Is Renting Smarter Than Buying Your Home?

Now is a very good time to own rental properties! This is for the reason that most people are deciding to rent over buying a home, many times because it better fits their personal or financial situation. To maximize your benefit on the number of renters in the market right now, it’s imperative to understand why so many people find it wiser to rent instead of buy. From here onwards, we’ll provide some crucial insights into this question and practical 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 most people, the eventual choice to rent instead of buy is based on quite a lot of factors. Even though some of these reasons may be personal, there are certainly a few that many people who prefer to rent their homes share. These comprise:

• No additional costs. Quite a lot of tenants find renting attractive because it helps them avoid the extra costs attributed to homeownership. In most situations, tenants do not have to pay for maintenance and repairs, property taxes, or come up with a down payment to buy a house. Many also enjoy knowing how much their monthly housing will cost and spending their overflow income on other things.
• Access to amenities. Another big reason to rent is to get access to very nice amenities. For illustration, getting a rental home near a downtown arts and culture center may be so much easier than investing in one. Other amenities tenants look for include public transportation, certain school districts, or access to public recreation areas.
• More flexibility and freedom. A vast number of renters like leasing their homes on the account that grants more flexibility and freedom than owning. Many renters would like to know they can choose to move if needed. Others fancy not worrying completely 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 call for you to shift your standard approach to renting your property. It is worth establishing basic changes, more particularly 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 who have lived in a rental home for quite a long time desire to totally be assured that the house will be appropriately maintained and updated as scheduled. By completing a few small but relevant updates on a schedule, you demonstrate to your tenant your concern for their contentment and well-being, and accordingly inspire them to stay in your rental longer.
• Upsell services and amenities. If your rental property is certainly near places where people wish to gather or be entertained, don’t forget to include these things in your marketing materials. Furthermore, depending on your renter demographic, take into account extending a number of pertinent add-on services your tenant would be very willing to pay extra for, in particular internet access, landscape maintenance, pest control, etc.
• Offer attractive terms. Look at offering lease terms that are attractive to long-term renters, namely being flexible with lease lengths or allowing pets. Other extras to include are an easy renewal process and manageable rental payment options.
• Use a good property management company. One final matter to think about is that one of the best means 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 help you plan and budget your property maintenance and repairs, settle updates, and find tenants who are looking to stay in your rental long-term.

To ascertain more about what Real Property Management Priority can competently offer homeowners in Orange County or nearby, call 845-363-6776 or contact us online today!