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Is Renting Smarter Than Buying Your Home?

Keys to a Kissimmee Rental Hanging on a HookNow is the best time to own Kissimmee rental properties. At present, there are more people choosing to rent rather than buy a home. In fact, more people nowadays believe renting makes more sense, whether it is because of their personal or financial circumstances. To take advantage of the number of renters in the market right now, it’s important to understand why so many people find it smarter to rent instead of buy. Here are some insights into this question and some tips to help property owners like you take full advantage of the increasing 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 many 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 most arrangements, 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. Staying in a rental home near a downtown arts and culture center is easier than buying one, for that matter. 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 renters like knowing that they could move if and when they need to. Others enjoy not worrying about their property values or being able to downsize if their situation changes.

Are You Appealing to Long-Term Renters?

Leasing to people who prefer to rent instead of buying might require you to change your approach to renting your property. It is worth making a few small changes, especially if it helps you optimize your rental income.

Some things a landlord or property owner can do to maximize a rental property’s potential include:

  • Update and upgrade regularly. Those who stay in a rental home for a while want to be sure that the home will be properly maintained and updated every now and then. Even with a few small but important updates on a schedule, you can show your tenant that you value their satisfaction and will encourage them to stay in your rental longer.
  • Upsell services and amenities. If your rental property is located near places people love to gather or be entertained, highlight this information 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. To be competitive, you can offer more appealing lease terms to renters who plan to stay in their homes for a while. 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 Kissimmee property management company like Real Property Management South Orlando. 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 407-982-2000 or contact us online today!

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