Apartments for Cheap

Questions and Answers

Your Questions About Cheap 1 Bedroom Apartments For Rent

December 2, 2012

Chris asks…

is it really cheaper to rent an apartment than a house?

my husband and i have a huge dog! we are also planning on starting a family within the next couple years. right now we’re living a 1200 sq. ft. townhouse. 3 bedroom, 1 full, 2 half baths. we moved in right after we got married and a month later bought a puppy. bad timing for a puppy! even though we take him on daily walks he has destoyed the vynal flooring and the carpet by the back door (we dont have a yard, but a fenced in 8×6 concrete block). so he definitley needs a yard! the dog we have is a lab/coonhound mix. we already know we’re not getting our security deposit back. well, ive decided recently to go back to college to finish my BA degree. so we need more space in our new place. we’ve looked everywhere in our area and are not able to find an apartment that has the rooms and space we need. we also have a small budget we’re searching on. should we keep renting apartments and sacrifice space or should we try to find a house to rent? which is cheaper in the short and long run?

Administrator answers:

There’s a mix of apartments and houses to rent on both sides of the affordability scale. You can find cheap apartments, cheap houses, expensive apartments, expensive houses, small apartments, small houses, large apartments, large houses.

Be prepared for a big repair bill. If your security deposit doesn’t cover the damages, you can still be sued for the remaining balance on the cost to repair/replace the flooring.

It’s better to buy a home if you can qualify. The payments stay pretty much constant over the years (except for tax increases). Rent’s and leases go up when the owners aren’t making enough money or profit off the property. You reap the tax benefits of owning a home, where as rental / lease property owners reap the tax benefits and you’re paying for it.

Michael asks…

finding a furnished basement apartment to rent in Toronto?

we’re moving to Toronto and we decided that we’ll be living in a basement (coz it’s cheaper) although our concern is that we dont know where to start searching for a basement apartment (furnished) to rent, is it possible to find a 2 bedroom basement (1 couple and two girls) for up to US$1.600 ( utilities included) in Toronto?

Administrator answers:

With a budget of $1,600 you should not have much of a problem finding a 2-bedroom apartment. I would not look for a furnished apartment though, because furnished units are either associated with short term/hotel type luxury apartments geared to the business travelers, or homeless/low income type tenants at the other end. You can always rent the furniture from a rent to own or similar furniture rental store for about $125-150 per month for a 2-bedroom place. I actually furnished my first rental apartment from a second hand store and it was cheap, but adequate. Try these websites:

http://www.renthome.ca/index.php?a=Listings

http://search.yahoo.com/search?p=apartments%20for%20rent%20toronto,%20ontario

http://toronto-apartments.net/

http://www.hometrader.ca/CategoryRental.aspx?cty=toronto

Lizzie asks…

Is $730 a month too much to pay for a 1 bedroom apartment?

My aunt told me that amount is extremely high, and that she and her husband only pay a little more than that for their mortgage payment. Should I just rent a house then? I would have more room; however, I am just a student and am not sure what all renting a house entails? Is it very different from renting an apartment? I figure renting a house might even be cheaper than renting an apartment, but I am not sure. I am in Texas if that helps… Any advice on which is better for a student to have?

Administrator answers:

I would LOOOOVVVEE to find rent that cheap. That is impossible in NYC, it really is. I would be happy if I found a decent place for twice that amount.

Ruth asks…

Is it cheaper to rent a condo than it is an apartment?

What is the difference? I found a very beautiful 1 bedroom condo for $1300. I am currently paying $1150 for a not so great apartment in a not so great area and bldg. What gives?

Administrator answers:

Condo’s and apts are largely the same. Generally, condos are apartments that you have purchased. If you are looking at renting a condo, maybe someone bought that single unit and is looking to rent it, whereas a apartment is a single unit among a huge complex that someone owns. If you are dealing with a landlord that only owns one unit, you may have more room to negotiate a good price. The landlord that owns the entire apt complex is less likely to throw you a bone.

Charles asks…

I want to buy a small 1 bedroom apartment in Manhattan, I have bad credit, and I make $60k a year.?

Is there a cheap govt housing building in Manhattan that sells condos for under 300k? I’m paying 1700 a month in rent now for a small place and I feel like I am throwing away my money at this point. I am married and my husband is unemployed currently, we both have bad credit but I have proof of the income. We have no bankruptcies and we are 1st time buyers. And no I will not live in ANY of the boroughs… thanks!

Administrator answers:

You don’t make nearly enough to get approved for a 300K loan. The most you would get is 150K-180k….with excellent credit. Keep on renting and work on repairing your credit.

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