Did you ever consider whether owning property in Adams Morgan is a good or lucrative idea? Maybe you already have property and are thinking of selling it with fears that it will no longer bring in a stable income. However, recent rental market trends might have you changing your mind, as there is growing popularity of owning rental properties versus homeownership.
When you choose to partner with Real Property Management DC Metro to help manage your Adams Morgan property, you are working with a team that is dedicated to helping your property succeed. Find out more about why you should take advantage of the rising popularity of rental properties and start reaping the benefits of investing in real estate today.
When it comes to housing market booms for homeownership, the buyers’ market is typically restricted to certain areas throughout the county. This means that property rates in specific cities and towns will always be too high for the common homebuyer. This makes it hard to capitalize on a trend that may not be in effect in your area.
However, your Adams Morgan property can take advantage of this news, as the rising popularity of rental properties has been a national trend. A recent study was performed looking at the change in renter versus homeowner rates over time between 2006 and 2016. Individuals who rented a home or unit increased by more than 23 million during this period as found by the US Census. In 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 shows that the growth of homeowners was less than 700,000, indicating that many prefer renting a home than owning for a variety of reasons. While trends come and go, Real Property Management DC Metro is here to help you endure each change in popularity, ensuring that you can expect to have steady income over time regardless of the market.
Housing Market Spreading Out
While many of these trends are centered on cities within the United States, this rising popularity of rental properties is good news for investment homeowners whose rental properties are outside the city. When there is an upsurge in need for rental properties, it is typical for rental rates within cities and larger towns to rise alongside this. Owning a property in an area such as this is great as you can raise your rent as well.
However, not all renters can afford market price fluctuations. This leads them to look for rental property outside of the city and in smaller towns and suburbs. As population rates increase, so does the need for affordable housing, and renting can help take this burden off individuals and families alike. When they do not have to finance a down payment and mortgage, obtaining a profitable rate from your rental property that meets the needs of you and your residents is much easier.
Let Real Property Management DC Metro help you capitalize on this growing trend along with the professional management of your property, so you can sit back, relax, and enjoy the extra income. Learn more about our services and contact us online or call us at 202-269-0303 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.