What Are the Different Types of Apartments That Exist Today?

If you’re looking to move into an apartment in the year ahead, now is the time to act. Apartment demand and occupancy have soared to record highs across the US, as more and more people seek the benefits of urban living. There are many benefits to apartment living.

Access to amenities added convenience, and social living is just some of the reasons why more Americans than ever want to live in an apartment. In order to find your dream apartment, it is worth knowing the different types of apartments out there that you can choose from. Whether you are seeking homeownership or a rent trends in Indianapolis, here are the types of apartments on the market right now.

1. Luxury Types of Apartments

If you want the very best apartment that money can buy, you might be on the market for a luxury apartment. As the name suggests, San Diego luxury apartments will have a range of top-class amenities, such as a terrace, doorman, plush interiors, and even extras like a gym or pool that you can use at your convenience. A classic example of luxury apartment living in the Park Fountains complex in Dallas, which features a pool, grill, 24-7 fitness center, and regular social activities for residents. Rent will be higher, but the extras are often worth it.

2. Studio Apartments

If you’re looking to live alone and don’t want to spend more than you can afford, a studio apartment is usually the best option. These are small, single-room apartments that have everything a single person needs to live comfortably. A good studio should be a cozy apartment that does not feel too small. The best options are alcove studios, which give you a degree of separation from your living space and sleeping space. Look for studios with balconies or access to outdoor spaces, as these will offer better living for less.

3. Condominiums

If you are looking to be a smart homeowner who buys an apartment instead of renting, your most likely option is a condominium. These are individually owned units in an apartment building. You will own the apartment as your own self-contained home that you are responsible for, in the same way, that you would own any other type of house. Good condos usually come with in-building amenities for owners such as a doorman or free parking.

4. Co-Op Apartments

Particularly in big cities such as New York or Chicago, where the majority of homes are apartments, co-op buildings are commonplace. In this case, the apartments are “owned” collectively by shareholders who live in the building. If you buy a co-op, you are buying a share in that building. The co-op board of shareholders will set rules for residents and determine the building dues and monthly maintenance fees. You usually have to apply to live in a co-op building and submit to an interview with the shareholders, who will decide if you are the right person to live there.

Better Home Finances in 2022

Knowing the types of apartments out there will help you to pick a home that is right for your finances and your long-term financial security. For more home tips that will keep your bank account healthy, we have got you covered. Make sure to consult our dedicated Finance guides to learn more.