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Is Renting Smarter Than Buying Your Home?

A key ring displaying two keys and a house keychain, hanging from a wall-mounted hook.Now is the prime time to own rental properties! It has something to do with the fact that many people are now opting to rent over buying a home, usually because it better fits their personal or financial situation. To profit well from the number of renters in the market as of this time, it’s pertinent to take in why so many people find it wiser to rent instead of buy. In this article, we’ll offer some valuable insights on this question and one or more tips designed to help property owners like you get the most of the increasing numbers of renters in markets nationwide.

3 Reasons to Rent

For certain people, the final decision to rent instead of buy is based on a lot of factors. Granting that some of these reasons may be personal, there are certain ones that many people who prefer to rent their homes share. These count in:

  • No additional costs. A number of tenants find renting attractive for the reason that it helps them get away from the extra costs associated with homeownership. As a general rule, tenants do not have to pay for maintenance and repairs, property taxes, or come up with a down payment to buy a house. Many relish knowing how much their monthly housing will cost and spending their surplus income on other things.
  • Access to amenities. Another prominent reason to rent is to get access to the correct amenities. For instance, getting a rental home near a downtown arts and culture center may be more manageable than acquiring one. Other amenities tenants look for incorporate public transportation, certain school districts, or access to public recreation areas.
  • More flexibility and freedom. Countless renters like leasing their homes as it imparts more flexibility and freedom than procuring a house. Many renters prefer knowing they can choose to move if needed. Others can be fond of not worrying, in whatever way, 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 indicate you shift your standard approach to renting your property. It is worth building up even little changes, precisely 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 renting in a rental home for a longer time now desire to really make sure that the house will be appropriately maintained and updated from time to time. By executng a few small but principal updates on a schedule, you demonstrate to your tenant your concern for their pleasure and well-being and, consequently, stimulate them to stay in your rental longer.
  • Upsell services and amenities. If your rental property is quite near places where people elect to meet or be entertained, really make sure to include these things in your marketing materials. Likewise, depending on your renter demographic, think about offering a good deal of needed add-on services your tenant could possibly be willing to pay extra for, that is to say, internet access, landscape maintenance, pest control, etc.
  • Offer attractive terms. Regard providing lease terms that are attractive to long-term renters, to cite for instance being flexible with lease lengths or allowing pets. Other extras to maybe add in are an easy renewal process and rental payment options that are not burdensome.
  • Use a good property management company. One final thing to think over, one of the effective 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 professionally help you plan and budget your property maintenance and repairs, bring on updates, and find tenants who will aspire to stay in your rental long-term.

To glean more with respect to what Real Property Management Raleigh can grant homeowners in Rolesville or nearby, call 919-481-0008 or contact us online today!

Originally Published on October 15, 2021

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