Who’s the Right Landlord for Me?

When you’re searching for a place to live, there are almost as many different types of landlords as there are apartments for rent.  I would break them down into the following categories:

Private owners – Own a few properties and just enjoy the extra rental income.

• PLUS SIDE:  The rental process is probably fairly simple with less stringent credit and income requirements. 
• MINUS SIDE:  The owner may suddenly decide that his daughter needs a place to live and you need to move out next month.

Regional multi-property management companies – Here in the Pittsburgh area, we have at least 30 of these – medium-sized realty companies managing 50 or so apartment buildings and communities. 

• PLUS SIDE:  These companies are well-regulated by federal Fair Housing laws.  Therefore, as a renter, you are protected from any sort of discrimination or shady treatment.  You will sign a lease, which is a legal document and, therefore, clearly spells out both yours and the landlord’s rights and responsibilities.
• MINUS SIDE:  You will sign a lease!  Again, this is a legal document and protects the landlord, too.  Make sure you read and understand what you’re signing. 

National corporate management companies – There are a couple dozen of these companies represented in the Pittsburgh market, as well.  These are companies that usually manage large swanky properties with lots of amenities.  Think fitness center, communal recreation areas and swimming pools. They are also typically managing the shiny newly built properties with names like “CityScapes,” “XYZ Factory Lofts,” or “Something Yards or Flats,” for example.  They’re top-of-the-line apartments with stainless steel appliances and granite or quartz countertops in the kitchen.  The washer and dryer are in the unit; the bathroom has a fancy shower with multiple jets and a rainfall overhead.

• PLUS SIDE:  If you can afford it, it’s luxury living! 
• MINUS SIDE:  In PA, the average rent per square foot for an apartment is about $1.20, according to a recent study published by Statista.com.  You’ll probably spend up to twice that to live in a luxury loft close to the city center.  Also, be sure and check the sound levels in these new buildings.  Some builders are more interested in getting a building up quickly than they are in using solid materials with good soundproofing. 

The takeaways here are:

1. Finding your right apartment is just as much about choosing a landlord as it is about deciding on the best space for yourself.

2. If you’re signing a lease, make sure you get someone to look it over for you, ideally a legal expert.
   
   
3. Chances are, your landlord will be a fine, upstanding human being.  You can do your bit to ensure a good relationship with your landlord by being a good tenant!  More on that in a later post.