The home buying market is competitive right now, with low inventory and increasing prices. As this trend continues, you may be looking for an alternate solution: renting an apartment.
I’m Lori Meier, Regional Residential Property Manager at Van Buskirk Companies. We manage apartment buildings in Sioux Falls, Watertown, Mitchell and Sioux City. Van Buskirk apartments have a reputation for responsive, friendly apartment managers and well-maintained, quality apartments with amenities like garages, swimming pools, courtyards and more. I am seeing an increased interest in apartment renting, and I feel this is due to these several factors that can be beneficial to a renter.
Apartment renting gives you time to prepare before entering the real estate market.
With the increase in home purchase and building prices, buyers aren’t getting as much home for their dollar. They may get more for a house they are selling, but purchasing a new home is more expensive. This is where renting now may be a better option. While it’s true that market rents have also increased, renting gives that person time to determine what they want to spend on a house, where they want to be and what they truly value in a home.
Renting is low maintenance living with no surprise repair costs.
Besides the obvious benefit of not having all the responsibilities of homeownership (maintenance, snow removal, lawn care, etc.), renting offers more personal flexibility, depending on a person’s lifestyle, family or financial situation. It also allows you to avoid unexpected maintenance and repair costs, which can be expensive—especially if you are buying an older home. With renting, you know what your housing costs will be each month and can plan accordingly. No surprises.
Apartment properties can offer desirable amenities.
Some apartment properties, like Bennington Hill Apartments and Dakota Pointe Apartments, come with recreational amenities that you might not be able to enjoy in a house setting. Such as a pool, playground, large courtyard with gazebos, exercise equipment and more all just a few steps away from your home.
If these benefits seem right for you, it’s time to start apartment hunting and we have a few tips on how to get started. While availability is tighter than usual, there are still rentals available. My recommendation would be to start looking at your options early and make sure you know your timeframe so you aren’t scrambling and settling for an apartment that doesn’t quite suit your needs. Make a list of those needs versus wants before you start looking. Decide which items are non-negotiable, and search from there.
When narrowing down your options, it is ok to ask for references from current renters. Explore the surrounding area. Check your cell phone and Wi-Fi service, especially if you want to work from home. Find out which amenities/utilities are included in your rent and which are not. Van Buskirk Companies has a resourceful website to help you learn more about our apartments and in my opinion, this is the best place to start!
Van Buskirk Companies is big enough to offer the services and amenities renters want yet are a family-owned business that values doing things right. For instance, with property expenses/maintenance costs rising, Van Buskirk Companies looks at all the business options before choosing to increase rents because we truly value our renters.
Check out our rental properties at VBCapartments.com