Apartment hunting. It can be a process, and it can be painful at times. But, it is something that about 44 million Americans do.
Landlords and property managers may want to go through every little detail of your past to make sure that you would make a good tenant. You may be looking at multiple properties to try to figure out what is right for you.
There are a few different options when it comes to apartment hunting, and one is apartments for rent by owner.
For those of you new to apartments, you are probably wondering what this means? What makes this different from other apartments?
These are the things you should know.
How Does It Work?
Apartments for rent by owner are not much different than regular apartments, but there is one important factor. That is that they only have one owner.
Most apartment complexes are owned by an apartment management company, whereas by owner means that one person owns the entire property. Sometimes, this can even be a multi-family home where the owner lives on the property and you live either upstairs or downstairs.
Pros of Rent by Owner
One of the biggest pros is that you are much more likely to have a personal relationship with your owner. This would be very difficult to achieve with an apartment management company, and talking to the owner directly can keep you in good standing.
If you are a good tenant, this may allow you to get more flexibility on certain aspects of the apartment. If the owner is living there, this may even allow you to get a discount on your rent that you could not get in a bigger and more modern apartment building.
Not to mention, if there is something wrong with your apartment, you could potentially get it fixed a lot quicker by being able to talk to the owner directly.
So, having a relationship with the owner is not to be underestimated, with the time and money savings available.
Cons of Rent by Owner
For rent by owner, the biggest con is usually less modern amenities available. Apartment management companies usually have more of this available with newer building layouts.
This can also lead to less likely professional maintenance and having to go through a more difficult process to get something fixed in your apartment. Or, at the very least, it may not be handled with as high of quality.
Finally, the biggest potential con of rent by owner is potentially living on the same property as the owner. Some owners just rent out the upstairs or downstairs floor of their property.
This can potentially make it awkward for you to take bigger steps to have an independent social life in your apartment or even the way you live every day in your apartment. It is something you should think more about before signing up and worth figuring out if it is something you can live with.
Learn More About Apartments for Rent by Owner
So, now you know that with apartments for rent by owner, you might be able to save more money and be a little more flexible. But, you may lose some privacy and modern amenities.
Not all rent by owner properties work the same, so do you want to find out more?
Contact us if you are in the Phoenix area to get started today.