Renting an apartment from an owner involves contacting the private landlord who owns the property, scheduling an appointment to see the apartment and signing a lease with the owner. Renting directly from the owner means there is no rental agency in charge, and rent payments go directly to the owner.
Some private rental property owners choose to avoid paying fees to third-party rental brokers by handling the rental arrangements personally. Savings from not paying broker fees often result in lower rents. Renting from a property owner is the same as renting from a rental property broker, and there are no discernible differences in the quality of rental units. Establishing a personal relationship with the rental property owner can be advantageous to renters, and renters sometimes get better deals from such relationships. Private property owners typically rent out residential units such as one-, two- and three-bedroom apartments, condos or vacation homes.
Paperwork required to rent apartments includes the rental application, references from prior landlords, employers and personal contacts and a current copy of a credit report. It's imperative to thoroughly read the lease agreement before signing and to discuss issues such as overnight guests, pets and altering the appearance of the unit. Any special agreements made between landlord and tenant must be in writing, and renters should keep copies of rental paperwork for legal purposes.