As of 2022, home sales are the highest they’ve been in 15 years, inventory is low, homes come off the market fast, and mortgage interest rates are rising. Because of this, many families are skipping the bidding wars and avoiding inflated house prices by seeking homes to rent instead.
For many families in the United States, renting a home can be much more cost-effective than buying a new house. And with the number of pet-friendly rental properties increasing, you have a higher chance of finding the ideal home for you and your loved ones near the perfect community or school district.
Is renting a home better than renting an apartment?
Depending on your family’s needs, renting a home may be better than an apartment. For growing families, the increased square footage of a home is a major draw. Homes are also more likely to have green space, with a front yard, backyard, or both, providing room to roam for kids, guests, or four-legged friends.
In addition, renting a home gives you more privacy than apartment living. Life is more pleasant when you don’t hear music, voices, and footsteps through shared walls.
Plus, if you anticipate becoming a first-time homebuyer one day, you’ll learn what to expect in a house regarding basic maintenance and caring for outdoor space. The costs of renting an apartment are usually lower than renting homes, so it can be helpful to prepare for new financial realities by renting a home.
Benefits of having your own house rental vs. buying
There are many advantages to renting a family home instead of buying one. Some of the main benefits include:
- Low maintenance costs. When renting a property, landlords or housing associations are often responsible for fixing issues that arise. Families typically don’t need to spend any money on broken pipes, renovations, or landscaping.
- No down payment. In a rental property, renters usually pay a security deposit (generally equivalent to one month’s rent), but don’t have to make a massive down payment to start living in their new home.
- Flexibility. You may sign a lease agreement with your landlord as a renter, but those terms are much more flexible than a mortgage agreement. Additionally, renting offers more flexibility on location and property type. Families may not be able to purchase a townhome, condo, or multi-family home, but renting could be a more affordable option.
- Less stress overall. When a family owns a home, they’re responsible for property taxes, property value, insurance rates, mortgage payments, water and sewage costs, and more. Renting a single-family rental home alleviates some financial stress and mental load that homeowners take on.
- No noisy neighbors. Well, you still might hear your neighbors in a house, but you won’t be sharing walls and hearing every bump, sneeze, or song.
- Parking space. One of the perks of single-family homes is off-street parking, and usually street parking.
What’s important when looking for individual family homes to rent?
When looking for single-family rental homes, many factors are involved in finding the best fit. While searching for rental properties, consider:
Price
Before setting off on a search to find a new house for rent, you’ll need to know your budget for rent payments. The standard rule of thumb says you should spend no more than 30% of your pre-tax income on housing.
Using some simple calculations, you can find your budget for rent. Then, search for houses for rent within that same price range. As discussed, one of the benefits of renting is reducing costs overall compared to moving into a new home. Therefore, keeping rent within a set budget is paramount.
Square footage
The living space you need entirely depends on your family’s size and comfortability. If a family is used to living in a New York-size apartment, they may be okay with a smaller space. On the other hand, if your family is moving to find more room, you’ll want extra space. With Dwellsy, families can filter their search for rental homes based on square footage, making it easier to narrow down their list of options.
Number of bedrooms
How many people are there in the family? Does everyone need their own room? Is there a need for a closed-door office? These are all questions families should ask themselves before searching for rental properties. For example, a family with one child or a couple that works from home may consider a two-bedroom apartment to suit their needs. Of course, if you’re searching for rental houses with roommates, everyone will need their own room.
Floor plans
Finding houses for rent that have a great layout is important. Floor plans may seem inconsequential. However, they dictate how we interact with our family members in our homes. Families should consider how a floor plan and layout of a new home will benefit or detract from their lifestyle.
For example, if a family is always outside, perhaps having an entryway or mudroom to drop dirty shoes and wet raincoats may be important. Or, if a family has small children to keep an eye on, then an open concept kitchen and living room may be necessary.
Location
Consider where you want to live. For example, do you want to live in Miami, Charlotte, or New York? What type of location will be best for the family based on proximity to other family members, types of activities, and industries? Then narrow down further. What neighborhoods are within your rental budget? Which areas have the best school districts?
You should be able to navigate this rental real estate market and find a home that fits your needs.
FAQs about renting a house
Is renting a house worth it?
While homeownership can be great for many families, it is not always the right decision for everyone. For example, if you move frequently for work, owning a home may not be a good decision because the financial and time commitments for a short-term living situation are disproportionate to the benefits of homeownership. Renting a home offers more flexibility and less commitment overall.
Additionally, the housing market is constantly fluctuating, making the home buying process an unappealing hassle for many. Renting a new home could allow for a quick move-in process and lower costs for families.
What should I know before I rent my house?
Before renting a new home, it’s important to understand the overall fees. There is usually a security deposit and the first (and sometimes last) month’s rent to move in. This may be a relatively large sum of money upfront, depending on the rental price. Additionally, you’ll need to understand what additional fees come with the rental, such as utilities or pet fees.
Families should also understand any pre-existing issues with the property and any plans the landlord may have for improvements or upgrades during the lease.
With Dwellsy, finding a rental property is easy. Filters allow you to narrow the search down by location, price, number of rooms, and even amenities.
What is the average price of a single-family home for rent?
The average price of a single-family home for rent varies widely depending on location. Companies like Dwellsy care about transparency of rental costs and providing renters with a full picture of the rental market in their respective locations.
Does Dwellsy offer to rent these homes monthly or weekly?
Dwellsy offers a full view of rental properties in your desired rental market when looking at monthly single-family homes for rent. Dwellsy is not a landlord or property owner—we just show you available listings.
Find the best house rental for your family
Dwellsy provides rental listings for over 13 million homes all in one place. We have listings in the most desirable neighborhoods in all 50 states. And, because Dwellsy is free for property managers, your search results won’t be cluttered with irrelevant rentals from paid placement.
With Dwellsy, you can feel confident in your home rental search and avoid fraudulent listings that waste your time. The Dwellsy Verified Badge tells families at a glance that a listing is trustworthy. Start your search today.
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