Now is the best time to own Rolesville rental properties. Nowadays, people are more open to renting rather than buying a home. For many people, renting makes more sense, be it because of personal or financial reasons. You can better capitalize on the number of renters in the market if you understand why so many people find it smarter to rent instead of buy. These tips are designed to help property owners like you make the most of the growing number of renters in markets around the country.
3 Reasons to Rent
For many people, the choice to rent instead of buy is based on different factors. While some reasons are personal, there are a few that most people who prefer to rent have in common. These include:
- No additional costs. One big reason some tenants rent is to avoid the additional costs associated with homeownership. In the majority of the cases, tenants do not have to pay for maintenance and repairs, property taxes, or come up with a down payment to buy a house. Knowing how much their housing will cost each month allows many people to spend their surplus income on other things.
- Access to amenities. Another popular reason to rent is accessibility to certain amenities. It is likely a lot easier to get a rental home near a downtown arts and culture center than buying one. Other amenities tenants look for include public transportation, certain school districts, or access to public recreation areas.
- More flexibility and freedom. A lot of renters like leasing their homes because of the flexibility and freedom it offers versus owning a house. These types of renters like knowing that they could easily move if and when they have to. Another perk is not worrying about their property values or being able to downsize if the situation changes.
Are You Appealing to Long-Term Renters?
Leasing to people who are more into renting instead of buying might require you to look into a new approach to renting your property. It is worth making a few small changes, especially if it helps you optimize your rental income.
Some of the things landlords and property owners can do to ensure you realize your rental property’s potential is the following:
- Update and upgrade regularly. People living in a rental home for a while usually want the home to be properly maintained and updated often. By scheduling even small but important updates, you show your concern for your tenant’s satisfaction and they will want to stay in your rental longer.
- Upsell services and amenities. For your rental properties that are near places that people love to gather or be entertained in, make sure you have that information featured in your marketing materials. And, depending on your renter demographic, you can offer some add-on services that your tenant might be willing to pay extra for, such as internet access, landscape maintenance, pest control, and so on.
- Offer attractive terms. For renters who plan to stay in their homes for a while, you might consider offering attractive lease terms. If you can, offer flexible lease lengths or consider allowing pets. You can also promote things like an easy renewal process and easy rental payment options.
- Use a good property management company. Finally, one of the best ways to attract and keep quality tenants in your rental property is to hire a professional Rolesville property management company like Real Property Management Raleigh. Our local market experts can help you plan and budget your property maintenance and repairs, make updates, and find tenants who will want to stay in your rental long-term.
To learn more about what we have to offer, give us a call at 919-481-0008 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.