Now is the most ideal time to own rental properties! This is related to the fact that an increasing number of people prefer to rent over buying a home, usually because it better fits their personal or financial situation. To cash in on the number of renters in the market at this present time, it’s vital to perceive why so many people find it wiser to rent instead of buy. Moving onward, we’ll extend some valuable insights into this question and various tips designed to help property owners like you properly benefit from the increasing numbers of renters in markets nationwide.
3 Reasons to Rent
For numerous people, the decision to rent instead of buy is based on a handful of factors. Although some of these factors may be personal, there are a few that many people who prefer to rent their homes share. These include:
- No additional costs. Several tenants find renting attractive given that it helps them steer clear of the extra costs wrapped up in homeownership. In most instances, tenants do not have to pay for maintenance and repairs, property taxes, or come up with a down payment to buy a house. Many certainly like knowing how much their monthly housing will cost and spend their surplus income on other things.
- Access to amenities. Another major reason to rent is to get access to particular amenities. As getting a rental home near a downtown arts and culture center may be simpler than obtaining one. Other amenities tenants look for include public transportation, certain school districts, or access to public recreation areas.
- More flexibility and freedom. Most renters like leasing their homes for the reason that it contributes more flexibility and freedom than getting one. Many renters aspire to know they can choose to move if needed. Others totally enjoy not worrying, in the slightest degree, about 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 need you to shift your standard approach to renting your property. It is worth developing and establishing minor changes, especially 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 occupying a rental home for some time need to be assured that the house will be appropriately maintained and updated at scheduled times. By doing a few small but essential updates on a schedule, you demonstrate to your tenant your concern for their fulfillment and well-being, and in turn, inspire them to stay in your rental longer.
- Upsell services and amenities. If your rental property is very near places where people can convene or be entertained, make it a point to include these things in your marketing materials. Plus, depending on your renter demographic, think of giving more relevant add-on services your tenant perhaps be willing to pay extra for, namely internet access, landscape maintenance, pest control, etc.
- Offer attractive terms. Ponder on offering lease terms that are attractive to long-term renters, including being flexible with lease lengths or allowing pets. Other extras to offer are an easy renewal process and trouble-free rental payment options.
- Use a good property management company. Last but not the least, one of the best approaches 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 smoothly help you plan and budget your property maintenance and repairs, develop updates, and find tenants who will hope to stay in your rental long-term.
To understand more when it comes to what Real Property Management Generations can capably offer homeowners in Pacific Palisades or nearby, call 310-907-5646 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.
