At The Locators Real Estate Brokerage, so often are we asked what the difference is between renting a privately owned home versus an apartment, and which is best for each client. We ask our clients to think about a few of these main differences first:
1. What kind of environment is the client is seeking?
In the traditional apartment environment, one feature that stands out is how you’ll often find a variety of amenities including a pool, fitness center, business center, community planned activities, on site package service, and dog park features. Units are close together, most often shared by a common exterior or interior hallway. Sometimes there is a secured gated entrance or concierge service as well. In most apartments you’re surrounded by many neighbors, which can result in a much more social environment.With a private home rental, the environment can be much more secluded. There are less amenities but often clients feel the privacy trade off is worth it. Many times, clients who look for private home rentals specifically look for private backyards, swimming pools, and attached garages. Home rentals can be much larger than the typical apartment sizes you’ll find in Texas and can have other features like gas appliances, covered patios, and jetted tubs to name a few.
2. Consider the difference in upfront cost.
In the DFW Rental Market, there’s one difference in the upfront cost you should consider. Deposits are typically much less expensive in apartment rentals than in the privately owned. In the privately owned rentals, you should assume an amount of one month’s rent as the deposit upfront, or something close to that in addition to a separate pet deposit if the rental allows pets. Often times, larger deposits become a barrier for renters who do not want to pay the substantial upfront cost. Look for apartments to run specials on upfront costs including discounts on their administration, application and deposits!
As we begin the process of finding the perfect rental, so often we consider only the up front amenities such as amenities, location, and pricing but we often overlook a major consideration, which is the management of the property.In an apartment rental, most often you’ll find the property managed by a professional apartment community with a staff of leasing agents, maintenance and a general manager. They usually have policies and procedures to provide maintenance requests within 24 hours; a staff that organizes community social events, and on-site staff that provides service on a full time basis for your needs.With a privately owned home rental, the property is usually managed by the individual owner or a third party management company. The timing and response for maintenance requests are usually handled as per the lease agreement that you signed as the tenant. The level of service is often dictated by the individual owner or management company that has been chosen.
As you consider these important differences when trying to find the perfect home, we’re always here for you, whether it’s to rent a private home or in a community. The Locators Real Estate Brokerage is always finding you the best places to live! Contact us today!