Now is the most suitable time to own rental properties! The reason is that most number of people are settling on rent over buying a home, normally because it better fits their personal or financial situation. To make the best use of the number of renters in the market right now, it’s important to realize why so many people find it wiser to rent instead of buy. Going forward, we’ll touch on some invaluable insights into this question and some practical tips designed to help property owners like you benefit the most of the increasing numbers of renters in markets nationwide.
3 Reasons to Rent
For multiple people, the choice to rent instead of buy is based on particular factors. Though some of these grounds may be personal, there are a few many people who prefer to rent their homes share. These include:
- No additional costs. Certain tenants find renting attractive considering that it helps them evade the extra costs engaged in homeownership. In many cases, tenants do not have to pay for maintenance and repairs, property taxes, or come up with a down payment to buy a house. Many love knowing how much their monthly housing will cost and spending their surplus income on other things.
- Access to amenities. Another solid reason to rent is to get access to special amenities. For instance, getting a rental home near a downtown arts and culture center may be better than just acquiring one. Other amenities tenants look for include public transportation, certain school districts, or access to public recreation areas.
- More flexibility and freedom. Some renters like leasing their homes by reason that it provides them more flexibility and freedom than owning it. Many renters want to know they can choose to move if needed. Others like not worrying the least bit 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 necessitate you to shift your standard approach to renting your property. It is worth setting up some changes, even small ones, 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 having lived in a rental home for a little while wants to be given assurance that the house will be appropriately maintained and updated at scheduled times. By executing a few small nonetheless focal updates on a schedule, you demonstrate to your tenant your concern for their joy as well as well-being, and entice them to stay in your rental longer.
- Upsell services and amenities. If your rental property is in close proximity to places where people want to come together or be entertained, warrant to include these things in your marketing materials. In addition, depending on your renter demographic, look into presenting lots of salient, add-on services your tenant possibly would be willing to pay extra for, such as internet access, landscape maintenance, pest control, etc.
- Offer attractive terms. Weigh having lease terms that are attractive to long-term renters, like being flexible with lease lengths or allowing pets. Other extras to incorporate are an easy renewal process and uncomplicated rental payment options.
- Use a good property management company. One thing more to consider, one of the best practices 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, execute updates, and find tenants who will work to stay in your rental long-term.
To find out more as to what Real Property Management Thrive can excellently confer with homeowners in Bedford or nearby, call 603-255-4100 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.
