Deciding Between Apartments and Private Rentals

When making the decision on whether to rent from an apartment community or private owner, there are a few subtle differences worth accounting for. The following information speaks in general terms and there are always exceptions. But I believe it offers a fair assessment of some of the factors you should consider before deciding which route is best for you.
PRIVATE RENTALS
: Private rentals are homes or condos owned by individuals who, rather than living in the homes themselves, have decided to rent them to the public.The owners may act as landlords, collecting rent and dealing with maintenance issues on their own, or they may hire a 3rd party management company to handle day to day tasks for them.
: There are some nice advantages to renting a privately owned home or condo. In general, these homes are less expensive from a dollars per square foot perspective. They also tend to be less densely occupied than apartment communities where homes are often stacked four high with shared walls on 2 sides. Many private homes have their own pool, yard (typically maintained by professionals), attached garage or other unique feature that many apartment communitities just can't provide.

On the flip side, there are a few areas where private rentals may be found lacking. Security deposits for these homes tend to start at one full month's rent capping out at as high as two full months'. Mainenance issues may or may not be handled as quickly as you'd hope. There's always a possibility that you may move into a home that the owner loses to the bank. This final fear is a serious one and in these days, perhaps the best reason to work with an agent on finding you that private rental, rather than fishing yourself through newspaper and Craigslist ads. As a dilligent agent, I do my best to research any home that my clients decide to place an offer on to make sure that there is no notice of default filed and that there are no other obvious red flags indicating trouble before we finalize.

APARTMENT COMMUNITIES: Apartment communities are typically owned by large corporations and having varying levels of amenities and services.

If you like the idea of having a community pool and spa, maintanence and customer service professionals on site, activities to attend, and a fitness center so close you have no excuse not to work out, finding the right apartment community may be perfect for you. Especially when you begin looking at more newly constructed complexes, some of them are so beautiful and luxurious they rival some resort hotels. Add to that the fact that well qualified renters can usually get away with a $300-$700 security deposit (though those less qualified could still find deposits as high as 2 months' rent).

There are tradeoffs. Often these communities are significantly more expensive for their size than private rentals. With such a dense population you should be extra cautious about safety and security. You may end up with a neighbor who is extra sensitive to your footsteps or television volume...or worse yet, you may get the neighbor who insists on blaring the stereo at all hours!

UNDERSTANDING THEIR MOTIVATION: This final point is incredibly important. When it comes to renting from someone, whether it's a private individual or a large corporation, it's important to understand what they are trying to accomplish.

Most private owners want their dream tenant. They ask a fair rent and expect it to be paid on time, every time. If they have that they are happy and will likely do all they can to make sure you remain happy. It's a win-win. If they think raising your rent will drive you out, they'd much rather keep your rent where it is and keep the win-win scenario.

Most apartment communities are owned/run by large companies who are responsible to shareholders, a board of directors, investors, etc and they are expected to show YEAR OVER YEAR PROFIT. While they too would like to have great tenants who pay on time, they are forced to be more aggressive in raising their rents and will often let you walk away in order to move in someone new willing to pay the slightly higher price tag. In rough markets these companies have to do more compromising. But when business gets busy they tend to go back to their aggressive pricing and renewal increases.

: In any case, know that I am happy to help you find the right apartment community or private rental for you. Give me a call or send me an email and we can begin the process!