A basement apartment is located underneath another structure – typically a house or apartment building – and is underground, below street level. There are different types of basement apartments. They can cover the full basement or some of it, making it a partial apartment. These units, if underground, often have a set of stairs to lead them to either a private or shared exit. On the other hand, walkout basements can leave the unit through a ground level exit. With this blog, we will discuss the many advantages of renting a basement apartment and determine if it is perfect for you.
They’re More Affordable
Basement apartments are often more affordable than above-ground units. Since landlords are often renting out a portion of a property instead of the entire thing, they will charge you accordingly. Some amenities – including larger rooms and copious amounts of natural light – are being sacrificed in these rentals, so property managers will charge less in order to make their unit more desirable.
These apartments are also energy efficient. With how basements are structured, the temperature can fluctuate in your favour. This can lead to a reduced heating/cooling bill. As well, some landlords include other utilities – like Wi-Fi, hydro, water and more – in the price of rent if it is shared with the main house. This will allow a fixed amount or percentage of the bills to be covered instead of the entire cost.
They Often Offer More Privacy and Space
Since basement units are legally required to have a separate entrance, this allows for a good amount of privacy considering the situation. You will typically be the only person using this entrance. This also has the potential of a limited sharing of amenities.
These units also have a good amount of space. Despite what its name may indicate, basement apartments are almost as large as the house above it, meaning you often get more space than what is offered in standard apartments.
They Can Be Found in Prime Locations
Basement apartments allow tenants to live in desirable locations without paying higher costs. These units are often found in residential areas, often meaning you are living in a better area of town with close access to resources and emergency services.
They Offer Flexibility
Landlords create different policies and varying rental agreements depending on their preferences and requirements. Therefore, you may be offered a shorter lease for a basement apartment. This is beneficial for anyone who is looking for temporary accommodations and are planning to move in the near future.
There Are Likely Fewer Rental Application Requirements
If homeowners are looking to rent out their basements, they may require less information on your application. For example, they may not seek out a credit score check or a reference letter from previous landlords – the choice on what to include is up to them. Because of this, these property managers are more flexible and will likely be more accepting of different applicants.
Is A Basement Apartment Perfect for You?
Depending on your lifestyle, a basement apartment may be the perfect option for you. If you are living alone, it can be a great cost-effective option. If you have a small family with young children, this is a great choice as it can be quieter with less surrounding neighbours.
No matter what type of apartment you’re looking for, we’ve got plenty of options for you. Check out Louer.ca and find your next home today!