Friend 1: Would renting a house near the office be a good idea?
Friend 2: Yes, it is. Did you check out the rental prices of those areas?
Friend 1: Nope, I haven’t checked that yet! I have shortlisted a few options, which I will be checking in the coming weekend.
Friend 2: That sounds good, but how are you planning to take a call on location or size of house?
Friend 1: Let me see. I guess there should be some way!
There are several questions that come to the mind of every tenant before finalizing a rental property. In such conditions, giving priority to one of the factors from location, rental price, and size can be difficult. So in the search of size vs rent vs location how to choose wisely while renting house? Let’s see if there is a way out and make it easy for tenants to zero in.
The first step would be analyzing whether size, rent and location are co-related.
Are Size, Rent and Location Interconnected?
The factors like size rent and location have an interconnection. So, it does not make sense to see it in isolation. The United Nations’ right to an adequate standard of living stresses on the importance of all three factors- location, size and affordability for a good rental.
The preference for ideal rental housing always ends with the impulsive response of wanting a comfortable, spacious area within budget from where the commute does not feel like an everyday uphill climb. This suggests that location, size and rent are interconnected. But, an individual’s idea about the size, status and location are diverse. So, from size vs rent vs location how to choose wisely while renting house?
Let’s see location’s connection and other factors that affect rental decisions while zeroing in on the rental house.
Location and Its Relationship with Other Factors
The location of a house primarily revolves around the job location and commercial centers.
There are several factors like travel distances, rents, facilities available for transportation, etc. are associated with the location. The following points will help to analyze factors for good location for rentals that are impacted by other elements.
01. Travel and Transportation Facilities
The city centers and commercial areas are the thriving areas of cities as it employs the maximum population. Geospatial experts ‘Patrick M. S. et al.‘ analyzed “Role of Location in Residential Location Choice Models” and came up with some exciting revelations.
The importance of location in size vs rent vs location to choose wisely for a renting house. The amount of time spent on work commute is significant for deciding rental. A 30 minutes’ drive is an ideal commute time spent on the road. It is considered that more commute time would take a toll on the body and mind. While, for people who prefer walking to their workplaces, 2 km would provide enough cardio, which is good for health and wealth.
Public transport is instrumental when neighborhood is away from the workplace; in such case, commute time has to be considered. Furthermore, to make day-to-day life smoother for the residents, groceries within 500 m and shopping centers within a 5 kms radius help.
02. Rents and Affordability
For rental purposes houses/localities close to workplaces hold a higher preference. However, owing to their high demand rental prices are high in these areas. It could also be ideal if one does not mind having it on sharing basis. Otherwise, you will have to pay a paying higher rent for an independent space.
Development economist ‘Utpal D. et al.’ analyzed “Location and Neighborhood Conditions for Housing Choice and its Rental Value” and stated that neighborhoods near departmental, other convenience stores, cinemas and worship places have higher residential rents.
Even good accessibility, proximity to highways and other local transportation add to the comparative rental rates. To understand your rent affordability make sure to have a look,
03. Natural Location and Rents
For the nature lovers that like to spend their time with nature, a location nearby a sort of a natural space works. Water bodies and green patches away from noise and air pollution impact humans in a positive manner. The natural Location and rents have an impact on each other. Spatial economists ‘ Jan Rouwendal et al.’ noticed a comparative increase of 5 percent in cost for houses near such areas, affecting the rental prices as highlighted in the article “The Value of Proximity to Water in Residential Areas research”. Travel behavior is impacted by built behavior. And, a beautiful surrounding environment promotes walking behavior.
