Now is an excellent time to own rental properties! The fact of the matter is that an increasing number people are resolving to rent over buying a home, typically because it better fits their personal or financial situation. To take the fullest advantage on the number of renters in the market at this present time, it’s relevant to really understand why so many people find it wiser to rent instead of buy. In the paragraphs that follow, we’ll share some invaluable insights into this question and applicable tips designed to help property owners like you gain the most benefit out of the increasing numbers of renters in markets nationwide.
3 Reasons to Rent
For a number of people, the ultimate choice to rent instead of buy is based on numerous factors. Whereas some of these reasons may be personal, there are one or a few that many people who prefer to rent their homes share. These include:
- No additional costs. Multiple tenants find renting attractive because it keeps them off the extra costs involved with homeownership. In many situations, tenants do not have to pay for maintenance and repairs, property taxes, or come up with a down payment to buy a house. Many take delight in knowing how much their monthly housing will cost and spending their surplus income on other things.
- Access to amenities. Another serious reason to rent is to get access to specific amenities. To cite an instance, getting a rental home near a downtown arts and culture center may be a lot easier than procuring one. Other amenities tenants look for include public transportation, certain school districts, or access to public recreation areas.
- More flexibility and freedom. Majority of renters like leasing their homes given that it lends more flexibility and freedom than ownership. Many renters love knowing that they can choose to move if needed. Others really enjoy not worrying, whatsoever, 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 ask for you to shift your standard approach to renting your property. It is worth bringing about changes, no matter how small, specially 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 residing in a rental home for a while want to be told and assured that the house will be appropriately maintained and updated once in a while. By fulfilling a few small although essential updates on a schedule, you demonstrate to your tenant your concern for their delight and well-being, and encourge them to stay in your rental longer.
- Upsell services and amenities. If your rental property is in neighboring places where people spend time to gather or be entertained, see to it to include these things in your marketing materials. Aside from that, depending on your renter demographic, deem imparting a few relevant add-on services your tenant would quite possibly be willing to pay extra for, such as internet access, landscape maintenance, pest control, etc.
- Offer attractive terms. Try offering lease terms that are attractive to long-term renters, like being flexible with lease lengths or allowing pets. Other extras to add-in are an easy renewal process and straightforward rental payment options.
- Use a good property management company. One last thing to consider, 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 location. Real Property Management’s local market experts can properly help you plan and budget your property maintenance and repairs, put together updates, and find tenants who intend to stay in your rental long-term.
To find out more about what Real Property Management Paradise can capably offer homeowners in Ocala or nearby, call 352-565-4303 or contact us online today!
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