When searching for an apartment to Rent, you may come across a “For Rent by Owner" sign. Typically, a property management company handles apartment rentals, but when you rent from a Private Landlord, you rent from an individual. There are many pros and cons to renting from a private landlord, all of which you should carefully consider before signing on the dotted line of any rental agreement.

Pros of “For Rent by Owner"

The advantages of renting from a private landlord range from more housing options to more flexibility and beyond.

Housing choices extend beyond apartments

While you may come across a rental apartment from a private landlord, you're more likely to see single-family homes, townhomes, condos, garage apartments or even tiny homes for rent from a private landlord. These could include more space, a backyard, a private garage and other amenities.

Private rentals may have fewer restrictions

Renting through a property management company typically entails a detailed rental agreement with penalties (such as for moving out early), specific rules (such as a no-pets policy) and a long-term rental agreement. With a private landlord, you might have more flexibility, such as the ability to move early without penalty, sign a month-to-month rental agreement or have a pet.

It could be easier to qualify for a private rental

Property management companies often have strict requirements for potential renters to qualify for a rental. This could include a minimum credit score, confirmed employment and income requirements. A private landlord could still consider these same factors but is possibly more flexible if you have less-than-stellar credit.

Private rentals could be more affordable

Rent in a managed building typically includes fees for the property management company, amenities, such as a swimming pool and fitness center, landscaping and other maintenance and upkeep. With a private landlord, some of these fees go away, which could result in lower rent. You may find your landlord is willing to further reduce your rent in exchange for such services as lawn care, painting the apartment yourself and other tasks.

You could have more privacy

Depending on the type of private rental property, you may have more privacy than living in an apartment building. For instance, if you're renting a single-family home, garage apartment or tiny home, you'll have some distance from your neighbors. You also won't have to worry about the upstairs neighbor who waits until bedtime to vacuum the floors.

Enjoy a direct line to your landlord

If you need to reach your landlord, you can call him or her direct. You won't have to reach out to the property manager to report a maintenance issue and wait for someone to get back to you. Likewise, if you have trouble making rent, you can talk directly with your landlord to work out a solution.

Cons of “For Rent by Owner"

Of course, there also are some drawbacks to renting from a private landlord, which could discourage some renters from choosing this route for their next home.

There are few or no amenities

Private rentals typically don't have the same amenities found in apartment complexes with property management companies. These range from swimming pools and tennis courts to fitness centers and clubhouses.

You may have to wait for maintenance repairs

Having a direct line to your landlord does mean you can report an issue right away, but that does not mean they will address it right away. There could be a number of reasons for the delay, but the end result is the same: Your repairs could take longer.

Your landlord might be your neighbor

When renting a private unit, such as a duplex or garage apartment, your landlord may live just a few feet away. While this is convenient if you need to report an emergency repair, it's intimidating if you want to host a party. Some landlords also may pay close attention to who comes and goes from your home and not afraid to discuss it with you or others. Even if they're not nosy, you may encounter them more often, which could be uncomfortable for some renters.

Private rentals might be hard to find

Unlike rentals handled by property management companies, private rentals usually aren't advertised, making them harder to find. If you want a private rental, you'll need more time to find one, and you'll likely have to widen where you search.

For instance, in addition to asking friends, family and coworkers if they know anyone renting a private unit, you'll need to scout out “For Rent by Owner" signs. Some online neighborhood groups also may advertise private rentals, but it's important to thoroughly vet any rental listing before signing a rental agreement or handing over any cash to avoid rental scams.

Questions for a private landlord

Before signing any rental agreement, it's important to know all the specifics regarding the property, your responsibilities and the landlord's responsibilities. Therefore, make sure to ask the following questions:

• How much is the rent?
• Does the rent include any utilities? If so, which ones and any maximum amounts.
• When is rent due? Is there a late fee? If so, is that immediate or is there a grace period?
• How can I pay my rent? Cash, check, credit card, online, etc.
• Do I have to pay a deposit? If so, how much? Is it refundable when I move out?
• Are there any other fees? If so, what are they and how much?
• How long is the rental agreement?
• What's the application process? Background check, credit check, etc.
• Can I have a pet?
• Can I have a roommate?
• Is it possible to break the rental agreement early? If so, is there a penalty for doing so?
• Do I have first rights for renewing the rental agreement?
• What are my options for parking? Am I allowed to have guests park here, too?
• How much notice do you provide before entering the home?
• How do I place a maintenance request?
• Can I paint?
• Do you require me to carry renters insurance?
• Are there house rules?
• How much notice should I give if not renewing the rental agreement?

It's also important to have specifics regarding rent, utilities, what to do for maintenance and so on in writing so there's no confusion if a problem arises.

"For rent by owner" is not for everyone

There are many advantages when renting from a private landlord, but it isn't for everyone. It's important to review all the pros and cons to see if a private rental is really what you want for your next home.

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