Is Renting Smarter Than Buying Your Home?

Now is the best-suited time to own rental properties! For the reason that innumerable people are actually choosing to rent over buying a home, often because it better fits their personal or financial situation. To get the best of the increasing number of renters in the market at this present time, it’s beneficial to know why so many people find it wiser to rent instead of buy. In the following sections, we’ll offer some invaluable insights on this question and some proven tips designed to help property owners like you take full advantage of the increasing numbers of renters in markets nationwide.

3 Reasons to Rent

For a lot of people, the choice to rent instead of buy is based on lots of factors. Even as some of these reasons may be personal, there are some that many people who prefer to rent their homes share. These include:

• No additional costs. All tenants find renting attractive as it helps them easily avoid the extra costs closely tied to homeownership. Customarily, tenants do not have to pay for maintenance and repairs, property taxes, or come up with a down payment to buy a house. Many find pleasure in knowing how much their monthly housing will cost and spending their surplus income on other things.
• Access to amenities. Another prime reason to rent is to get access to terrific amenities. Like, getting a rental home near a downtown arts and culture center may be 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. Plenty of renters like leasing their homes because of the fact that it bestows more flexibility and freedom than possessing one. Many renters desire knowing they can choose to move if needed. Others take delight in not worrying a bit when it comes to 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 impel you to shift your standard approach to renting your property. It is worth creating a few minimal changes, exactly 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 living in a rental home for a while desire to know that the house will be appropriately maintained and updated every now and then. By executing a few small but, at the same time, critical updates on a schedule, you demonstrate to your tenant your concern for their satisfaction and inspire them to stay in your rental longer.
• Upsell services and amenities. If your rental property is near places where people seek to gather together or be entertained, never forget to include these things in your marketing materials. Additionally, depending on your renter demographic, consider including add-on services your tenant would surely be willing to pay extra for, to cite for instance internet access, landscape maintenance, pest control, etc.
• Offer attractive terms. Contemplate offering lease terms that are attractive to long-term renters, by way of illustration being flexible with lease lengths or allowing pets. Other extras to consider including are convenient renewal process and uncomplicated rental payment options.
• Use a good property management company. One final matter to think about, one of the ideal means to attract and keep quality tenants in your rental property is to hire a professional property management company in your area. Real Property Management’s local market experts can effectively help you plan and budget your property maintenance and repairs, implement updates, and find tenants who will plan to stay in your rental long-term.

To know more in relation to what Real Property Management Eclipse can actually offer homeowners in Shoreline or nearby, call 425-209-0252 or contact us online today!

Originally Published on October 15, 2021