Large Apartment Complexes vs. Privately Owned Properties

When it comes to property rentals, there are many options to choose from;

location, budget, size, move-in date, etc. are all things a renter needs to keep in

mind when looking for a place to live. One of the first questions a renter must

answer is - what type of property is best for me? To help you in making this

decision, this blog post will review the differences of renting in a large apartment

complex vs. a privately owned property.

Large Apartment Complexes

A large apartment complex typically consists of 50+ units of varying sizes.

Advertising to a large demographic, amenities are generally an attractive perk and

can be a big selling point for renters. That being said, it is important to look

beyond amenities and objectively weigh the pros and cons of living in a larger

building.

Pros:

Property Management – The great thing about renting in a bigger complex is you

will have an on-site property management team. Any questions or issues that

arise can be easily solved by walking down to the leasing office.

Maintenance & Repairs – Generally the property and units within larger

complexes are well-maintained. Most have on-site maintenance so any problems

in your unit are taken care of in a timely manner.

Apartment Options – A building that has 50+ units are going to have different

apartment options to choose from. This is based on availability of course, but

often there are different layouts and pricing available.

Amenities – As mentioned above, one of the greatest perks of a bigger apartment

complex is the amenities. These usually include things like a fitness center, pool,

computer room, lounge area, package center and depending on the building

there can be even more!

Cons:

Impersonal – The property management team is available to all residents of the

building and may not provide the personal touch you are looking for.

Noise – One of the biggest drawbacks of living in a large complex is noise. You can

have people above you, below you and next to you on both sides which can get

noisy.

Busy – Large buildings can get crowded. You may have to wait for elevators, to

use a grill or have to wait for a spot at the pool on a beautiful day.

What you see is what you get – When looking on a property’s website, the units

available with the layout, pricing and move-in date is what is available. You might

be able to negotiate a move-in date if units aren’t renting, but price is generally

non-negotiable.

Privately Owned Property

Privately owned properties include houses, condos, townhomes or an apartment

complex with around 5-10 renters. They tend to feel more “homey” but there are

some things you need to be aware of before choosing one of these properties.

Pros:

More personable – One of the perks of renting a privately owned property is it

can be more personable. Since you will be in contact with the landlord directly,

you will get more acquainted with one another.

Room to negotiate – The biggest advantage is negotiation. It is a lot easier to

negotiate rental terms (move-in date, pricing, term, etc.) with a privately owned

property vs. a large apartment complex.

Know your neighbors – Since privately owned properties only have up to 5-10

units, it is a lot easier to meet and get to know your neighbors.

Less Crowded – With only 5-10 other people at most in a property, you won’t

deal with long wait times for an elevator, grill, laundry, etc.

Cons:

Maintenance & Repairs – Without a property management company, landlords

are generally in charge of all maintenance and repairs. Oftentimes landlords have

“day jobs” and in result repairs can take longer and you may not see regular

maintenance like in a larger complex.

Safety – By law, every place is required to have fire and carbon monoxide alarms,

but you don’t always find a fire extinguisher or a set evacuation plan in case of an

emergency.

Responsiveness – This is 100% based on your landlord, but like mentioned above,

some landlords may not be available 24/7 and this can affect how quickly they

respond to your inquiries.

Possible Parking Issues – Some properties may not offer any parking options and

you may be stuck with street parking. This can sometimes be difficult to find and

something to consider when you have guests come over as well.