A dream home can take many forms. Yours might be a cozy studio in a high-rise apartment with great amenities, a trendy beachside condo, or a single-family home with three bedrooms and a basement. As you’re trying to decide, a variety of options become available. The trick is to find the ideal rental for you. Perhaps you discovered an adorable cottage with a sign in the yard: “For Rent by Owner,” and its wide porch and flower garden spoke to you. Maybe you’re the proud pet-parent of a Saint Bernard and you want lots of land for him to explore.

After considering all of the possibilities, you’ve decided to rent a home from a private owner. How do you go about it? What should you be aware of? How is this different than renting an apartment managed by a property management company? Let’s explore the pros, the cons, and the questions you should ask when considering renting by owner.

What is a Landlord?

Simply put, the landlord is the owner of the property being rented out. As the property owner, this is the person who will screen tenants, set the rental price, handle maintenance, accept payments, and deal with issues or complaints. You may also hear the terms “lessor” and “owner” used when referring to a landlord.

Most single-family homes and small apartment communities (typically less than six units) are managed by the owners themselves. Large apartment complexes are often managed by property management companies. If the property owner has several rental homes or an apartment building larger than six units, they may consider a property management company, as well.

The Benefits of Renting by Owner

Flexibility

The main benefit to renting from a property owner is flexibility. The owner makes the decisions, not a company. If you are in a situation where your credit isn’t the best or you have an eviction in your history, you have a better chance of explaining your situation to a landlord than you would a property management company. It’s even possible to find no-credit-check rentals by looking for rentals by owner. If you have multiple pets or a very large dog and are having difficulties finding an apartment community, you could have better luck finding a private home to rent.

Cost

Renting from a property owner could save you money. A private landlord may be more willing to negotiate on rent and fees, especially if they only have one rental property. These landlords are sometimes referred to as “accidental landlords” – perhaps they purchased a second home as an investment property and are renting it out, or perhaps it came to them through an inheritance. They’re more invested in the home and will likely be very responsive to repairs and maintenance as this is their only rental property.

Attention

Renting from a private landlord is much more one-to-one – in some cases, you may be the landlord’s only renter. This means a much more intimate relationship since you aren’t just one of many. You might even become friends of sorts, with an open line of communication. Your landlord may also be more willing to work with you when it comes to maintenance requests and other concerns.

The road to your dream home will likely take a few twists and turns, but knowing what to look for and what works best for you will make the journey much easier. Renting from a private owner is much different than renting from a property management company, and each offers unique benefits and some challenges. Best of luck finding that ideal place, whether it’s a sleek high-rise in the city or a beachfront bungalow.