You've probably seen "for rent by owner" plastered in a townhouse window but weren't sure what that meant. Well, not every rental residential property is owned by a gigantic corporation.
About 72% of all rental properties in the U.S. are individually owned. This is what "for rent by owner" means. They are rental units that the owner directly leases, but some choose to outsource leasing to a property management firm. So, how do you find a 'for rent by owner' home?
Below are three tips to locate a private owner's rental. We'll also discuss the pros and cons of living in one of these residences.
1. Browse Your Neighborhood
The solution to your housing needs can be as simple as looking around your community to find a for rent by owner home. People often post signs on windows or with yard stakes.
You can drive or walk the neighborhood to find people willing to rent. Be sure to ask your neighbors if they know someone renting a home.
2. Use Social Media
Facebook is a good way for landlords to find rental tenants because it's free. An individual investor may not have much money to spend on advertisement.
Facebook ads target specific people, and they're effective. It's easier to have the platform locate people looking for renters than for the landlord to do it themselves.
Social media is easier for you as well. You can reach out to the landlord via Facebook Messenger.
3. Try Listing Sites
Sites like Appartment.com and Apartment List can help locate privately owned places to live. However, it can be difficult to tell when the residential property is for rent by owner.
Here are clues to tell you if the place is corporate:
- Housing management companies often watermark images
- Many listings by management companies mention the company name
Apartment List lets you message landlords to ask who manages the property.
Pros and Cons of Private Owner Rentals
We've shown you how to find private owner rentals, but what makes these good places to live? Here are a few reasons to consider (or reconsider) living in a 'for rent by owner' house.
First, the pros:
- Various types of homes
- Including single-family units, condos, and townhouses
- Flexibility
- You may receive leeway on rent and pets
- Potentially more affordable rent
- Easier communication
- You speak directly to the landlord
Here are the cons:
- Fewer amenities
- You're likely not getting a pool or gym
- The home may have a washing machine and dryer
- Maintenance requests may take longer
- Landlord may handle maintenance opposed to property manager
- Rent for owner residences are harder to find
- They don't advertise much on larger rental platforms
- On-site landlords
- Can inhibit tenent experience due to behavioral pressure
How to Find for Rent by Owner Homes
Finding for rent by owner homes isn't an easy process. There are avenues, but they don't advertise much on larger rental platforms. This means resorting to less formal means to spot them.
One way owners can make their Kansas City for rent by owner home more visible is to rely on the aid of a property manager.
PMI Station is a full-service property management company offering assistance in the Kansas City area. Contact us and we'll connect with potential rental tenants.
