Benefits of Renting a Room in a House or Apartment


Benefits of Renting a Room in a House or Apartment



College life and working as a young professional can be tough from a financial standpoint. As a student, and for those students that prefer to live life off-campus, renting has long been the preferred option.

There are rental options that cater to all sizes of budgets. But when you’re sharing accommodation – sharing the bills, what do you do if one of your housemates misses out on rent or decides they’ve had enough and they want to move out?

Below are some of the benefits of renting a room in a house as well as some of the disadvantages – just so you know.



Benefits of Renting a Room in a House or Apartment


Benefit #1. Cost

If you opt to rent a single room as opposed to an entire home dwelling, be that a townhouse or an apartment, you’ll pay a lot less. The cost savings make renting a single room an ideal choice for students as well as others that are on a tight budget.


Benefit #2. No Expenses for Maintenance and Repair

No renter, whether it be a renter of a single room or an entire dwelling, should be responsible for the repair and maintenance costs associated with the dwelling. Problems with the plumbing? Get in touch with the owner to put things right. Leaking roof? No problem. The owner will get it fixed. Renters do, however, need to make sure the dwelling is clean and if there’s a yard with grass they may be asked to do the mowing. 


Benefit #3. You Can Afford to Live in a Great Location

When you rent a single room you can decide to live in a place that otherwise you’d be hard-pushed to afford. Perhaps the neighborhood is regarded as being premier standard, because of its high standing, the cost of renting an entire home will likewise be premium. When you opt to rent a room you’ll avoid that high cost.


Benefit #4. Relocate with Relative Ease 

Homeowners must sell their homes prior to relocating. There are times when this process can take well over a year. For the most part, people that rent property may be locked into a year-long lease. Or the lease may be a whole lot shorter than that. Again, for the most part, a renter can escape the lease simply by providing the property owner advance notice of a month. 


Benefit #5. Easily Make New Friends 

Renting a single room in a house that’s shared provides you with the opportunity to befriend other tenants. If you’re new to a particular area, this certainly has its upside.



Disadvantages of Renting a Room in a House or Apartment


Disadvantage #1. Lack of Space

You may be fortunate to get a large-sized room, but chances are your bedroom isn’t going to be of a princely size. Sure, the other areas – the communal areas like the lounge and the kitchen may be spacious but there’s a lack of privacy. For this reason, single room rentals are more suitable for individuals or possibly also for couples that spend a lot of their time away from home – at least in the daytime. 


Disadvantage #2. No Right to Homeownership

As a renter or tenant, you’ll have zero rights to homeownership. As such, any requests that you might have for, say, wallpapering your room must be approved by the landlord. And if the landlord says “No,” then you’ve had it! Plus, there’s no way you’ll be able to keep any kind of pets.


Disadvantage #3. Living with Others

Also an advantage, but living with other people in the same house can come with its fair share of disadvantages as well. Say, for example, there’s someone in the same house that you don’t get along with. Or, say, someone in the house has a penchant for stealing your food from the fridge – happened to me. Or, say, someone in the shared accommodation tends to be particularly noisy. If you like your own privacy and you need your own space, sharing accommodation isn’t always going to be the most suitable method. 


Disadvantage #4. No Buildup of Equity 

When you rent – rent a single room, rent an entire home – there’s no buildup of equity. Homeowners build up equity by paying off their mortgages. So, essentially, you as a room renter are merely helping the homeowner to build their own equity. 


Disadvantage #5. Security

I’ve mentioned in the point above about fellow renters stealing food from the fridge. It may seem trivial but it’s not. Particularly if you’re living on a tight budget. But it doesn’t just stop there. Even if you keep your door locked, there’s still a possibility for your valuables to vanish. Again, this happened to me and I was unemployed at the time so I couldn’t afford the loss. Plus, the police didn’t do anything other than take my statement even though my fellow renters had a very good idea who the thief was – the guy who rented the room before me. 



Other articles you may be interested in:

Benefits of Renting a Furnished Apartment

Benefits of Renting a Storage Unit

Pros and Cons of Renting Textbooks

Benefits of Renting Furniture

Pros and Cons of Fabric Softener


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