In today’s article, we’ll take a look at some tips that you should consider when renting your next home in Northwest Arkansas.
Should I Rent From A Private Owner vs. Management Company?
There are advantages and disadvantages to renting from a management company.
Oftentimes, a management company will quickly make repairs, and be responsive to tenant complaints. Forward-thinking companies may offer rent payment, maintenance and repairs requests, and answers to other questions on their website. Property management companies in Northwest Arkansas are usually strict about who they’re willing to rent to. They’re more likely to run credit checks, and require certain scores to consider a tenant. Many property management companies are also reluctant or outright refuse to rent to tenants with pets.
Also with property management companies, they tend to charge top of the market rents because they know what the “going rate” is.
Private owners are often more flexible about who they’ll rent to. Many are renting homes that they own in their retirement account, biding time until they retire, so they’re simply looking for an occupant. If you have credit difficulties or have a dog or cat, it might be best to find a private owner.
Private owners often may rent a house at a little bit lower price than a property management company because they don’t want to hassle with finding tenants or they simply may not know the local rental housing prices well.
In the end, both private property owners and local property management companies have to follow the same landlord-tenant laws in AR so the experience with either one should be fundamentally the same.
Be Realistic with Your Budget
Most financial experts agree that you should spend no more than 30% of your total net income on housing costs. If you’re younger, you may want to budget more than 30%, as entry-level salaries are low, and the rental market is booming, leading to higher costs.
Take Pictures of Everything
After renting your next home, before moving in, it’s extremely important to take photographs of every inch of the house or apartment. This can be essential to recovering your security deposit at the end of your lease. Some uncouth landlords will use your security deposit to pay for broken items or scuffed floors that existed before you moved in. Be sure these photos are time and date stamped and are taken when the property is vacant so they show the true condition of the property before you moved in.
Get Renter’s Insurance
Renter’s insurance protects your belongings from theft and other catastrophic losses. The Landlord’s or property owner’s insurance will not cover any of your belongings in the event of a loss, so renter’s insurance is the only way for you to receive reimbursement should you suffer any losses.
By purchasing renter’s insurance, your belongings will be protected. Renter’s insurance is extremely affordable, often costing less than $200 a year… which is a no-brainer.
If you’re looking for renters insurance just do a quick internet search and call any reputable insurance agent (the same type of insurance agents who could sell you auto insurance tend to offer renters insurance too) or call the agent you have your auto insurance with and see what they have to offer.
By being very detail-oriented during your search and moving into your new apartment or rental house, you can ensure a pleasant experience for both you and your landlord!
For Other Tips On Renting A Northwest Arkansas Home
If you have any questions at all don’t hesitate to contact us anytime. We’re here to help!