When renting an apartment or home, you will have the choice of either renting from a private landlord or from a property management company. While both of these options provide several benefits, many prospective tenants ultimately find that renting from a management group is the most beneficial option. Taking the time to carefully consider the pros and cons associated outlined below can help you to decide for yourself whether or not this option is right for you as well.
There are many benefits that come along with choosing to rent from a property management company. These benefits include:
- Professional Interactions - Property management companies are not personally invested in the rental properties that they represent. Consequently, these companies are able to offer a far more professional relationship than the one that often exists between private landlords and their tenants. This can be a very beneficial feature for individuals who are looking to rent a home without the threat of a private landlord consistently stopping by to check out the property or retrieve items they have stored on the property.
- Clear Lease Terms - Property management companies are experts in the area of landlord/tenant laws. This allows them to provide each tenant with clear lease terms that protect both the interests of the property owner, and the rights of the tenant.
- Quick Response Times - It is quite common for property management groups to maintain a 24 hour hotline and their own personal staff of repair contractors. This allows them to provide much faster response times in the event that something goes wrong on your property.
There are also some disadvantages that you should be aware of before choosing to rent from a property management company. These disadvantages include:
- Application Fees - In order to cover the cost of screening each tenant that wishes to rent one of the properties they represent, property management companies will typically charge an application fee. This fee applied to each adult that wishes to occupy the home and is non-refundable, even if your application is ultimately denied.
- In Depth Tenant Screening - Property management companies typically complete in depth background, credit, and rental checks on every perspective tenant. If your background is less than perfect, this could be a serious disadvantage.
The Bottom Line
There are many factors that you will need to consider when deciding whether or not to rent from a private landlord or a property management company (such as Connelly & Company Management Ltd). For instance, your current budget, previous rental history, and your desire to have a close relationship with your landlord can all have an impact on which type of rental is right for you.