Is Renting Smarter Than Buying Your Home?

Now is the most appropriate time to own rental properties! That is because lots of people are electing to rent over buying a home, mostly because it better fits their personal or financial situation. To gainfully profit on the number of renters in the market currently, it’s significant to comprehend why so many people find it wiser to rent instead of buy. In the following paragraphs, we’ll bestow some invaluable insights into this question and select tips designed to help property owners like you benefit greatly from the increasing numbers of renters in markets nationwide.

3 Reasons to Rent

For quite a lot of people, the final choice to rent instead of buy is based on certain factors. Though conceding some of these factors may be personal, there are particular ones that many people who prefer to rent their homes share. These include:

• No additional costs. Most tenants find renting attractive owing to the fact it helps them perfectly avoid the extra costs that come along with homeownership. As a whole, tenants do not have to pay for maintenance and repairs, property taxes, or come up with a down payment to buy a house. Many actually like knowing how much their monthly housing will cost and spending their surplus income on other things.
• Access to amenities. Another fundamental reason to rent is to get access to particular amenities. For instance, getting a rental home near a downtown arts and culture center may be far cheaper than procuring one. Other amenities tenants look for constitute public transportation, certain school districts, or access to public recreation areas.
• More flexibility and freedom. Some renters like leasing their homes since it renders more flexibility and freedom than acquiring their own. Many renters desire to know they can choose to move if needed. Others find pleasure in not worrying, in whatever way, concerning 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 carrying out some mino 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 occupying a rental home for a very long time want to ensure that the house will be appropriately maintained and updated at scheduled times. By accomplishing a few small yet really important updates on a schedule, you demonstrate to your tenant your concern for their happiness and well-being, and accordingly inspire them to stay in your rental longer.
• Upsell services and amenities. If your rental property is in close proximity to places where people come to enjoy together and be entertained, ensure to include these things in your marketing materials. In addition, depending on your renter demographic, try offering various essential add-on services your tenant is most definitely willing to pay extra for, such as internet access, landscape maintenance, pest control, etc.
• Offer attractive terms. Seriously think about giving lease terms that are attractive to long-term renters, that is to say, being flexible with lease lengths or allowing pets. Other extras to include are an uncomplicated renewal process and hassle-free rental payment options.
• Use a good property management company. One last matter to mull over, one of the practical 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 excellently help you plan and budget your property maintenance and repairs, establish updates, and find tenants who would like to stay in your rental long-term.

To know more about what Real Property Management Lakeshore can expertly offer homeowners in Fox Valley or nearby, call 920-305-7077 or contact us online today!