18 Benefits of Institutional Renting: Discover the Advantages for Tenants
From a Private Landlord or a Company?
That’s the dilemma faced by those searching for a rental property. Are you one of them? Discover 18 compelling benefits of institutional renting.
1. Rent Without Intermediaries
With institutional renting, you lease directly from the property owner and negotiate terms exclusively with them. This eliminates hidden costs like intermediary fees and ensures consistent rental terms.
2. Flexible Rental Periods
Institutional rental agreements can be set for any fixed term, whether you need a place for a year or 30 years. It’s all tailored to your needs.
3. Secure Agreements
Companies specializing in property rentals are well-versed in rental laws, and their contracts are reviewed by legal experts. This ensures the agreement is legally compliant, free of prohibited clauses, and safeguards your interests.
4. Fewer Formalities
Institutional rental agreements are simpler than occasional lease agreements. You only need to provide a statement of voluntary vacating upon contract termination, without specifying a future address or obtaining consent from another property owner.
In some cases, a standard rental agreement may be an option, which requires no vacating statement. This is often available for tenants with excellent credit history or those willing to pay a higher security deposit.
5. Transparent Security Deposits
Security deposits for institutional leases are regulated, capped at six times the monthly rent. However, landlords often offer lower deposits, sometimes as little as one month’s rent, for tenants with a solid credit history.
If you lack credit history, the deposit might increase to two or three times the monthly rent, providing additional security for the landlord.
6. Clear Payment Terms
Institutional renting guarantees clarity in monthly charges. Rent remains fixed throughout the contract, and utilities are billed based on actual consumption.
7. Move-In Ready in 48 Hours
Institutional rental companies streamline their processes to enable quick move-ins, often within 48 hours. There’s no waiting for a previous tenant to vacate or for the landlord to prepare the property.
8. Wide Selection of Properties
Save time by exploring multiple rental options in one place. Institutional renting offers various apartment sizes, layouts, and designs, often allowing you to choose specifics like floor level or window views.
9. A Place That Feels Like Yours
Forget about the landlord’s belongings cluttering closets or unannounced visits. Institutional rental properties are designed exclusively for tenants, offering privacy and independence.
10. Fully Furnished Apartments
Institutional rental units come equipped with essentials like a washing machine, fridge, dishwasher, and oven. They are also fully furnished, so you don’t need to bring anything unless you want to personalize the space.
11. Modern Design
Say goodbye to outdated decor. Institutional rentals are often designed by professional interior designers, ensuring modern, functional, and stylish living spaces.
12. High-Quality Technical Standards
Newer institutional rental properties meet stringent energy efficiency standards, which means lower utility bills and a more sustainable living environment.
13. Comfortable Building Infrastructure
Enjoy features like parking spaces, playgrounds, green spaces, and even dog parks. Institutional rental properties prioritize convenience and comfort.
14. Dedicated Tenant Support
A resident support specialist is typically available to assist with rental-related concerns, such as payments or maintenance issues, ensuring a hassle-free experience.
15. Easy Contact with Management
You can easily communicate with the rental management team via phone, email, or online portals, often provided for tenants’ convenience.
16. Pet-Friendly Policies
Finding a pet-friendly rental can be challenging, but institutional rentals often welcome furry friends, making them a great choice for pet owners.
17. Quick Repairs for Issues
With institutional renting, you don’t have to worry about fixing problems yourself. Report any issues to the management, and they’ll handle repairs promptly.
18. Flexibility to Meet New Needs
Life changes, and so do housing needs. Institutional landlords often have a portfolio of properties, making it easy to find a new home when your requirements evolve.
Are these benefits real?
Reputable institutional rental companies prioritize their market reputation and strive to maintain high standards. For a safe, secure, and comfortable rental experience, institutional renting is undoubtedly worth considering.
