without committing to a single-family home. These units often come with garages, balconies, patios, and even small yards, providing a more spacious and versatile living environment.
Pro #2: Cheaper than Buying a Single-Family Home
Transitioning from being an apartment renter to a townhouse owner can be challenging due to housing shortages and skyrocketing prices. Renting or buying a townhouse is generally less expensive compared to a single-family home, making it a budget-friendly choice for those seeking more than an apartment can offer.
Pro #3: Amenities
Townhouses are typically part of larger developments and often come with great amenities. With a townhouse, you can enjoy the best of both worlds. For example, townhome complexes often feature fitness centers, swimming pools, and other upscale facilities, providing a comfortable and convenient lifestyle.
Con #1: Privacy
While townhouses offer more privacy compared to apartments, they may be less private than single-family homes. Shared walls, yards, and amenities are the norm in townhome communities, so keep that in mind when deciding on your ideal living situation.
Con #2: Location
While you can find townhouse communities within cities, most are located in suburban settings. If living in the heart of downtown or a dense urban area is a priority for you, apartments and condos are often more readily available in these locations.
Con #3: HOA Fees are Standard
Townhouse developments rely on HOA fees to cover landscaping and maintenance costs. However, having an HOA also means adhering to specific rules and regulations. So, that bright coat of purple paint you've always dreamed of for your home's exterior may not be a possibility!
How to Find a Townhouse?
Finding a townhouse doesn't have to be a daunting task if you know where to start. Here are some steps to help you find the townhouse of your dreams:
Determine Your Budget
When budgeting for an apartment, take a close look at your finances and determine what you can afford to pay in rent. You can utilize rent calculators or budgeting apps to help you come up with an accurate budget. The general rule is to spend no more than 30% of your monthly pre-tax income on rent.
Set Your Priorities
When searching for a townhouse, make a list of your preferences and must-have amenities. This will help you narrow down your choices during your search and find a townhouse that aligns with your needs and desires.
Consider Your Commute Time
Your daily commute time is an important factor to consider when choosing a townhouse. Aim for a shorter and simpler commute whenever possible, unless you're a remote worker. In that case, you may want to look for a townhouse in one of the best cities for remote workers.
Prepare for Townhouse Tours
When touring a townhouse, be prepared with a list of questions to ask. Inquire about your prospective neighbors and any noise concerns you may have. It's better to address these issues upfront to avoid any surprises after moving in.
Applying for Your Townhouse
The application process may vary depending on the landlord or property manager. Besides completing the application, you'll need to provide necessary information to confirm your identity, income, job, rental history, and consent to background or credit checks. References may also be required.
Protect Yourself from Rental Scams
Rental scams can be costly and devastating. To avoid falling prey to fraudsters, educate yourself on how to spot and avoid rental scams. These skills will help ensure a smooth and safe rental process.
How to Find Cheap Townhouses
While townhouses are often located in prime areas near many amenities, they can be competitive and expensive. However, there are instances where you can find an affordable unit in a desirable neighborhood.
If saving money is your priority and you don't mind sharing your space, consider finding a roommate. By splitting the rent, you can significantly reduce your housing costs.
When's the Best Time to Rent Townhouses?
The best time to rent an apartment depends on your needs and preferences. If affordability is a priority, start your search in December or January. During these winter months, when moving rates are lower, rent rates are generally at their lowest.
If price is less of a concern and you prefer a wider selection, begin your hunt during the summer months when more options are available.
Which is Better for You, a Townhouse or an Apartment?
Both townhouses and apartments offer solid choices for renters. Consider what's essential to you. If you desire more space, a quieter setting, and great amenities, a townhouse may be the ideal choice. On the other hand, if living in the heart of a major city is your preference, apartments can provide that downtown lifestyle.
Ultimately, the decision between a townhouse and an apartment will depend on your personal preferences and priorities. So, when you're ready to find your new home, turn to Apartment List. Start with our quiz to see what's out there!
Remember, finding the perfect rental is an exciting journey, and we're here to guide you every step of the way.