Have you ever questioned whether owning property in Raleigh is a nice or profitable idea? Maybe you already have property and are considering selling it with fears that it will no longer provide a steady income. However, recent rental market trends may have you changing your mind, as there is increasing the popularity of owning rental properties versus homeownership.
When you partner with Real Property Management Raleigh to help manage your Raleigh property, you are working with a team that is dedicated to helping your property succeed. Discover more about why you should make the most of the rising popularity of rental properties and start enjoying the benefits of investing in real estate today.
National Trend
When talking about housing market booms for homeownership, the buyers’ market is usually restricted to specific areas throughout the county. This means there are always cities and towns with property rates that are too steep for the average homebuyer. This makes it tough to capitalize on a trend that might not be in effect in your area.
However, the rising popularity of rental properties has been a national trend, meaning your Raleigh property can make the most of this news. A recent study was completed looking at the change over time in renter versus homeowner rates between 2006 and 2016. Individuals who rented a home or unit increased by more than 23 million during this period as found by the US Census. Considering the United States population growth was 23.7 million people, this rate demonstrates that renting is meeting the needs of many.
This study conducted by RentCafe also showed that the growth of homeowners was less than 700,000, indicating that many are more interested in renting a home than owning for many reasons. While trends come and go, Real Property Management Raleigh is here to help you withstand each change in popularity, ensuring that you can expect to have continual income over time irrespective of the market.
Housing Market Spreading Out
While many of these trends are centered on cities within the United States, this rising popularity of rental properties is good news for investment homeowners whose rental properties are outside the city. When there is an increase in the need for rental properties, it is common for rental rates to rise as well within cities and larger towns. Owning a property in an area such as this is great as you can raise your rent as well.
However, not all renters can afford the market price fluctuations. This leads them to look for rental property outside of the city and in smaller towns and suburbs. As population rates rise, so does the need for affordable housing, and renting can help remove this burden from individuals and families alike. When they do not have to finance a down payment and mortgage, it is much easier to obtain a profitable rate from your rental property that meets the needs of you and your residents.
Let Real Property Management Raleigh help you make the most of this rising trend along with the professional management of your property, so you can sit back, relax, and enjoy the extra income. If you would like to learn more about the property management services we offer, contact us online or call us at 919-481-0008 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.
