While it is often considered better to buy a home rather than rent, there’s much to be said about renting an apartment. For some, it even makes more sense to rent an apartment rather than buy a condo, especially in times when interest rates are high. Others may just prefer the conditions, benefits, and lifestyle of renting over buying.
If you are considering renting an apartment in Richfield, MN, this guide will explore the various considerations you’ll want to know. If you haven’t considered renting, maybe this will give you something to think about. It may be the case that renting an apartment in Richfield, MN might actually be the right choice for you.
Table of Contents:
What is an apartment?
While the answer may be obvious, it’s better if we first clarify a few terms and dig a little into what makes an apartment. An apartment is a type of residential property that has one or more units within a building. These properties, which typically have shared amenities, such as pools or gardens can be rented or owned. To maximize space, apartments are more common in urban areas.
Apartments differ from single-family residences, townhomes, and condos regarding ownership, space, privacy, and cost. Single-family homes are standalone structures that often come with the advantage of having more space than you’d typically get in an apartment. There’s also the case that you’re more likely to have more privacy in a single-family home given that your neighbors in an apartment will likely be on the other side of a wall. Another benefit of a single-family residence is that you’ll have a greater degree of freedom to develop and decorate your home and the lot around it. There may be some neighborhoods, especially in gated communities, where there will be restrictions on how you decorate or build as a Homeowners Association (HOA) or local government may impose aesthetic or other requirements.
Townhomes and condos, on the other hand, are attached and share a space with other residents. However, townhouse owners own the land that the unit is in while condo owners only have ownership of the unit’s interiors. An apartment is often just the term used when referencing someone who rents a condo from the owning landlord.
Benefits of living in an apartment
With all the benefits a single-family home potentially provides, why then would anyone choose an apartment? Living in an apartment in Richfield, MN is a practical option for many, especially for those who are after convenience, affordability, and a strong sense of community. An apartment offers many benefits that can boost your quality of life. Whether you’re a young professional or a family, here are the advantages that you can enjoy from living in an apartment:
Convenience
A major advantage of living in an apartment is its convenient location. Since they are typically located in urban areas, apartments have easy access to restaurants, stores, and public transportation.
Maintenance-free living
Compared to a single-family home, maintaining an apartment is easier and cheaper. When you own a single-family home, you are responsible for the repairs, maintenance, and improvements. Living in an apartment, on the other hand, reduces your responsibility for the upkeep of the property.
In an apartment building or complex, the outdoor maintenance is handled for you. Most apartments have an HOA (Homeowners Association) to maintain the common areas and the exteriors.
As a renter of an apartment, you’ll not have to worry about maintaining or repairing your unit. This responsibility falls predominantly upon the condo owner unless you have in some way violated any terms of damage to the property in which case replacement or repair will fall upon the renter of the apartment.
Shared amenities
Apartments are known for their shared spaces and amenities like on-site swimming pools, fitness facilities, playgrounds, and even dog parks. These amenities are the extra perks that come with renting a unit that improves your quality of life. These apartment amenities can also involve community events and classes for residents.
The shared amenities in an apartment building end up saving you money and travel time. You no longer have to go out of your way to find a swimming pool, gym, or event space. There’s the added benefit that if a building or development has an array of shared amenities like kids’ playgrounds and pools, you’ll feel safer knowing that the kids are within the complex instead of having to travel beyond.
Financial advantages
Apartments are preferred by many for their affordability and cost-effectiveness. Due to their size and features, apartments have a lower purchase price than houses in their area. This lets owners save on the initial purchase and pay less on the mortgage as well. Another financial advantage of living in an apartment is less money spent on energy consumption and maintenance. Since an apartment generally consumes less energy than the average house, you can save on your electricity bills.
With apartments generally located close to areas of work such as the downtown or near business or industry hubs, there’s a good chance that you’ll be able to take advantage of economical transportation, such as public transport. Some large companies may even provide shuttle services for areas or residences that have a high number of employees living there.
Renting an apartment in Richfield, MN means that you are very close to downtown Minneapolis. Being around 13 minutes away from downtown, it’s not quite walking distance but still very close making driving to work or going out for leisure very cost-efficient.
Living less
Apartments are smaller in size than houses, offering enough space for your needs and lifestyle. Apartment living encourages a simpler way of living, with less clutter and more space for the items that matter more.
This is perfect for young professionals who either by choice or necessity will live for many years in an apartment. However, this doesn’t mean that it can’t be a great option also for a family. Multiple-bedroom apartments can easily make a home for a relatively normal-sized family with 2-3 children. Some apartments in the area which have 4 to 5 bedrooms can accommodate larger families. If you’re a retiree, possibly looking to downsize there are some great 2-bedroom apartments in Richfield, MN, perfect for when family members come to visit.
Strong sense of community
With the shared spaces and amenities offered by an apartment, it’s not hard to see how this type of residential property can create a strong sense of community. Attending social events, from game nights to holiday parties, are excellent opportunities to socialize with your neighbors. You’ll get to meet people from different walks of life, backgrounds, and age groups. Of course, the level of participation you wish to engage in is up to you, however, if you’re new to the area, joining these events is a great way to make new friends and introduce yourself.
Types of apartments
Apartments come in different shapes and sizes, offering a variety of features and amenities to suit different needs and lifestyles. From studios to high-rise units, here are the most common apartment types that you’ll find:
Studio apartments
A one-room unit studio apartment typically has a bedroom, kitchen, dining room, and living room in a shared space. In a studio apartment, everything (except the bathroom) is part of the open floor plan. Due to its condensed space, studio apartments are cheaper to rent compared to other apartment types.
