How Do I See the Value in the Apartment I’m Renting?

Finding the right apartment can be tough. There are so many apartments out there, and there are so many factors that go into your decision in choosing which one to call home. The key is to look for the best value – not just the actual monetary value of the apartment, but the personal value to you and your lifestyle. While the overall value of an apartment will differ from person to person, there are several categories that should be considered by everybody looking for a new apartment.

Location, Location, Location

When determining the value of an apartment, location is a huge factor. How far away is it from work or school? Is it close to grocery stores? Do you really want to live in a busy downtown area, even though the price might seem right? Although that apartment with the swimming pool and the really big bedrooms might seem like the obvious choice, but if it takes more than an hour to get to work, is it really worth it?

How Much of that Apartment Are You Going to Use?

One of the best ways to determine the value of an apartment is to compare how much space you get versus how much space you will use. How big are the bedrooms? How much storage space is there, and more importantly how much storage space do you actually need? If a massive walk-in closet is just going to go waste, you’re not getting the most value as possible out of that new apartment.

Going beyond your own apartment, what else is there inside the building? Does the apartment have a laundry room or a convenience store onsite? Are there any extra perks, such as swimming pools, saunas, party rooms and squash courts? And if there are, does it cost anything to use them, or is this cost built right into your rent? If it is, and you don’t plan on actually using any of these services, you might want to look elsewhere.

Management and Tenants

The structure of the building must be taken into account when trying to figure out the value of an apartment. For example, does it have concrete walls between apartments to block out noise? As well, what is the overall cleanliness of the building? Don’t just look at your apartment, either – take a close look at the common areas such as laundry rooms, lobbies and elevators. The upkeep and maintenance of these spaces is perhaps the easiest way to evaluate the building’s management team.

The level of service provided by the apartment’s management team is perhaps the biggest factor in determining its value. Is there an onsite property manager? What about an onsite security, or a superintendent who can deal with emergency calls any time of the day? The most valuable apartment to live in is the one where you can trust and count on the management to serve and help you when you need them.

You might also want to consider the demographics of the apartments you look at. What sort of people do you want to share a building with? Each apartment has a different feel to it, whether it’s populated by a lot of young families, university students, seniors, etc. If you value fitting in with the rest of the tenants and looking for social opportunities in your building, the demographics could weigh heavily on your decision to rent there.

The Bottom Line

Of course, the actual monetary value of an apartment is hard to ignore when assessing its value. How much is the rent? Is parking included? What about utilities? With rising gas and hydro costs, knowing how much you’ll have to pay each month on top of the rent is vitally important.

These are just a few of the guidelines that you can use when determining the value of an apartment. Ultimately, the decision of where to rent is not only based on which one has the cheapest rent or the most onsite amenities, but on your own personal tastes and lifestyle as well. Getting the most value out of your apartment is a balancing act, as you have to weigh all of the positives and negatives of the entire package before reaching your final decision.