Did you ever wonder whether owning property in Seattle is a smart or profitable idea? Maybe you already own property and plan on selling it with fears that it will no longer bring in a steady 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 Real Property Management Eclipse to help manage your Seattle property, you are working with a team that is committed to helping your property succeed. Learn more about why you should exploit the rising popularity of rental properties and start seeing the benefits of real estate investment today.
When it comes to housing market booms for homeownership, the buyers’ market is commonly limited to certain areas throughout the county. This means there will always be cities and towns with property rates too steep for the typical homebuyer. This makes it difficult to capitalize on a trend that might not be in effect in your area.
However, the growing popularity of rental properties has been a national trend, meaning your Seattle property can benefit from this news. A recent study was done studying the change over time in renter versus homeowner rates between 2006 and 2016. People who rented a home or unit increased by more than 23 million during this period as found by the US Census. Considering the United States population growth was 23.7 million people, this rate demonstrates that renting is meeting the needs of many.
This study that was done by RentCafe also indicated that the homeowner growth was less than 700,000, indicating that many are more interested in renting a home than owning for many reasons. While trends come and go, Real Property Management Eclipse is here to help you endure each change in popularity, ensuring that you can expect to have continual income over time irrespective of the market.
Housing Market Spreading Out
While many of these trends are focused on cities within the United States, this increasing popularity of rental properties is good news for investment homeowners whose rental properties are outside the city. When there is a growth in the need for rental properties, it is common for rental rates to rise as well within cities and larger towns. Owning a property in an area like this is great as you can increase your rent as well.
However, not all renters can afford the price fluctuations of the market. This leads them to look for rental property outside of the city and in smaller towns and suburbs. As population rates rise, so does the demand 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, getting a profitable rate from your rental property that meets the needs of you and your residents is much easier.
Let Real Property Management Eclipse help you capitalize on this rising trend along with the professional management of your property, so you can sit back, relax, and enjoy the extra income. Learn more about the property management services we offer and contact us online or call us at 425-209-0252 today.