Did you ever wonder whether owning property in Ocala is a good or lucrative idea? Maybe you already own property and are considering selling it with fears that it will no longer produce steady income. However, recent rental market trends might have you changing your mind, as there is a rising popularity of owning rental properties versus homeownership.
When you choose Real Property Management Diversified to help manage your Ocala property, you are working with a team that is devoted to helping your property succeed. Learn more about why you should take advantage of the rising popularity of rental properties and start reaping the benefits of real estate investing today.
When it comes to housing market booms for homeownership, the buyers’ market is typically limited to certain areas throughout the county. This means there will constantly be cities and towns with property rates that are too high for the average homebuyer. This makes it hard to capitalize on a trend that may not be in effect in your area.
However, the rising popularity of rental properties has been a national trend, meaning your Ocala property can capitalize on this news. A recent study was performed by looking at the change over time in renter versus homeowner rates between 2006 and 2016. Individuals who rented a home or unit increased by more than 23 million during this period as discovered by the US Census. Considering the United States population growth was 23.7 million people, this rate indicates that renting is meeting the needs of many.
This study conducted by RentCafe also showed that the growth of homeowners was fewer than 700,000, indicating that many are more interested in renting a home than owning for various reasons. While trends come and go, Real Property Management Diversified is here to help you whether each change in popularity, guaranteeing that you can expect to have continual income over time regardless of the market.
Housing Market is Spreading Out
While many of these trends are focused on cities within the United States, this rising popularity of rental properties is great news for investment homeowners whose rental properties are outside the city. When there is a rise in the need for rental properties, it is common for rental rates to go up as well within cities and larger towns. Owning a property in an area like this is great as you can increase your rent as well.
However, not all renters can afford the price fluctuations of the market. This leads them to search for rental property outside of the city and in smaller towns and suburbs. As population rates rise, so does the need for affordable housing, and renting can help remove this burden from individuals and families alike. When they do not have to finance a down payment and mortgage, it is much easier to obtain a profitable rate from your rental property that meets the needs of you and your residents.
Let Real Property Management Diversified help you capitalize on this rising trend along with the professional management of your property so you can sit back, relax, and enjoy the extra income. For more information contact us online or call us at 352-854-2221.