In today’s article, we will explore a few tips on renting a home in Pittsburgh to consider when renting your next home in Pittsburgh.
Renting became extremely popular after the real estate crash in the late 2000’s. Property values dropped substantially during this timeframe and many began renting homes instead of buying. There are many reasons to rent as opposed to purchasing a home, including the elimination of costs when it comes to upkeep & maintenance, a desire to live in a more expensive downtown area, or an interest to downsize to a smaller living space in Pittsburgh PA. Regardless of your particular situation, below are a few helpful things to keep in mind for our readers.
Tips on Renting a Home in Pittsburgh
Should I Rent From A Private Owner vs. ?
There are advantages and disadvantages when it comes to renting from a property management company.
A property management company will often quickly make repairs, and be extremely responsive to tenant complaints. A customer service oriented and forward-thinking management company will provide hassle free services, like rent payment, maintenance and repairs requests, and frequently asked questions and answers right on their website. Most property management companies in Pittsburgh are typically strict about who they will rent their properties to and much more likely to run credit checks, and require higher credit rating scores to consider a tenant for a lease. Many property management companies are also reluctant or outright refuse to rent to tenants with pets, and especially critical of certain breeds of dogs, like pit bulls and rottweilers.
Property management companies tend to charge top of the market rents because they are often very experienced and know what the “going rate” is for the area. We offer top of market rent information through our CZ Capital Group Investment Tools link. Right now, we are offering a 7 day FREE TRIAL so you can see the top of market rent for your area. If you have questions about how to find your rental data, do not hesitate to give our office a call- we are always happy to assist!
Private owners are often more flexible about who they will rent to. Many private owners are renting homes they own through their retirement account, just biding time until they retire, so they are simply looking for an occupant to provide passive income until they liquidate and retire. If you have credit difficulties or are the owner a fur baby like a dog or cat, it might be a better idea to find a private owner to lease your rental from.
Private owners often rent homes at lower prices than a property management company due to the inconvenience of marketing, screening and qualifying multiple tenants- they are willing to take less to secure a tenant into the property quickly which is often a good value for the tenant and a fair exchange for the private owner who is benefitting from the added convenience of not having to find, screen and qualify multiple applications. Often, private owners do not know the local market rental rates as well as the large property management companies do, so they intentionally offer lower prices to secure a tenant fast in hopes of maintaining that same tenant in the lease as long as possible, even though they could get more. There is definitely an added convenience to not having to deal with high volume turnover on a rental property. Private owners are less likely to spend considerable amounts of time attempting to analyze the Pittsburgh PA rental housing prices and this could add up to a large savings each year for tenants.
In the end, both private property owners and local property management companies are required by law to adhere to the same landlord-tenant laws in PA making the experience with either option 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 are younger, you may want to budget more than 30%, as entry-level salaries are low, and the rental market is booming and leading to higher and higher costs.
Those interested in learning about money, money management and finance, can register for our 4-week Money School Masterclass to learn how money works and is used. Another awesome resource is our Money School TV programs with our affiliate Chris Naugle. Here you can learn more about personal finance and the same investing resources and tools we use within our family of real estate companies owned and operated right here in Pittsburgh, PA.
Take Pictures of Everything
After renting your next home in Pittsburgh, before assuming the lease, 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.
Also, when you take pictures of everything it’ll indicate to the landlord that you’re a responsible tenant and build that trust with you as a tenant.
Get Renter’s Insurance
Renter’s insurance protects your belongings from theft and other catastrophic losses. In some states, landlord’s rights trump tenant’s rights, and if something goes missing or damaged in your rental unit, you will be held responsible.
By purchasing renter’s insurance, your belongings and personal property will be protected. Renter’s insurance is extremely affordable, often costing less than $200 a year… which is a no-brainer. If you are a renter, you should definitely buy renters insurance.
If you are looking for renters insurance in Pittsburgh PA just do a quick Google search to find and call a reputable insurance agent with lots of 5 star Reviews. Often, you will be able to get renters insurance through the same resource you use now to insure your vehicle. If you do not have a vehicle, head online and do a quick Google search for “Pittsburgh PA insurance agents” and you will certainly find a large list of agents to choose from (Don’t forget to check the Google Reviews before you buy:-).
-By being very details 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 Pittsburgh PA home feel free to email us directly or give us a call at 412-900-8261 and we can provide more information and free guides to help you find a great house to rent in Pittsburgh. If you are interested in a rent to own, we offer those too! Check out our Pittsburgh rent to- own house list to begin your search for great rent to own opportunities in Pittsburgh. Rent to own homes are easy to qualify for and often a great option for those who have experienced a financial hardship and can not qualify for bank financing. With our properties, your current financial state will not prevent you from getting approved for a home loan (we can help!).
Consider A Pittsburgh Rent to Own Home
The tips on renting a house in Pittsburgh above are quick and simple and apply to a rent to own house as well.
But if your goal is really to own your own house here locally in Pittsburgh… but your financial situation is preventing you from qualifying for a loan (bankruptcy, foreclosure, insufficient income not high enough yet, etc.) then renting to own a home may be an excellent option for you. As of this article, we are helping significantly more sellers dealing with a massive increase in the number of COVID related pre-foreclosure hardships. Since there are a lot more people who lost their jobs or experienced some other significant financial challenge over the past 15 months, many have no way of paying for their mortgages, and have no other alternative to foreclosure other than to sell- and sell fast. With the increase of these cases, we are buying more properties and many have transitioned to lease option or rent to own home agreements.
If you have experienced a hardship and are looking for a home… then start on this website by learning about the rent to own process and even get on our Local Rent To Own / Lease Option House list to see the available rent to own homes in Pittsburgh.
For Other Tips On Renting A Pittsburgh Home
If you have any questions at all, please do not hesitate to contact us anytime. We are here to help and enjoy helping and educating our local community neighbors! We can connect you with reputable property management companies, provide you free resources as a tenant here in PA that show you your rights, and more! Or, if you do want to learn more about renting to own a local house… excellent! We will walk you through the process and determine the best solution to fit your needs!