Mental and Social Health to House Sizes
Social interaction is an integral part of human life. It is a vital part of community good for mental health. A well-designed and attractive green community spaces promote casual interaction in the neighborhood. A study on “A Brief Analysis of the Relationship between Housing, Mental Health and Well-being under the Eco-City Context” by Researcher ‘Li Li Ma’ revealed that lack of social interaction can lead to psychological distress, majorly in the case of caregivers and children. In such cases, living space and mental health quality is related to social cohesion, a sense of trust and collective efficacy. Conversely, lack of money and inadequate basic facilities creates a sense of anxiety and stress, impacting mental health. Hence issues of size stands out in size vs rent vs location while renting house. There are open common grounds that provide play space for children. This also enhances the quality of interaction for homemakers and caregivers with extended society. In the building spaces like lobbies, lounges, and other small-open areas work as versatile places to reconnect and play across different classes and age groups. Such spaces are a significant part of the super-built-up area of the building. Of course, the buildings with bigger footprints of apartments have comparatively larger common areas. In such communities even the apartments with smaller floor space gets benefit of such common spaces. These additional factors qualifies for a higher rental amount. Adding to it, even nurturing a good garden space has also shown positive impact on mental health.
Relationship Between House Size and Rents
It’s a no-brainer that as size increases, even the rent increases. The factors like the number of people residing in the house and lifestyle preferences play a vital role in deciding the final size of a rental house. The houses in an urban setting even with smaller footprints will have relatively higher rental value. But, almost every necessary facility will be available at a walkable distance from home. The rents also depend on the area covered in the number of rooms and bathrooms. For example, a bedroom with an attached bathroom costs more. Balcony and pent houses also add to the cost of rentals. Also the rental cost will be higher if the place is renovated and/or has a beautiful view and outdoor area. Hence, rental house and size go hand in hand in size vs rent vs location choosing wisely while renting house. And here is
House Size, Location and Relative Rents
The location and house rent relevance is observed minutely. In the older areas of the cities, houses are usually smaller in size, making them ideal for singles or just a couple to rent. Likewise, the rent for the bigger homes will be higher in these areas. While, the same does not hold true for newly developed areas especially in case of apartments. There is very less difference in rental amount between 2BHK and 3BHK in such areas. While we move away from the city centers, bigger houses and bungalows with bigger yards and open spaces can be found. However, in this case, rents will also depend on amenities and services available on the premises are the factors that affect rental decisions.
If one lives with family, one must understand that the house should be big enough to accommodate everyone. Depending on the family structure, the location can be finalized. The location can be near the workplace or hospital or schools or any other amenity as per personal choice and condition. Such a location would make the tenant spend more on rent. In such a situation, prioritizing according to present needs help.
Lifestyle Choices while Renting
Lifestyle choice plays a significant role in deciding a suitable location, affirmed by Geographers ‘Joan L. W. et al.’ who researched the “Latent Lifestyle Preferences and Household Location”. They notice a pattern in lifestyle influence on housing preference of location. The lifestyle preferences in context of size vs rent vs location to choose wisely while renting house. It can be noted as below.
Automobile Oriented
This lifestyle will work if a person prefers to live away from the hustle and bustle. They should be financially stable to travel to work individually. The transit oriented housing works well for the higher-income group. Green community spaces and house size selection depend on personal choice.
Social Life Orientation
A person who prefers a healthy social life likes to stay in an area near his/her/their community. Here, the familiar community location would take a front seat. Living with people of familiar community provides more mental security to the person.
Personal Well-being
For someone who pays attention to personal happiness and physical well-being can opt to live near natural elements. Hence, separate spaces for exercise and other hobbies becomes a priority for such a person.
Eco-Friendly
A compact dwelling good enough for a comfortable living standard. The rental location for ecofriendly lifestyle is walkable distance or near public transport. All these options helps to create a sense that some efforts are being made to reduce pollution. To take step further towards sustainability you can opt for sustainable furniture for your home interiors
Final Thoughts
Size? Location? Rent? Still confused about what’s important? It can be deduced that no singular factor stands out alone. Instead, different factors come together to make a sound decision. The factors between size vs rent vs location to choose wisely while renting house are as follows.
- Financial condition
- Family
- Health
- Lifestyle
- Community spirit
- Willingness to travel in some cases.
All the above factors must be weighed logically before a house is zeroed in for rentals.
Also if you are reconsidering the renting decision, the following can help you to get clarity.