Condos are a popular rental property type in many metro areas, including Indianapolis. Modern condo towers equipped with state-of-the-art appliances appeal to young professionals downtown while suburban condo complexes in surrounding areas may more closely resemble a resorts.
Condo rentals can be a positive stepping stone for people looking to transition from renting to owning. Condo rental properties come with many more amenities than a typical apartment complex but nearly none of the hassles or responsibilities of homeownership. Renting a condo provides a tenant with a large, well-maintained property for a slightly higher rent or resident association fee (also known as a homeowners association or HOA) as well as luxury amenities. These amenities may include a pool, tennis courts, business center, and security features.
Like many decisions, choosing to rent a condo has a lot to do with weighing your options and priorities. Choosing a condo rental also requires a reevaluation of your budget.
For example, try totaling up your current rent, utilities, gym membership, parking fees, laundry expenses. Then consider how satisfied you are with your current square footage. After searching for condo rental listings online, compare your current costs to the cost of renting a condo with an HOA fee in a complex that includes an on-site gym, laundry, pool, tennis court or recreation room, spa, security system, and garage, etc., and consider the amount of space you can get for that rent. By comparing these numbers and benefits, you can determine whether renting a condo could be right for you.
One final consideration may be how long you want to stay in this rental property. Some condos listed for rent also come with an option to purchase the condo at some point specified in the rental agreement.