Types of Housing
Whether you decide to rent or buy, there are many different types of housing available:
- Rental apartment – consist of a single-family unit in a building or house. Most apartments have one, two or three bedrooms.
- Bachelor apartments have a single room that serves as a living area and bedroom.
- Rental room – private bedrooms in a large home. Tenants would share a kitchen and bathroom.
- Condominium – (also called a “condo”) a unit in an apartment building or townhouse complex. When you buy a condo, you do not own the land.
- Duplex – house that is divided into 2 separate apartments, one on top of another.
- Detached house – a house that stands on its own.
- Semi-detached house – houses that are joined together on one side.
- Townhouse – a unit in a row of other units that look like houses, attached to each other.
When you rent any of these types of housing, you are a tenant. The owner of the rental unit is the landlord. A landlord may be a person or a company. In large buildings, the landlord often hires a superintendent (sometimes called a “super”) to rent out the units and take care of the building.
Renting and Leasing
A lease is a contract between a tenant and a landlord for renting property. It outlines the responsibilities of the tenant and the landlord, any restrictions on the use of the rented property and the rental price. Leases are usually for a period of 1 year.
You can also rent property month-to-month without a written lease agreement. This can be more flexible because you will not be bound to a lease agreement. If you rent month-to-month, you must give your landlord 60 days notice before you move out.