Before you choose a rental property, you need to check its location. Apart from its price, location affects your overall comfort and happiness. It is also important to check the facilities nearby to ensure that the rental unit suits your needs. Location plays a significant role in your happiness and comfort and is crucial to your overall well-being. It should be close to the places that matter most to you. The following are some of the things to keep in mind when you’re choosing a rental property:
Location affects happiness, comfort, and even health
While you may think of health and happiness as separate, they are linked in some ways. According to Dr. Stephan Goetz, a professor of agricultural and regional economics at Penn State, location affects our happiness, comfort, and health. In his TEDMED Talk from 2009, he explained how geographic location affects our health. For example, residents of suburban areas are generally happier than the metro and rural people. Also, those who had not moved in the last five years were happier than people who had recently moved. The study suggests that people who are more prone to depression and anxiety should move to areas with high concentrations of parks, clean water, and fresh mountain air.
It affects amenities
There’s a correlation between a building’s amenities and rent prices, but not necessarily one-to-one. In New York City, fitness facilities have a higher influence on rent prices than others. The same is true in other cities, where luxury and convenience amenities are often more expensive. However, if you want to save money while renting the best apartment renting in San Francisco, you can forgo some of these amenities. Here are some of the most popular amenities – and why they might not be the most important for you.
Amenities are the “little extras” that renters find helpful and convenient. They include things like concierge services, yoga classes on the roof, a coffee shop, and a pet spa. Some apartment buildings are even offering rooftop spaces. These are amenities that many renters seek out in their new homes. However, they can prove to be difficult to maintain. Keeping track of new trends and technology is key.
It affects budget
Rent affordability has increased steadily in the US since 2010. Before the COVID-19, Americans spent about 25% of their income on rent. Now, the average is around 30 percent. Rents were even higher in 2020, which hit low-wage earners even harder. COVID-19 is a recent law that will further increase the cost of the rent. It will continue to increase through 2021. Checking location when renting an apartment affects the budget and becomes even more important in the future.
Buying or renting a home in San Francisco
The age-old question of whether to buy or rent a home in San Francisco is a very relevant one in today’s housing market. While owning a home can help you build equity, it also comes with a hefty price tag, including monthly mortgage payments, property taxes, and maintenance and repair costs. In contrast, renting a home is much more flexible, as you can increase your rent incrementally each year, up to a certain amount.
The New York Times’ rent-versus-buy calculator has some helpful guidelines. Using the current median home price of $1.6 million, buying a home under $5,060 a month is the better deal. Rents above $5,060 a month are better deals for buying. Likewise, using a $800,000 median home price changes the results. Taking all of these factors into account, buying a home in San Francisco may be the better option.