STEP 4: Choose your rental type.
This step will depend on how long of a lease term you're after and how big of a place you need. Depending on your market and your needs, you can rent a wide variety of home types from a variety of types of landlords. If you're looking for a short-term rental (six months or less), you may want to investigate a sublet (taking over someone else's lease or renting direct from an owner) or corporate housing, which is more expensive but convenient for someone new to an area. For longer-term rentals (typically 12 or more months), you'll find a wide variety of options on listings portals.
As for unit types, here's a look at the pros and cons of each:
Apartment in a high-rise apartment building
Pros: You'll live among lots of neighbors, maintenance is typically via a professional management company and your building may be centrally located in a walkable, urban area. You can probably also research large buildings more easily on blogs or apartment commentary sites.
Cons: Your unit may be smaller than options in suburbs, townhouses or single-family homes. It may be too small for a family. You will likely pay extra for parking in the building or a nearby lot. Management companies may be less flexible about credit scores or lease negotiation than small-fry landlords.
Townhouse
Pros: You'll have more privacy, with only one or two units on either side of you. You may have a yard, and the home's layout may be on two or more floors, meaning that despite the square footage residents can spread out and enjoy privacy within the home. You may have a patio or yard.
Cons: If you're subletting a townhouse directly from its owner, maintenance may not be predictable. You may be trading space for location, as some townhouses are in more suburban areas. Utilities may run slightly higher.
Accessory unit in a single-family home
Pros: These units are relatively private, likely situated in a cozy neighborhood and may be one-of-a-kind spaces. Renters may feel safer since landlord-owners live upstairs or next door. Laundry is often nearby or in a room shared with the landlord, and yard access is often included.
Cons: These units may be even smaller than the average apartment, and some landlord-homeowners create accessory units illegally -- meaning they haven't registered them with the city or may have used unlicensed or under-the-radar contracting work to renovate them. If utilities aren't separately metered, it may be hard to sort out bills with owners.
Single-family home
Pros: If you have a larger household, children, noisy habits (like playing music loud late at night) or pets who could benefit from a yard, a single-family home may make more sense than other rental options. You'll get a higher bedroom and bathroom count, as well as privacy.
Cons: Single-family homes can cost more to rent, and they may also carry expensive utility bills, especially if they are older and non-energy efficient. If owned and managed by individuals (versus a management company), it may take longer to get maintenance concerns addressed.