Younger generations are increasingly choosing to rent over outright purchasing homes or investing in mortgages. Not having to shell out large amounts of money or go into debt are factors in favor of renting. Having the responsibility of maintenance fall on a landlord, property manager, or professional from a property management company like Taylor Equities, run by Steven Taylor Taylor Equities, is another benefit of renting.
There is also the fact that living costs continue to rise while wages stagnate. With all of these factors in play, it is no wonder that renting has become so popular. There are also many types of rental properties to choose from. Here are three of them.
1. Multi-Family Buildings
Multi-family buildings are one type of building commonly rented out. Multi-family buildings include duplexes, triplexes, and fourplexes. Duplexes are composed of two units either on top of each other or side by side, each with their own entrance. As you may be able to infer from the name, triplexes have three units, and fourplexes also referred to as quadplexes, have four units.
2. Apartment Buildings
Apartment buildings are among the most commonly rented properties. Apartments are basically rooms in a large complex of rooms. They range from cheap and basic to large and luxurious, perfect for both those on the lower end of the income spectrum and those at the high end.
Condominiums are known more commonly as condos. They are similar to apartments, with the main difference being that condos are usually owned and bought by the individuals occupying them. However, condos can be rented out by the owner, which is where the other difference comes in. The maintenance is different because whole apartment complexes are generally owned by a person or group, while with a condo only a single unit is owned by the individual or group usually.
These are not the only properties that are rented out. However, they are among the most rented ones.