A virtual private server (or VPS) is similar to a shared environment, without the negative side effects. The hardware is still shared, but usually among a few users only, and the hardware is partitioned equally.
Another account on the same server cannot use up to 80% of the resources. If four accounts are on the server, each one may use only 25% of the assets. This effectively takes care of the unpredictability issues.
Attackers also have much more trouble accessing other accounts on the server through a single website. It is possible in very rare cases, but it is not something you should worry about.
Because you have your own corner of a server, you are free to do more with your account than you can with a shared host. This includes more server administration options, installation of tools, SSH access and more.
While some VPS accounts cost $5, you will generally pay around $15 to $20 per month. If you have the money, then definitely do choose either managed WordPress hosting or a VPS over a shared environment.
VPS gives you the most flexibility out of the bunch. If you plan on trying out other content management systems, such as Joomla, Drupal or Laravel, then managed WordPress hosting is out of the question because it supports only WordPress.
In a nutshell, if you’d like to be able to meddle with your server, install other packages and learn about your server, then go for a VPS.
A bunch of VPS providers are out there. Here are some of the best-reviewed ones: