Most of the country is suffering from the sluggish economy and the housing market has been in a slump for some time. Many people don’t feel comfortable purchasing a home in such a market.

Depending upon where you live and what the situation is like in your area, you may be better off renting a townhouse for less than you’d pay for a mortgage or for renting a two-bedroom apartment. You might even find townhouse communities that are willing to rent long term rather than see their townhouses stay empty. Now is a good time to make a deal.

What is a townhouse?

A townhouse is a side-by-side unit, with or without stairs, and is also known as a townhome. No two townhouses are the same. There can be parking in a garage or under a patio. Often you may be able to purchase more space and privacy if that’s what you need. There are some townhome communities that have amenities such as recreation rooms, storage units, small yards for each owner, community pools, and the ability to decorate your own property, within reason. You usually pay a maintenance fee and the grounds are kept up and lawns are trimmed.

Some things to take care of

Before you look at townhomes, be sure to access your credit report. This is something you should do every six months anyway. The best way to stay on top of your information, avoid identity theft, and keep your credit score as high as possible, is to access your credit report several times a year.

Pull your credit report because any prospective landlord will do the same. Make sure there are no errors and fix any problems you see by challenging the entry with the appropriate credit reporting agency. If the errors are not fixed within a reasonable amount of time or are negative issues that cannot be resolved, let the landlord know the situation right up front.

Make sure you have adequate savings. You should probably have six month’s worth of savings put away to get you through any emergency that might come up. At the very least, you should save the first and last month's rent as you will probably use it as a cash deposit. The cash deposit is usually due at the lease signing. Be sure to ask the landlord beforehand if they accept personal or bank checks.

Research all the available listings in the area by checking the newspapers, several different websites, and local real estate magazines. You might have to look carefully to find the listed townhouses or townhomes, not to be confused with duplexes.

Check out the yellow pages for rental agency listings. Give several places a call or check out their websites. Many agencies are available who will search townhouses for you based on a certain criteria. They have access to places that aren’t listed anywhere else. You can contact them for daily updates or get in touch with them via email. It helps to research thoroughly in all areas in which you might be interested.

Make sure to take a tour of any townhouse you’re considering living in and ask about any rental conditions. For example, find out if there is a limit to the number of people you can have in the townhouse as a renter.

When you look around both the townhome itself and surrounding property, listen for noise, disturbances, and evaluate the types of neighbors you would have. If you have children, you might want a family-friendly environment. If you’re single, you might have different needs.

Once you’ve decided on a place, read over the lease. Take your time to really think about what you want and whether this is the best deal for you. Look over the terms of the agreement, the amount of time the lease covers, the money you will pay each month, parking fees, utility charges, and any other fees that are clearly spelled out. Look for errors and don’t be afraid to bring them to the landlord's attention.

Request a reduction in rent if you are required to perform certain maintenance duties like landscaping, lawn care, or other "superintendent" duties.

Before you move in, make sure you take photos of the inside and outside of the townhouse. If you are able to document the property on video, be sure to do so. You want to capture the move-in condition of the townhouse in the event the landlord comes back later to accuse you of damaging the property. You want to be able to show, through photos and videos, that the damage was there prior to when you moved in.

Other tips

If you have a dog or a cat at the time you sign the lease for your townhouse, put the pet in the lease so it’s included. You don’t want the landlord later saying that you must get rid of it. Of course, there might be a slight fee for this inclusion.

Before you sign on the dotted line, make sure you shop around to get the best deal. Know the going rates for where you live and make sure you aren’t paying too much.

At the end of the lease, make sure you get your security deposit back within the time frame allotted. If your deposit isn’t returned, make sure you get an explanation of why it isn’t returned.

Now is a good time for renting a townhouse, but make sure you do your homework and get prepared ahead of the game for the best deals possible.