Is Renting Smarter Than Buying Your Home?

Now is the suitable time to own rental properties! This is because of the fact that more and more people are now choosing to rent over buying a home, frequently because it better fits their personal or financial situation. To capitalize on the number of renters in the market at present, it’s crucial to grasp well why so many people find it wiser to rent instead of buy. Going forward, we’ll provide some essential insights into this question and several tips designed to help property owners like you cash in on the increasing numbers of renters in markets nationwide.

3 Reasons to Rent

For a good deal of people, the eventual choice to rent instead of buy is based on multiple factors. While it is true that some of these grounds or reasons may be personal, there are some that many people who prefer to rent their homes share. These constitute:

• No additional costs. Majority of tenants find renting attractive considering that it helps them easily avoid the extra costs involved in homeownership. In most circumstances, tenants do not have to pay for maintenance and repairs, property taxes, or come up with a down payment to buy a house. Many love knowing how much their monthly housing will cost and spending their surplus income on other things.
• Access to amenities. Another crucial reason to rent is to get access to wonderful amenities. For illustration, getting a rental home near a downtown arts and culture center may be a whole lot better than getting one. Other amenities tenants look for include, among others, public transportation, certain school districts, or access to public recreation areas.
• More flexibility and freedom. A number of renters like leasing their homes for the reason that it brings more flexibility and freedom than acquiring their own. Many renters want to know they can choose to move if needed. Others like not worrying at all over their property values or being able to downsize if their situation changes.

Appealing to Long-Term Renters

Leasing to people who want to rent instead of buy may entail for you to shift your standard approach to renting your property. It is worth developing small changes, certainly if it helps you optimize your rental income.

To maximize your rental property’s potential, landlords and property owners should:

• Update and upgrade regularly. People having resided in a rental home for a long time aspire to know for sure that the house will be appropriately maintained and updated from time to time. By performing a few small, but at the same time, essential updates on a schedule, you demonstrate to your tenant your concern for their well-being and induce them to stay in your rental longer.
• Upsell services and amenities. If your rental property is close to places where people like to gather or be entertained, check to include these things in your marketing materials. Together with that, depending on your renter demographic, think about offering several add-on services your tenant is presumably willing to pay extra for, such as internet access, landscape maintenance, pest control, etc.
• Offer attractive terms. Think about creating and offering lease terms that are attractive to long-term renters, such as being flexible with lease lengths or allowing pets. Other extras to possibly include are an uncomplicated renewal process and simple rental payment options.
• Use a good property management company. One last thing, one of the optimum solutions to attract and keep quality tenants in your rental property is to hire a professional property management company in your location. Real Property Management’s local market experts can help you plan and budget your property maintenance and repairs, execute updates, and find tenants who intend to stay in your rental long-term.

To discover more in terms of what  Real Property Management Diversified can  actually offer to homeowners in Dunnellon or nearby, call 352-854-2221 or contact us online today!

Originally Published on October 15, 2021