Privately Owned Or Complex? Your Guide To The Best Choice In Apartment Living

By Megan Patiry on April 12, 2014

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The steps to leasing an apartment can seem long, winding and intricate; yet, the process can become relatively simple once you decide what makes or breaks your ideal living situation. This decision can usually be made by delving into the differences between renting from a privately owned complex and renting from a larger corporate complex, both of which have their advantages and disadvantages.

Privately Owned 

Typically, a private landlord owns only a handful (if not just a single) apartment complex, which signals that they have a vested interest in the property and the tenant’s (your) happiness; after all, they’re competing for your business against the larger complexes. This has numerous benefits, one of which lies in rental negotiation, as private landlords are more likely to negotiate rent, whereas larger corporations “play by the book” and usually refuse negotiation. Privately owned complexes can also be more lenient when it comes to “improvements” or additional decoration ideas, making it easier to transform the look of your pad.

On the down side, privately owned complexes can lack in the assurances that most corporate complexes offer; however, these assurances should be laid out in the lease or rental agreement, so it should be easy to spot them.

Assurances include things like maintenance and utilities, which you want to make sure the landlord has enough of a profit margin to cover, should a maintenance cost arise or a broken refrigerator ensue. Ask if they will be covering maintenance themselves or who they are hiring to cover it, and make sure it is listed in the lease.

Also be aware that privately owned complexes can be unpredictable. Sarah Miller, 25, in an article for the Washington Post, described how she rented a two-story, one-bedroom Eastern Market apartment from a private landlord. Miller was extremely happy with the place and the low rent, until she one day awoke to discover the landlord had sold the complex, resulting in her rent being raised from $890 to $2,100 a month.

Although Miller ended up moving due to the rent raise, the article mentioned that the landlord did go out of his way to attend to her needs:

“On the other hand, some private landlords are more involved in what’s going on with the place because they own it themselves. When Miller accidentally locked herself out one day, her landlord, who lived in Vienna, drove to the District to let her in.”

Avoid private owners who may be thinking of selling soon, or who side-step the question when you ask them if they ever plan on selling.

Larger Complexes and Property Management Companies

Renting from a larger or corporate complex usually offers more in terms of size and assurances. Maintenance is a priority and can be expected to be timely, unlike the hit-and-miss of privately – owned complexes. According to Oh My Apartment:

“They have the benefit of a larger budget and may be able to be more responsive to your requests that result in a big bill from the plumber or A/C guy. They are also more likely to run by the book. This can be in your favor when the neighbors party every night and park in your spot.”

Corporate complexes usually contain many amenities as well, such as a pool and fitness room. However, be aware that these amenities can drive up the price, typically making renting from a large complex more expensive than renting from a private individual.

Also, while size and assurances can be a bonus, they can also be a downfall, as there are usually no “special exceptions,” like rental agreements or appearance alterations, that you might find with a private landlord.

Regardless of your choice, you should be aware of the specific tenant laws and rights for your state, and also be sure to consider carefully what you value most when it comes to lifestyle. Again, if you want to save money and deal directly with the owner of the property, renting from a private owner will be your best bet, and while some landlords can be less-than-ideal, most are making a living out of you being satisfied with their complex.

On the other hand, if you have no need to know the owner and prefer all the amenities a large complex has to offer, they can be great as well, but are often uncompromising when it comes to cases of exception.

Either way, a thorough inspection of the leasing agreement will save you valuable time and money, making the rental process a breeze.

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