If you have ever rented an apartment or home directly from the owner, it is likely that it was listed as: houses for rent by owner. Just as the name implies, when a home is rented out by the owner, there is no middleman to the transaction. There is no agent, brokers, or any other third parties, who are a part of the transaction. The property is listed online, in classified ads, or on other social media platforms or sites, directly by the owner, to those who are interested in renting the home or apartment directly through them.
Why would you rent directly from the owner ?
One of the best reasons to look at homes which are listed as houses for rent by owner, is because of the potential savings for you as a renter. Understand that when an owner hires a listing company or broker, they have to pay them for their services. These costs come in the form of commissions, fees, and other costs, once the home or apartment is rented by the listing agency. When the home is listed directly by the owner, none of these fees apply. This means a home which would otherwise be rented out for $1200 a month, can be rented out for $1000 each month. As a renter you save, and as the owner, they do not have to pay fees to the third party companies they would otherwise work with, when trying to rent out their home.
Why do owners list directly?
Again, it saves them fees, commissions, and costs; but, this is not the only reason to list houses for rent by owner. In today’s day and age, owners have so many resources available to them. They can use a local newspaper classified section, and post the homes through this source. Online sites, like Craigslist and Zillow, are not only free, but they allow the owner to post the houses with pictures, and all the relevant information about the rental. These sources are free, but are also self explanatory, and extremely easy to list a house with. So, more and more owners feel confident in listing the property themselves, through various free listing sites and classifieds, to prospective tenants. Further, the owner can list the minimum requirements, rental fee, and what the tenant is required to prove, in order to apply for the home that is listed for rent.
Another popular posting for houses for rent by owner are those which owners have vacation homes they want to rent, when they are away. Online sites not only allow them to post vacation homes year round (for a very low price), but the owner can rent the homes, throughout the year, if it is a popular vacation destination. Due to the fact that more and more people today want the luxury of a home away from home when vacationing, there are several listing sites, which are dedicated for just that – vacation rentals by owners.
Why should you consider to rental houses for rent by owner?
The most obvious reason is the potential to save. Just like the owner will save by posting houses for rent by owner, rather than through an agent, as a renter, you are likely to get a deal on the monthly rent. You should know that there is no difference in the quality of the homes listed by owners, versus those listed by agencies or brokers. You get what you pay for either way; but, when you rent directly through the owner, you do not have to pay a third party, who is helping you search for the home you are going to be renting.
Another reason to consider renting directly through the owner, as opposed to renting through a company that helps you find an apartment or home, is the fact that you can build a personal relationship with the owner. It never hurts to have a positive, friendly relationship with the person you are renting from. If you ever need new appliances, if something is wrong in the home, if you are having issues once you rent the home, you already have that personal relationship with the owner, so it will be much easier to talk to them directly, when problems do arise, and you need them to fix something immediately.
As a renter, you should know that there is no real difference in the houses for rent by owner, versus those listed by online, or local listing agencies. The only real difference is the savings – for both you as the renter, and the owner, since there are no third party transaction fees which have to be paid out to the listing companies, and to the companies which help you find the rental that you are looking for, when you are searching for a home to rent for you and your family.
So, who should you rent through?
As someone who is looking for a home to rent, the only person who can answer the question is you. If you want a home, in a specific area, for a lower price, and don’t want to look at various properties, maybe a house for rent by owner is the way to go. On the flip side, if you are the type of person who wants to see several properties, wants to work with an agent, and want to find exact specifications in a home you are going to rent, then working with a service company that helps you find apartments and home for rent, may be the option for you. There is no right or wrong answer, and you simply have to weigh the pros and cons when searching. Its either a lower price in one home, or search several homes, to find exactly what you are looking for, when working with a third party company. Regardless of what you are looking for, if you do choose to rent the properties which are listed as houses for rent by owner, you can find a great home, with the features you want, for a reasonable price, by using the right online and local resources to find these homes.