Are you trying to decide between renting an apartment that’s managed by a professional property management firm and one that’s privately owned? At All Luxury Apartments we have some very helpful advice on choosing what type of landlord is right for you.
When it comes to renting an apartment, whether that’s a long term rental or a short term stay, there are usually two choices when it comes to deciding who to rent from. Almost every rental you will come across is either going to be professionally managed by an agency or privately owned and managed by an individual. To make it easy, compare this to Starbucks vs your local boutique coffeeshop. The rental process for each can sometimes be a little different so read on for some helpful tips and advice from the property experts.
What is a property management company?
A property management company is in charge of managing the property for the person who owns the house or apartment and acts as the middleman. Property management companies usually manage lots of different properties for lots of different owners. It is their full time job and business so they are very efficient. They will handle everything from the maintenance requests to the rent collection.
What is privately owned?
When a resident chooses to rent from a private owner, they do it directly from the owner of the home. They can create their own rules, and they are the ones that determine rent and security deposit amounts.
Pros of a professionally managed property
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Availability. If you rent a privately owned property then you might not always have contact with the landlord. They could be on holiday for example or not be available in the middle of the night. However, an apartment managed by a property management firm will have round-the-clock care usually.
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When it comes to handling repairs and things that might go wrong with the apartment or house, a property management firm is likely to be more professional.
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A professional property management is likely to stick to the rules more than a privately owned rental. They will walk you through the apartment, make sure everything is in order and the paperwork might be more thorough.
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You are less likely to run into problems. For example, they won’t be able to ask you to move out at a moment’s notice and you have a lot of security.
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Property management companies can be stricter than a private landlord.
Pros of a privately owned property
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If you choose to rent through a private landlord, it’s likely you’ll forge a relationship with them. It can be nice to be on first name terms with the person renting to you and it can also make you feel more secure.
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Private landlord might be open to bending the rules more on things like pets, number of housemates and rent due dates.
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You are unlikely to ever meet anyone from the property management company and will simply correspond over email and the phone.
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Private landlord might be less strict with qualifications for the property.
