Top 7 Popular Types of Rental Properties in 2021

When looking at rental properties, there are several factors you’ll need to consider in order to find the right one, the most important ones being the area where the rental property is located and whether or not it fits your budget.

Then, there are also factors such as the size of the property and its structure, as well as the way that the property is managed. There are different types of rental properties, and they all have their pros and cons. To help you find the most suitable one, we are listing seven of the most popular types of rental properties to check out in 2021.

Standard apartments

This type of rental property is convenient for both individuals and small families. They can often be found in the suburbs, although they can also be located near fairly large employers or major metros. The size of standard apartments may vary greatly, and the same goes for their price as well as quality.

They can have anywhere from one to several rooms. There are simple residential buildings that only contain several apartments and then there are more complex structures consisting of multiple buildings, which may contain hundreds and thousands of apartment units. The apartments themselves contain all the basic rooms an individual or a small family may need, from kitchen to bathroom to bedrooms. The rent is much lower compared to apartments with more luxurious amenities and features, although you can expect longer commutes.

Luxury apartments

Although they tend to be on the pricier end of the spectrum, luxury apartments offer a plethora of benefits to those who can afford them. One of the most notable perks of luxury apartments is the fact that they’re situated at prime locations. They provide top-notch amenities and features, and are often accompanied by spectacular views and a range of luxurious modern facilities. These include everything from swimming pools on rooftops to on-site spas. As for the amenities, tenants can expect everything from state-of-the-art appliances to high-end finishes.

That being said, the increasing demand for luxury apartments has also led to an increase in fees and rents, especially when it comes to larger cities, so tenants can expect to pay even more on top of the already high rental prices.

Studio apartments

If you’re looking for a small and cozy place you can call home when in a big city, then this option may be the best choice for you. In essence, this type of rental property usually consists of one open room, a bathroom, and a small closet. The sizes vary greatly, and you can find everything from smaller studios to bunk studios to bigger studios.

Since it’s generally less expensive, this type of rental is quite popular in bigger cities, especially when it comes to studios that offer perks such as housekeeping and linen change. This rental is referred to as a serviced studio apartment and can be particularly convenient for travelers, students, and business people. Such rentals are fully-furnished, conveniently located, and often come with communal areas such as kitchens, lounges, and rooftops tenants can use as they please, regardless of whether they’re staying short-term or long-term.

Condominiums

Condos, or condominiums, are buildings that contain units that are individually owned. They are managed by HOA, or a Homeowners’ Association, so the owners of the units are expected to pay a certain fee to HOA. Moreover, tenants who decide to rent a condominium are not renting from the building itself but from the unit owner.

Although they’re different from apartments in terms of ownership, condominiums come with amenities and features similar to those you’d find in an apartment. They also share common areas with other units in the complex, and some may offer fireplaces, garages, and other amenities.

Convertible apartments

If you’re looking for something larger than a studio but don’t necessarily want to rent a one-bedroom apartment, you may want to consider renting a convertible apartment. The main difference between a studio and a convertible apartment is the fact that the latter offer a layout where the sleeping area and the main area are separated. The areas in convertible apartments are usually separated by sliding doors, hallways, partial walls, and sometimes by an alcove bed.

Although it technically doesn’t have a bedroom, a convertible apartment offers an area that can function as a bedroom. Its flexibility allows you to transform your place as you please, turning it into everything from an art studio to office to bedroom.

Single-family rentals

This type of rental property can be particularly attractive to those who are looking to rent and are also married with families. They’re also the most common type. They bring a range of benefits, from an increased amount of space and freedom to amenities such as yards.

Single family rentals are also a great option for families with school-age children and living in a good school district is a priority. Given the increasing demand for single family rentals, it seems that this particular type of rental property is having a moment, and it’s particularly popular among Millennials who are married with children.

Multi-family homes

These rental properties are particularly practical as they are able to accommodate multiple families while at the same time letting them reap all the advantages of living separately. Although they generally tend to be smaller compared to single-family homes, they represent the ideal solution for multigenerational families. Renting such properties allows them to have the privacy and the space they need while also being able to stay close to their family members.

As for the building itself, it can range from small apartment buildings that contain up to four units to duplexes – single properties split into two separate units. Each unit can be rented out separately, and each of them will have their kitchen, bathroom, entrance, and a different address.

Wrapping up

With so many types of rental properties, narrowing down your options may feel like a daunting task. However, when you are familiar with all the advantages and disadvantages of each rental property type, it can help you make an informed decision. Use these tips as your guide to rental property types and you should have no trouble finding that ideal place that you can call home.