Is Renting From a Private Homeowner a Good Idea?

Renting a home is a big decision that comes with many factors to consider, like whether to rent from a private homeowner or a corporation. Private homeowner property rentals have gained popularity in recent years as an alternative to rental options provided by larger businesses.

While there are advantages to renting from a private homeowner, there are also some drawbacks. To help you make the best decision for your housing needs, check out these pros and cons to consider before signing on the dotted line.

Private homeowners typically have a smaller number of rental properties, which allows them to provide more personalized service to their tenants. Some landlords will lease properties that they used to live in and are more emotionally attached to. In this case, a landlord will often do what is necessary to keep a property as well-maintained as possible. 

As private landlords often have fewer properties than a corporation would, tenants are more likely to get individual attention. Contact with the landlord will be direct, and their issues may be solved quickly.

Private homeowners may be more willing to negotiate on rent or lease terms, especially if they are renting out a single property.

Corporations, on the other hand, do not typically offer this option. They are generally less willing to negotiate terms with perspective tenants, as they often have set policies and pricing structures.

Most of the time, private homeowners take pride in their rentals and may have add unique touches or features that distinguish them from more corporate rental options.

While corporations have policies in place to ensure that all of their properties meet a certain level of quality, their units often have the same layout, features and colors.

There may be rules in place, like a homeowners association (HOA) would have, that prevent a tenant from showing individuality in their choices. For example, a building may not allow patio furniture or outdoor plants.

Corporate housing is usually newer and more expensive. Sometimes units rented by private corporations have other fees for amenities like an onsite gym or a pool. 

Private homeowners may have lower overhead (they may have paid off the mortgage on a rental property), which can result in lower rates for the renter.

A landlord may also be willing to reduce a tenant’s rent if they do some work around the property themselves by maintaining a lawn or painting a unit.