Renting an apartment can be a more affordable way of financing your accommodation needs compared to a standalone house. These economies will be of particular benefit to younger Australians saving hard to buy a first home.
For example, if you have a job in one of Australia’s major capital city CBDs, you may want to live close to work. The expense of renting a house in an inner-city suburb might be prohibitive, which is where an apartment becomes a cost-effective option. Moreover, if you want to live right in the heart of a major CBD such as Sydney or Melbourne, rental housing is non-existent.
As a tenant living in an apartment, you won’t pay water levies, and you might have the benefits of communal lifts, gyms, pools, and spas. If a house for rent offers pools and spas, these features are included in the cost of the weekly lease. A pool and spa will also add to the costs of your water and electricity usage as a housing tenant.
On the issue of lifts, whether you’re a tenant or owner-occupier, if the elevator malfunctions, carting your groceries up ten flights of steps or more could prove problematic, so be sure to factor this into your decision-making.
Even as an apartment tenant, you must abide by the strata bylaws. For example, if you are considering running an import/export business from the garage attached to your rental apartment, be sure to check with your Raine & Horne property manager first. A commercial concern of this nature might breach the strata bylaws, especially if it intrudes on communal areas such as driveways or causes a general nuisance to other tenants.
If you rent an apartment, you might need to contend with the noisy habits of your neighbours. Also, a lower floor apartment might not allow enough sunlight into your property. On the flipside, you don’t have to worry about mowing lawns, trimming gardens or cleaning pools and spas. In other words, an apartment is a lower maintenance option for time-poor tenants. That said, some apartment blocks, especially in bustling CBDs, won’t have gardens or outdoor areas. A lack of outdoor space might not work for some tenants – although there will often be some welcoming green space or a park nearby.
For more information about the benefits of renting an apartment as an investment, contact your local Raine & Horne Property Manager for more details.