Exploring Rental Options: Apartments, Townhomes, and Lofts - Oh My!

Dear Renter,

Where do you see yourself? When you think of home, sweet home, are you in a 3/2 apartment? Dreaming of a tall townhome? Maybe an industrial loft heavy on cool vibes is on your visioning board.

Whatever you’re manifesting, the good news is there are abundant types of rental properties! Creativity and cost are driving additional options. Renters are calling tiny homes, container homes, garage apartments, and mobile homes home.

Each choice comes with its own pros and cons. There are no wrong selections. Finding the place that meets a renter’s wants, needs, and budget is the North Star of finding a home.

Build-to-Rent: A New Kind of Home for Renters

There’s a housing shortage which, by extension, squeezes the rental market. Considering all possible rentals eases the pressure. It’s not always about just finding the perfect apartment. Some markets are also seeing a growing trend of build-to-rent homes. Single-family homes are newly constructed not for sale but exclusively for use as rental properties—a brilliant concept in a competitive market. Many apartment dwellers wish to be in a home. For some, this rental home product fits the bill. That it’s new construction with HGTV-level design is the cherry on top!

Liberty Grove in Locust Grove, Georgia, is one such example. Located south of metro Atlanta in Henry County, this community features attractive new single-family homes for rent. Tenants are invited to “enjoy the luxuries of a house and the convenience of renting.”

Options include three- to five-bedroom homes. Kitchens are decked out with islands, granite counters, and stainless appliances. High ceilings, hardwood floors, and smart thermostats add to the appealing aesthetic.

From a neighborhood perspective, community amenities are plentiful. There’s a swimming pool, playground, sundeck, and a zero deposit option. Liberty Grove describes it as “hassle-free living.” This particular community even has a “Preferred Employer Program,” offering special incentives for first responders, medical professionals, educators, government officials, and military personnel.

The upside is having a home that’s all your own—no sharing walls with strangers. The appeal of new construction can’t be beat, especially if you’re the first-ever occupant. Virtually no maintenance, a modern look, and the latest technology all add to the unmistakable appeal of a new construction single family rental home.

The potential downside of renting such a home could come in the form of higher utility bills for a spacious place. Often, rents are at a premium to help offset construction costs. To preserve the value of the home, the landlord could restrict renter personalization, including painting and hanging artwork.

Weighing all options, pros, and cons helps the rental Cinderellas find the glass slipper home that fits.

Why So Many Renters Are Choosing Townhomes

Townhouses are the preferred home style for many renters. Multi-level living usually means more square footage than an apartment. Some townhomes include ground-floor parking or garage space. The main floor tends to be the living and entertainment space, while the uppermost floor is reserved for the bedrooms, offering the most separation and privacy.

Accessibility for people and pets is a consideration in townhouse living. Stairs are part of daily life in these homes. When it comes to privacy, a townhome is nice middle ground: less privacy than a standalone home but more than an apartment.

On the plus side, there are fewer shared walls or “party walls” with your neighbors, especially if you are in a coveted end unit. Homes.com explains that townhomes are taller and narrower than most other rental products.

While ticking several boxes in the “appeal” column, there are negatives, too. Personalizing or making custom changes to the exterior of a townhome is usually not an option. Interior changes could be limited, too. It’s not uncommon for townhome rents to run higher than apartment rental rates, according to digital insurance company, Lemonade.

Renter Isabella Rodriguez of Jacksonville, Florida, specifically chose to rent a townhome after college, having had her fill of dorm and apartment living. She knew she needed more than one bathroom and learned that she liked having her own private space.

“I wanted a townhome,” she recalls. “I wanted my bedroom and home office space to be separate from the main living area. I knew I could get that in a townhome.” A two-bedroom townhome with both bedrooms up and a half-bath down met her needs perfectly.

Apartments: The Classic Choice for Renters

Apartments are the most common rental option. They vary wildly in size from studio to four-bedrooms. Markets can be downright bizarre. What someone might describe as a one bedroom in New York City might not pass for a closet in Atlanta.

Multifamily developments or apartment complexes offer a variety of rentals and amenities. As the rental market becomes more competitive, units and their communities offer more, more features, more modern conveniences and upgrades. What commonly accompanies this is a higher rent rate.

Supply and demand push and pull on rental costs, but finding the right rental apartment can be done. Perhaps the biggest plus of rental life is that maintenance and repairs are not your worry. All the upkeep is the responsibility of the landlord. This includes lawn care. This is the worry-free part of being a tenant.

Access to amenities is another benefit of apartment living. Many complexes offer things rarely if ever found as part of an individual single-family home: tennis courts, pickleball courts, workout gyms, pools, walking paths, dog parks, and so much more.

While many renters become long-term tenants, others find apartments to be the perfect place to land during transitional times in life. After college, divorce, a job change, or leaving the military—renting an apartment can be the right thing until a more permanent path is set.

“When I finished overseas active duty with the Navy, I knew I would return to the States,” recalls Chal Whitfield. “Renting an apartment was the right thing at that time. I wasn’t in a position to buy a house, but I needed a place to live.”

Noise and neighbor disturbances that come from shared walls are one of the oft-cited cons of apartment life. Limited freedoms, including whether you can have a pet and even how long guests can stay are part of the limitations of renting an apartment, according to Apartments.com.

Other cons include rental rates rising at each lease renewal, lack of equity, limited space and limited privacy. Let’s not forget roommate drama … or the potential for it—yikes!

Loft Life: The Cool Factor Meets Real-World Considerations

Loft apartments are unique. Rarely scratch-built, these units are particularly industrial in look and feel. Often a result of renovating an old warehouse or similar property, loft rentals frequently feature open space, high ceilings, and exposed pipes, among other unique design features.

Exposed brick, polished concrete, open floor plans, and large windows are all hallmarks of loft space. Medium.com describes the origins of these special apartments.

“A loft apartment typically starts as a warehouse, factory, or commercial building that gets converted into residential space. High ceilings reaching 12 to 20 feet create a sense of openness you won’t find in traditional apartments, and original industrial features like steel beams, concrete floors, and large factory windows remain as design elements.”

Popular with creatives and those seeking live/work space, loft apartments offer space and light compatible with those pursuits.

One of the loft cons, according to Medium.com, is the utility costs.

“Rent for loft apartments usually runs higher than comparable traditional apartments in the same neighborhood because of their unique features and desirable locations.

Utility costs surprise many loft renters because heating and cooling a large open space with high ceilings costs significantly more than a traditional apartment with separate rooms. In winter, heat rises and escapes through those dramatic ceilings, while summer air conditioning struggles to cool the entire open area efficiently.”

Thinking Outside the Rental Box

Tenants are not limited to these rental categories. There are converted storage sheds, container homes, mobile homes, garage apartments, private downstairs basement suites, private rooms, and others. More is better when it comes to options. The plethora of choices makes finding the perfect rental a little easier.