Is Renting Smarter Than Buying Your Home?

Now is the preferable time to own rental properties! The fact of the matter is that numerous people are making a choice to rent over buying a home, typicaly because it better fits their personal or financial situation. To profit from the number of renters in the market at the moment, it’s key to take into account why so many people find it wiser to rent instead of buy. Henceforth, we’ll contribute some advantageous insights to this question and a handful of tips designed to help property owners like you benefit from the increasing numbers of renters in markets nationwide.

3 Reasons to Rent

For various people, the determination and choice to rent instead of buy is based on a bunch of factors. Conceding that some of these reasons may be personal, there are definitely a few many people who prefer to rent their homes share. These include:

• No additional costs. Various tenants find renting attractive on the grounds that it helps them sidestep 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 happy with knowing how much their monthly housing will cost and spending their surplus income on other things.
• Access to amenities. Another huge reason to rent is to get access to the right amenities. Take one example, getting a rental home near a downtown arts and culture center may be much easier than paying for 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 owing to the fact that it gives more flexibility and freedom than buying their own. Many renters like to know they can choose to move if needed. Others love not worrying, in anyway, 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 cause you to shift your standard approach to renting your property. It is worth implementing small 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 who have tried living in a rental home for a while would like to be assured that the house will be appropriately maintained and updated regularly. By bringing about a few small but vital updates on a schedule, you demonstrate to your tenant your concern for their well-being and give them an incentive them to stay in your rental longer.
• Upsell services and amenities. If your rental property is close to places where people get to converge or be entertained, see to it to include these things in your marketing materials. And, depending on your renter demographic, examine about granting particular add-on services your tenant is quite possibly willing to pay extra for, as an illustration, internet access, landscape maintenance, pest control, etc.
• Offer attractive terms. Think of bestowing lease terms that are attractive to long-term renters, like being flexible with lease lengths or allowing pets. Other extras to take into account are an easy renewal process and convenient rental payment options.
• Use a good property management company. Lastly, one of the best methods 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 help you plan and budget your property maintenance and repairs, set up updates, and find tenants who are looking to stay in your rental long-term.

To discover more with reference to what Real Property Management DC Metro can present homeowners in Capitol Hill or nearby, call 202-269-0303 or contact us online today!

Originally Published on October 15, 2021