Over 2,600 new people become renters each day. If you're one of these new renters, you may be wondering whether it's best to get a house or apartment for rent by the owner or go through a property management company.
While choosing a house for rent by the owner may seem tempting, it can come with some significant downsides and risks.
Keep reading for five reasons why it might be best to avoid renting a home from a private landlord.
1. Fixing Maintenance Issues Takes Longer
Because you aren't renting your home through an official property management company, how your landlord responds to maintenance issues could vary greatly.
You may find yourself playing phone tag with them or waiting much longer than you would like for an issue to be resolved. Unlike management companies, most private landlords don't have people on-call to deal with maintenance needs, so it falls on them to find the time to fix them.
2. Renewing Your Lease Isn't Guaranteed
If you rent from a private owner, they have the freedom to sell the house or apartment whenever they'd like. This means that once your lease is up, there's no guarantee that you'll be able to renew it for another year (even if you specify that you'd like to).
By renting through a property management company, you don't have to deal with the stress and uncertainty of worrying whether you'll suddenly need to find a new lease.
3. Standard Contracts Aren't Always Used
Private landlords often use contracts that aren't standard, and in some cases, they may even try to avoid contracts altogether. Getting involved with an informal rental agreement can lead to big problems later on.
When you rent from a professional company, they are likely using a rental contract that is in accordance with state regulations. This means everything you need to know will be in print and your interests are protected.
4. Private Landlords Aren't Regulated
Similar to how private landlords don't always use standard rental contracts, they also aren't regulated like property management companies are.
If you're looking for a renting experience where the owners are held accountable and everything takes place above board, renting through a professional company might be the best move. Otherwise, if you fall into issues with a private landlord, it's going to be more difficult to get the help you need to solve them.
5. Knowing Renter's Rights May Fall on You
Private landlords often don't know the ins and outs of property law, even if they have the best intentions.
If you choose apartments for rent by the owner, make sure you get familiar with your own rights and responsibilities as a renter. This way you'll be armed with the right knowledge should something come up during your lease.
Think Carefully Before Choosing Homes for Rent by the Owner
In your search for the right home, weigh the pros and cons before committing to an apartment or house for rent by the owner to ensure your rental experience goes smoothly.
If you're interested in learning more about how a property management team in Oklahoma City can help you find the right new home while advocating for your rental needs, reach out to us today.