One-bedroom and two-bedroom apartments
The main difference between a one-bedroom and a two-bedroom apartment versus a studio is the separate bedroom. One-bedroom and two-bedroom apartments also have more walls and are often larger in size. This type of apartment is ideal if you have other family members such as children or if you are part of a couple and would like the extra bedroom used as an office or hobby space.
Convertible apartments
Similar to one-bedroom and two-bedroom apartments, a convertible apartment has more space for a bedroom. While the bedroom area of a convertible apartment isn’t completely isolated like that of a one-bedroom apartment, half walls, alcoves, or sliding doors are used to create privacy instead. With a convertible apartment, you have more flexibility and creativity in how you want to separate the space.
Lofts
A loft also doesn’t have a completely separate bedroom. However, they’re often larger in size than a studio, one-bedroom, or two-bedroom apartments. Characterized by their high ceilings and large windows, lofts are typically inside renovated industrial and commercial buildings.
Low-rise, mid-rise, and high-rise apartments
Low-rise, mid-rise, and high-rise apartments are residential buildings that vary in height, features, and price. Low-rise apartments, which can also be considered as garden apartments, have 4 or less floors. Mid-rise apartments have around 5 to 12 floors while high-rise apartments can reach around 50 stories or higher.
Co-op apartments
In a co-op apartment, the resident doesn’t own the unit itself. Instead, they own shares of the corporation that the building belongs to. Co-op apartments are a more affordable housing option and its residents have a strong sense of community as well.
Additional living units
Also known as an accessory dwelling unit (ADU), this type of apartment is another residential living space that’s in the same lot as the primary residence. An ADU has its own bathroom, kitchen, and entrance. It can be attached or detached from the main house. ADUs are often called accessory apartments, or secondary dwelling units. They make a great space for extended members of the family such as grandparents. They can even be used for teens who may want to experience a sense of independent living (while also hopefully giving parents some respite).
Factors to consider when choosing an apartment
Hunting for the right apartment in Richfield, MN can be tricky due to the numerous selections available. To find an apartment that fits your needs and wants, here are the top factors to consider:
Location
One of the most important factors to consider when choosing an apartment is the location. The location affects many aspects of your lifestyle, including its proximity to your workplace, public transportation, shopping areas, and healthcare facilities. Another aspect of an apartment’s location is the neighborhood. To get a better sense of the neighborhood before choosing a particular apartment, walk around the area and check out the nearby amenities and services.
Size
When you start looking at potential apartments, another thing to think about is how much space you’ll need. In terms of personal space and functionality, the size and the layout of the apartment affect how you will organize the space. How do you plan to use it? Can it accommodate all your belongings? Knowing your needs, wants, and budget will help you very much zero in on what type of apartment to get.
Amenities
The amenities in the apartment you choose should complement your lifestyle. Whether it’s something as simple as having a concierge or as luxurious as having a fitness facility nearby, it’s important to determine what will make the space more convenient for you. When looking at a potential apartment, check out the in-unit and community amenities. In-unit amenities typically include storage space, heating, and air conditioning, as well as appliances and features.
Considerations of Apartment Life
Apartments are an affordable and convenient option. However, it is not without its considerations.
Smaller living space
Since the space in an apartment is limited, you may feel crowded if you’re used to big open spaces and having a lot of room to move around. Owning large furniture or having too much of it can create clutter and make your living space feel cramped. Families can also find the lack of space challenging since there may not be enough room for their kids to play.
Although dealing with a smaller living space can be challenging, it’s not impossible. The key is to get organized and take advantage of vertical spaces. Using shelves, hooks, or racks is an excellent alternative to storing your belongings. As for the space for children, as mentioned earlier, if there are communal play areas and pools in the building, that will go a long way to enhancing your living experience.
Lack of privacy
In an apartment unit, you may have neighbors on both sides of your walls, including above and below you. People can also see you come and go as well. While this may cause concern for some, it’s generally the case that the building’s policies will have rules and regulations that enable everyone to live harmoniously within the building. Almost everyone will understand that you should be mindful of loud noise or music, especially during the night, and those who are not are quickly informed. Generally, people are neighborly and quickly become accustomed to living with others in proximity.
Less control and flexibility
Every apartment building has its own rules and regulations. Some apartments do not allow pets at all while others have rules on the maximum number of guests that can visit you. Apartments aren’t as customizable as compared to houses. Since there are other people living in the same building or complex, painting the walls or converting the unit is not allowed.
However, there are plenty of ways to make the apartment your own while still abiding by the association’s rules and regulations. Removable wallpaper, for one, will not damage the surface of the walls or leave any residue, and of course, the way you choose to furnish and decorate your home will make it uniquely yours.
Find the perfect apartment in Richfield, MN
Richfield is a great city to live in because of its convenient location, unique local amenities, and incredible dining options. Start looking for your next residence with the best real estate agent in the Minneapolis-St. Paul metro area, Scott Haubrich.
Born and raised in Minnesota, Scott has over 15 years of experience in the real estate industry. He knows the local real estate market like the back of his hand, especially when it comes to the incredible apartments in the Minneapolis-St. Paul metro area. Let Scott Haubrich and his team at BuyRentSell.com guide you to your dream apartment in Richfield, MN. Call 612.345.8991 today or send me an email.