For tenants

Roommate or Small Personal Space? What’s Better for Your Budget?

By Volodymyr Korol February 17, 2015

Rental payments are probably the biggest expense renters have to make each month and it depends on your “rental lifestyle”; whether you prefer to live alone, live in a smaller space or to live with a roommate in a bigger apartment, the question remains what is better for your budget? Living alone is obviously a premium option; on the other hand, living with a roommate (or roommates) gives you an opportunity to get more space, better location and nicer surroundings.

So, if you want to rationalize your monthly budget you should consider options like a one-bedroom unit, a bachelor apartment, a studio apartment or living with a roommate.

Bachelor vs. One Bedroom

If you prefer living alone, a bachelor or a studio tend to be affordable options as monthly rent for these types of apartments can be notably less than a one-bedroom. Tenants who live in a ground floor bachelor in a fancy building can get the same benefits as their multi bedroom neighbors in the same building. Bachelor in a luxury building can offer such great amenities such as professional management, a great location, beautiful lobby, parking, good closets, laundry facilities and high ceiling rooms with modern kitchen and stylish furniture.

Luxury is Safety

Furthermore, living in a luxury building is usually substantially safer than in other low-price locations. In most cases, luxury communities have security gates. This means that both residents and non-residents have to provide a specific security code in order to enter the building. In addition, many luxury apartment units are equipped with separate security systems with an option to set up 24-hour alarm monitoring, which prevents your home from being broken into.

Bachelor - Best Fit For Your Budget

Surprisingly, the monthly rent for a bachelor apartment could be considerably less. With a lower rent, you will have more money for extras like parking, cable, phone, hydro, etc. Also, you will need much less for the first and last month’s deposit. Another great advantage of a bachelor apartment is that it needs much less furniture than a one bedroom – it really matters when you are a student or just starting out with your career. Moreover, as a bonus you’ll save on electricity because it will take less energy to cool and heat your apartment. In general, studios are ideal for young people that don’t spend a lot of time at home. And, of course, one of the biggest advantages of a bachelor apartment is that you will have total privacy.

Get More Space With a Roommate

If you want to live in a pricey neighborhood (close to school/work; close to your friends/family, etc.) or want to have more space, consider a roommate. Two bedrooms with a roommate would probably run you the same as a bachelor. What's more, by sharing the cost of the rent, groceries and utilities with your roommate, your basic monthly spending would be considerably less than if you rented a bachelor/studio. Likewise, you’d have your own room and bigger apartment.

However, living with a roommate could become a great challenge. Some people prefer to live with a relative or friend, while others try to find potential roommates through friends or online. But before you decide to move in together with your new roommate, most likely found on the Internet, be sure to check out that person carefully and get some references. The main thing you have to clear up with your roommate is how you are going to manage expenses as well as straighten out your expectations in terms of level of noise and cleanliness. This will help you avoid some of the most common renting disputes and leave in harmony.

It’s up to you to choose whether you want to live in a bigger apartment with a roommate or to rent a bachelor and have a private space, but both seem to be great options.