On average, a person in the United States will move approximately 12 times over the course or their life. According to the United States Census Bureau, 36.90% of households were living in rental properties in 2014. Over the next decade, Harvard’s Joint Center for Housing Studies estimates that there will be over four million people seeking rental options.
Currently, there are 42.58 million housing units occupied by renters, and four-out-of-ten of these are single-family homes. Approximately one-fifth of available rentals are in two-to-four unit buildings.
There are a variety of reasons why individuals choose to rent, rather than own, their primary residence. In a recent survey with renters, 50% of the individuals polled stated that there was less stress associated with renting. Furthermore, these respondents also stated that renting enabled them to live within a budget. This survey also indicated that 25% of renters live in an apartment, rather than a house, by choice.
In terms of creating a reasonable budget, 30% of an individual’s monthly income should be spent on rent. For college students, however, many of whom are living on student loans and just working part-time, finding the most-affordable living situation is recommended.
It’s also important to look at several different apartments in order to determine price range. This can also assist with finding the best-possible rental price to maintain a budget.
When paying their rent, 78% of the survey participants indicated that they preferred being able to pay online. Another 63% stated that they had an interest in paying with a credit card.
Mobile connectivity is also an important consideration when apartment hunting. Many renters, approximately 68%, indicated that they did not have reliable coverage at their current apartment.
When polled, 98% of the participants stated that connectivity was important. While looking at apartments, 53% of the renters polled stated that they used their phones to test connectivity.
If you’re currently planning to find a new apartment, you may be interested in one or more of the following rental options:
- Corporate apartments
- Country club lifestyle
- Furnished apartments
- Lease with an option to buy
- Luxury apartments
- Rental amenities
- Short term leasing options
When you look at luxury apartments, you want to take the time to find just the right apartment for you. In addition to viewing luxury apartments within your budget, you also want to make a list of which amenities are important to you, including reliable cell phone coverage.