From would-be sellers to property-management companies, today's landlords have many faces

Thinking of renting?

Chances are you have an idea - however fuzzy - of the type of place and area you hope to live in.

But whether you're looking for an urban studio or suburban home, you shouldn't overlook an important question: How easy will life be under the landlord?

Actually, the term "landlord" is a misnomer in that it conveys that the apartment owner is an individual.

While statistics from the National Multi Housing Council show that 46.9 percent of all rental properties are owned by individuals, with the bulk of small (four units and under) buildings individually owned, that leaves the rest of rentals owned by other entities like public companies, institutional investors, and real estate investment trusts, also known as REITs.

Here, a look at how your experience as an apartment hunter and tenant is impacted by the ownership of the rental:

Be Aware of Reluctant Landlords

Many thousands of frustrated home sellers whose homes are languishing on the market and homeowners who can't afford their mortgage, have decided the solution to their problems is to collect rent checks, says Joe Greenblatt, CEO of Sunrise Management in San Diego.

This new rental supply offers more properties, especially single-family homes, to renters. However, these owners may not pay their utility bills, or even their mortgage, adds Greenblatt, risking a foreclosure on the home, with you, the tenant being forced out.

Telltale signs of owner's financial stress are disrepairs, notes John Bartlett of the Metropolitan Tenants Organization, based in Chicago. Also, many counties provide searchable online databases that show mortgages, liens and foreclosure actions.

A Familial Feel

When you call and the owner answers and meets you at the rental for a showing, you're dealing with a "mom and pop"-operated rental.

"It's more likely that an individual landlord can be flexible," notes Christina Aragon of Rent.com. For instance, the owner may listen to an explanation of why your credit is damaged, or extend a lease for a week or two until your plans for moving get firm.

But not all individuals will run their rental like a family operation.

Many use an outside management company to screen tenants, collect rents and handle maintenance, notes Ryan Severino, a senior economist at Reis Inc., a New York firm that analyzes the rental market. Outside management can be a plus in that repairs and complaints are handled professionally, but there's no guarantee that this is the case.

If the owner doesn't use a management firm, have a detailed conversation about how maintenance and tasks like watering the landscape are to be handled, suggests Greenblatt.

Like-Minded Neighbors

One trend of the past decade or so, notes Kim Duty of the NMHC, is for firms to own big complexes with amenities, such as coffee shops and fitness rooms, that target a specific demographic, like young urban professionals.

These institutional landlords are likely to have firm policies on everything from the credit score needed to become a tenant to how to move in furniture.

While they lack flexibility, large company owners offer lots of information. Complexes usually have websites that offer detailed floor plans and information on the availability units.

Do Your Due Diligence

No matter how good a rental looks by day, check it out at night, too, suggests Greenblatt. Only then might you garner an idea of the security and how safe you feel.

When you're outside the building, he adds, hang around until a few other tenants come out, and ask them what their experience is like.

And, search sites like apartmentratings.com for complaints logged by residents against the management company or owner, Greenblatt adds.