Renting from owner vs renting from professional mgmt? (apartments, rental)

[NJ_Newbie]

What are the pros and cons of renting from an individual owner of an apartment/condo?


any thoughts are appreciated.

[freebyrd56]

Originally Posted by NJ_Newbie

What are the pros and cons of renting from an individual owner of an apartment/condo?


any thoughts are appreciated.

In my experience, renting from an individual owner is preferable...reason being is that if you get behind in rent, owners are more willing to work with you and are more understanding (most of the time anyway) Corporation owned apartments and condos are just that, corporations, they don't want to hear any sob stories you are not a person with problems you are another income producing number and you can easily be replaced

[wanderlost]

In my experience the mgmt companies have been better. For some reason, private owners think they have the right to just show up at your apartment whenever they want. Mgmt companies are not allowed to come into your apt for any reason without advance notice. (except emergencies).
I've also found that private owners are not so good with making repairs. With a mgmt company, if something breaks, all you have to do is call and a repairman shows up. Also, they don't expect you to do outside maintenance as some private owners do.

I rarely pay my rent late, but if there is a situation where my rent might be late I've never had a problem with the office as long as I let them know. There might be a small late fee.
Also, private owners always figure out a way to keep your security deposit. I just had a friend who had to take an owner to court in order to have her security returned. That has never happened to me with a mgmt company.

[johnfrisco]

I agree with wanderlost. I have lived in both and I prefer the management style rental. Repairs are quicker and landlords in private homes can be very nosey.

[AnthonyB]

Agree with wanderlost too. Private landlords are frequently jumpier and take everything personally - especially if they are new to it, or it is a house they are renting because they can't sell it.

With a management rental we have professional landscaping, a pool with a lifeguard (included), 24 hour emergency maintenance (they live on-site across the road and are here in 10 minutes, very handy when the AC died- they even keep spare parts) and nothing is personal - I can even decorate to my own taste, I've painted the walls.

I don't pay late, so I don't worry about issues like that - but I know they were quite nice to someone in the complex who had a temporary situation.

[brook2ga]

I prefer a mgmt company. I rented from a private owner once and it was a nightmare. Management companies tend to have policies, procedures, etc...which makes things easier, especially if there are issues to be dealt with.

[RobRiguez]

I lived in three private houses (2 family) where the owner lived upstairs. 2 apt buildings owned by private individuals and then moved to a 300 unit complex run my a management co. BY FAR the best experience I had was with the large management co. Everything was handled fair, they set pricing for late fees, breaking leases, extending stays, etc etc all in your leas so you knew what the rules were up front. As long as you stuck by your rules as a tenant they never bothered you. I customised the hell out of my last apt and all they cared about was that it was returned to normal when we left. I did and got every penny of my deposit back with interest. If I didnt buy my house I would have never left there.