Is Renting Smarter Than Buying Your Home?

Now is a fine time to own rental properties! This is because plenty of people are choosing to rent over buying a home, typically because it better fits their personal or financial situation. To gain from the number of renters in the market at this present time, it’s critically advantageous to discover why so many people find it wiser to rent instead of buy. In the following lines, we’ll share with you some valuable insights into this question and some few tips designed to help property owners like you make the best of the increasing numbers of renters in markets nationwide.

3 Reasons to Rent

For most people, the concluding choice to rent instead of buy is based on a good deal of factors. Despite that some of these reasons may be personal, there are various ones that many people who prefer to rent their homes share. These entail:

• No additional costs. Many tenants find renting attractive because of the fact that it helps them dodge the extra costs connected with homeownership. In general, tenants do not have to pay for maintenance and repairs, property taxes, or come up with a down payment to buy a house. Many really appreciate knowing how much their monthly housing will cost and spending their surplus income on other things.
• Access to amenities. Another foremost reason to rent is to get access to proper amenities. Such as getting a rental home near a downtown arts and culture center may be far simpler than actually purchasing one. Other amenities tenants look for include public transportation, certain school districts, or access to public recreation areas.
• More flexibility and freedom. Certain renters like leasing their homes considering that it provides more flexibility and freedom than possessing one. Many renters love knowing they can choose to move if needed. Others want to not worry, whatsoever, 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 have a need for you to shift your standard approach to renting your property. It is worth bringing on some pertinent changes, even small, 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 residing in a house in a rental home for a long time would be happy to be assured that the house will be appropriately maintained and updated at regular intervals. By undertaking a few small but, at the same time, significant updates on a schedule, you demonstrate to your tenant your concern for their benefit and move them to stay in your rental longer.
• Upsell services and amenities. If your rental property is close to places where people like to come together or be entertained, make certain to include these things in your marketing materials. Not only that, depending on your renter demographic, seriously consider offering some add-on services your tenant may be willing to pay extra for, for example, internet access, landscape maintenance, pest control, etc.
• Offer attractive terms. Check about granting lease terms that are attractive to long-term renters, for example being flexible with lease lengths or allowing pets. Other extras to add are an easy renewal process and uncomplicated rental payment options.
• Use a good property management company. Lastly, one of the efficient ways 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 properly plan and budget your property maintenance and repairs, implement updates, and find tenants who will choose to stay in your rental long-term.

To ascertain more related to what  Real Property Management South Orlando can gainfully offer homeowners in Kissimmee or nearby, call 407-982-2000 or contact us online today!

Originally Published on October 15, 2021