Benefits of Multi-Family Housing
According to the Business Dictionary, multi-family housing is a building or structure that is designed to house several different families in separate housing units. The most common type of multi-family housing is an apartment building. Nevertheless, there are many perks with renting a multi-family housing unit.
Fancier living and perks. One of the greatest benefits of multi-family housing is the amenities that are included within your building. There are certain things you may not financially be able to obtain when you own a home such as gym and a pool. Most multi-family buildings are equipped with these luxury facilities and the costs are generally built within your rent.
Utilities, water, and heat oftentimes included. Sometimes you will find an apartment building that has these necessary utilities included. Less bills you have to pay!
Not responsible for any maintenance issues. Plumbing issues? Call your landlord! One of the biggest benefits of renting are you are not responsible for any maintenance costs.
No Property taxes and lower insurance premiums. When you rent you do not pay taxes on your unit. Rentals insurance is always cheaper than home owner’s insurance. The average cost of rental insurance is $12 per month, whereas the average cost of homeowners insurance is more than double that amount per month.
Hassel-Free Move. Most rental agreements (the lease) are for 12 months. However, there are plenty of units that give you short-term lease options as well. This gives you flexibility in the event that you are ready to move. If you are a homeowner wanting to move you will either have to sell your house or rent it.