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Is Renting Smarter Than Buying Your Home?

Keys to a Dunnellon Rental Hanging on a HookThere has never been a better time to own Dunnellon rental properties than now. The reason being, now more than ever, people are choosing to rent in contrast to simply investing in a home. In reality, for several people, renting makes more sense, whether this is because of their personal or financial circumstances or something else. To capitalize on the number of renters in the market at this moment, it’s crucial to ascertain why so many people find it smarter to rent instead of buy. In the next sections, we’ll provide a bit more insight into this issue and some practical tips aimed to help property owners like you make the most of the increasing numbers of renters in markets around the country.

3 Reasons to Rent

For some people, the decision to rent instead of buy is based on various factors. Even though most of these reasons may be personal, there are a few that countless people who prefer to rent their homes share. These include:

  • No additional costs. Quite a few tenants find renting interesting considering that it helps them keep at bay the additional costs associated with homeownership. In most circumstances, tenants do not have to pay for maintenance and repairs, property taxes, or allot a down payment to buy a house. Most people are delighted knowing how much their housing will cost each month and spending their unused income on other things.
  • Access to amenities. Another main reason to rent is to secure access to certain amenities. For illustration, it may be less difficult to get a rental home near a downtown arts and culture center than to buy one. Other amenities tenants look forward to including public transportation, certain school districts, or access to public recreation areas.
  • More flexibility and freedom. A lot of renters really prefer leasing their homes due to the fact that it presents more flexibility and freedom than owning. Indeed, a lot of renters like clearly knowing that they could choose to move if and when they needed to. Others fancy not worrying at all about their property values or being able to downsize if their situation changes.

Are You Appealing to Long-Term Renters?

Leasing to people who want to rent instead of buy may make you change your standard approach to renting your property. It is worth creating small changes, precisely if it makes you optimize your rental income.

A few things that landlords and property owners can do to help you realize your rental property’s potential include:

  • Update and upgrade regularly. People occupying a rental home for a long period of time want to be assured that the home will be properly maintained and updated from time to time. By doing a few small but important updates on a schedule, you portray to your tenant your concern for their satisfaction and spur them to live in your rental longer.
  • Upsell services and amenities. If your rental property is actually near places people are delighted to gather or be entertained in, be certain to include these things in your marketing materials. In addition, according to your renter demographic, assess adding a few add-on services your tenant might be truly open to paying extra for, such as internet access, landscape maintenance, pest control, and so on.
  • Offer attractive terms. To compete for renters who decide to reside in their homes for a long time, you might equally consider offering lease terms they would find delightful. If you can, try to be flexible on lease lengths or consider allowing pets. Other extras you can provide are simple things like a straightforward, simple renewal process and easy rental payment options.
  • Use a good property management company. One last point, one of the optimum solutions to attract and keep quality tenants in your rental property is to recruit a professional Dunnellon property management company as for instance Real Property Management Diversified. Our local market experts can enable you to efficiently plan and budget your property maintenance and repairs, make updates, and look for tenants who will prefer to dwell in your rental long-term.

 

To learn more about what we have to offer, give us a call at 352-854-2221 or contact us online today!

We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.