Now is the best time to own Capitol Hill rental properties. Nowadays, people are more open to renting rather than buying a home. More people think that it makes more sense to rent, whether that is because of personal or financial circumstances or something else. You can better capitalize on the number of renters in the market if you understand why so many people find it smarter to rent instead of buy. These tips are designed to help property owners like you make the most of the growing number of renters in markets around the country.
3 Reasons to Rent
For many people, the choice to rent instead of buy is based on a number of factors. Other than personal reasons, there are a few that many people who prefer to rent have in common. These include:
- No additional costs. One big reason some tenants rent is to avoid the additional costs associated with homeownership. Most of the time, tenants do not have to pay for maintenance and repairs, property taxes, or come up with a down payment to buy a house. Knowing how much your housing will cost each month allows you to spend any surplus income on other things.
- Access to amenities. Another good reason to rent is to be able to live nearer to certain amenities. Staying in a rental home near a downtown arts and culture center is easier than buying one, for that matter. Other amenities tenants look for include public transportation, certain school districts, or access to public recreation areas.
- More flexibility and freedom. Many renters also prefer leasing their homes because it gives them more flexibility than owning. These types of renters like knowing that they could easily move if and when they have to. Another perk is not worrying about their property values or being able to downsize if the situation changes.
Are You Appealing to Long-Term Renters?
You need to shift your usual approach to renting your property if you want to lease to people who want to rent instead of buy. It is worth making a few small changes, especially if it helps you optimize your rental income.
Some things a landlord or property owner can do to maximize a rental property’s potential include:
- Update and upgrade regularly. When people stay in a rental home for a while, they want to be sure that the home will be properly maintained and updated regularly. Even with a few small but important updates on a schedule, you can show your tenant that you value their satisfaction and will encourage them to stay in your rental longer.
- Upsell services and amenities. If your rental property is located near places people love to gather or be entertained, highlight this information in your marketing materials. And, depending on your renter demographic, you can offer some add-on services that your tenant might be willing to pay extra for, such as internet access, landscape maintenance, pest control, and so on.
- Offer attractive terms. For renters who plan to stay in their homes for a while, you might consider offering attractive lease terms. If you can, offer flexible lease lengths or consider allowing pets. You can also promote things like an easy renewal process and easy rental payment options.
- Use a good property management company. Finally, one of the best ways to attract and keep quality tenants in your rental property is to hire a professional Capitol Hill property management company like Real Property Management DC Metro. Our local market experts can help you plan and budget your property maintenance and repairs, make updates, and find tenants who will want to stay in your rental long-term.
To learn more about what we have to offer, give us a call at 202-269-0303 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.