This is a great time to own Shoreline rental properties. At present, more people are choosing to rent rather than buy a home. In fact, more people nowadays believe renting makes more sense, whether it is because of their personal or financial circumstances. In order to capitalize on the current number of renters in the market, you must understand why more and more people find renting a smarter option than buying. We have some insight into this question and a few tips to help property owners like you make the most of the increasing number of renters in markets around the country.
3 Reasons to Rent
The choice to rent instead of buy is dependent on various factors. Other than personal reasons, there are a few that many people who prefer to rent have in common. These include:
- No additional costs. Some tenants rent, instead of buy, because it helps them avoid additional costs related to homeownership. In most arrangements, tenants do not have to pay for maintenance and repairs, property taxes, or come up with a down payment to buy a house. They also enjoy knowing how much their housing will cost each month so they can spend their extra income on other things.
- Access to amenities. Another popular reason to rent is accessibility 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 like the flexibility and freedom that comes with leasing homes rather than owning one. These types of renters like knowing that they could easily move if and when they have to. Others like being free from the worries of property values or downsizing if their situation changes.
Are You Appealing to Long-Term Renters?
Leasing to people who prefer to rent instead of buying might require you to change your approach to renting your property. 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. By scheduling even small but important updates, you show your concern for your tenant’s satisfaction and they will want 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. Also, depending on your renter demographic, consider offering some add-on services your tenant might be willing to pay extra for, such as internet access, landscape maintenance, pest control, and so on.
- Offer attractive terms. To be competitive, you can offer more appealing lease terms to renters who plan to stay in their homes for a while. These can include flexible lease lengths or allowing pets. You can also include extra benefits 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 Shoreline property management company like Real Property Management Eclipse. 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.
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.