Is Renting Smarter Than Buying Your Home?

Now is the perfect time to own rental properties! That’s since multiple people are making the choice to rent over buying a home, normally because it better fits their personal or financial situation. To profitably gain on the number of renters in the market at this moment, it’s really important to understand why so many people find it wiser to rent instead of buy. In the ensuing paragraphs, we’ll bring some essential insights into this question and a handful of practical tips designed to help property owners like you make the best of the increasing numbers of renters in markets nationwide.

3 Reasons to Rent

For different people, the reason to rent instead of buy is based on a number of factors. Conceding that some of these reasons may be personal, there are some that many people who prefer to rent their homes share. These include:

• No additional costs. Various tenants find renting attractive seeing as it helps them avoid the extra costs related to homeownership. Normally, tenants do not have to pay for maintenance and repairs, property taxes, or come up with a down payment to buy a house. Many are just happy with 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 certain amenities. Such as for instance, getting a rental home near a downtown arts and culture center may be so much simpler than buying 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 in as much as it provides more flexibility and freedom than owning. Many renters love the idea of knowing they can choose to move if needed. Others are just happy with not worrying in regard to 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 necessitate you to shift your standard approach to renting your property. It is worth it establishing even minor changes, particularly 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 who stay in a rental home for a long while be given assurance that the house will be appropriately maintained and updated from time to time. By taking a few minor but pertinent updates on a schedule, you demonstrate to your tenant your concern for their situation as well as well-being and encourage them to stay in your rental longer.
• Upsell services and amenities. If your rental property is within the vicinity of places where people gather or be entertained, be sure to include these things in your marketing materials. Furthermore, depending on your renter demographic, think of offering a few essential add-on services your tenant would quite possibly be willing to pay extra for, as an illustration, internet access, landscape maintenance, pest control, etc.
• Offer attractive terms. Look into extending lease terms that are attractive to long-term renters, such as being flexible with lease lengths or allowing pets. Other extras to take into account are an easy renewal process and trouble-free rental payment options.
• Use a good property management company. One last matter, one of the most effective ways to attract and keep quality tenants in your rental property is to hire a professional property management company in your area. Real Property Management’s local market experts can easily help you plan and budget your property maintenance and repairs, execute updates, and find tenants who will choose to stay in your rental long-term.

To understand more with regards to what Real Property Management Wake County can provide homeowners in Raleigh or nearby, call 919-747-3488 or contact us online today!