Going through listings of rental properties in your search for new accommodation may leave you confused because ads typically offer limited descriptions of rental properties. Often, it’s just limited to studio, one-bedroom or two-bedroom, or just a slightly more thorough description like studio, co-op or basement. However, there are many types of rental properties that go far beyond just how many bedrooms they offer. Understanding the different types of rental properties should help you decide which one is right for you. Here is a starting list of rental properties types to consider (Rentals).
As the name implies, basement rental properties are underground with a full house or building built over them. They're typically no different from regular rental properties, and they come with a full bathroom and all the standard fare. Depending on the unit, however, there could be significant differences. For example, in basement rental properties you may need to enter and exit through the house above and you might be subject to noise from upstairs. Basement rental properties usually only provide small windows that give access to little or no natural light or fresh air. Partly for those reasons basement rental properties are not legal in certain locales.
Classic six rental properties are six-room rental properties consisting of a master bedroom with en-suite bathroom, a second bedroom with a second full bathroom, a living room, a formal dining room, a full kitchen and a study or third bedroom off the kitchen. Often these rental properties are located in older buildings and feature hardwood floors, high ceilings, and in some cases even fireplaces.
Co-op rental properties are units found in standard apartment buildings, and they are run by their users or an elected board as opposed to a landlord or a company. Residents in co-op rental properties vote to approve new tenants and set up rules of residence in the rental properties there.
Convertible rental properties are based on variable layouts of standard one- or two-bedroom rental properties that create spots for additional bedrooms by splitting existing rooms in half. To accomplish such flexibility owners of these rental properties install temporary walls in living rooms for the extra space. These are also known as a flexible rental properties.
Simply put, corporate rental properties are allocated to businesses for mid-to-extended stays, and those rental properties are usually paid for by the company. Corporate rental properties are often serviced apartments or in apartment hotels.
Duplex rental properties consist of two separate single family units in a single building with a single owner. These rental properties are typically inside a house-like building, with the units connected by a shared wall and separate entrances to the outside. Duplex rental properties often feature amenities that are less common in apartment buildings such as in-unit laundry. Certain municipalities define duplex rental properties as single-occupancy apartments in tall buildings spread over two floors connected by an indoor staircase. Such rental properties are also known as maisonettes.
Most common in urban areas, a garden apartment refers to a ground floor apartment that has direct and private access to a garden. There are normally multiple adjacent neighbours with a similar setup in the same building.
Loft rental properties are usually located on top floors, and they are set up as single large, open spaces for the living room, dining room, kitchen and bedroom without internal dividing walls. These rental properties are much preferred by artist types, young urban professionals, and they often have exposed original brick walls, high ceilings, and floor-to-ceiling windows. Some of those may be located in converted warehouses and industrial buildings although with the increased interest in such rental properties some developers built them like that intentionally
Although penthouse rental properties are technically built on the roofs of buildings, the standard usage is any top floor apartment of a high-rise. Typically, such rental properties are more expensive and may contain balconies or open roof spaces.
Railroad rental properties are long and skinny, and they have a hallway running along the whole length. Rooms in such rental properties are aligned on one side of the hallway and most often living rooms and kitchens are in the front part while bedrooms are in the back.
Serviced rental properties are like regular furnished apartments where all required services and amenities are provided and short- and long-term accommodation is available. Such rental properties offer both fixed leases and open-term leases where tenants can check out with advance notice.
Studio rental properties are apartments with single rooms that function as bedroom, living room, dining room and kitchen and an enclosed bathroom. These rental properties vary in size even though most tenants presume small areas.