Is Renting Smarter Than Buying Your Home?

Now is the most suitable time to own rental properties! This happens because more and more people are resolving to rent over buying a home, generally because it better fits their personal or financial situation. To benefit much on the number of renters in the market at this present time, it’s crucial to grasp well why so many people find it wiser to rent instead of buy. In the following paragraphs, we’ll contribute some vital insights to this question and some tips designed to help property owners like you properly cash in on the increasing numbers of renters in markets nationwide.

3 Reasons to Rent

For a good number of people, the choice to rent instead of buy is based on multiple factors. While it is a matter of fact that some of these things may be personal, there are particular ones that many people who prefer to rent their homes share. These involve:

• No additional costs. Plenty of tenants find renting attractive because of the fact that it helps them avoid the extra costs connected to homeownership. In nearly all cases, tenants do not have to pay for maintenance and repairs, property taxes, or come up with a down payment to buy a house. Many delight knowing how much their monthly housing will cost and spending their surplus income on other things.
• Access to amenities. Another major reason to rent is to get access to proper amenities. Take one example, getting a rental home near a downtown arts and culture center may be a whole lot easier than acquiring one. Other amenities tenants look for including public transportation, certain school districts, or access to public recreation areas.
• More flexibility and freedom. Lots of renters like leasing their homes considering that it offers them more flexibility and freedom than having ownership. Many renters seek to know they can choose to move if needed. Others want to not worry, in the slightest, over their property values or be able to downsize if their situation changes.

Appealing to Long-Term Renters

Leasing to people who want to rent instead of buy may mandate you to shift your standard approach to renting your property. It is worth bringing about minor changes, most especially 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 who have resided in a rental home for a long time like to have assurance that the house will be appropriately maintained and updated every once in a while. By performing a few small but vital updates on a schedule, you demonstrate to your tenant your concern for their condition and well-being, and evoke in them the desire to stay in your rental longer.
• Upsell services and amenities. If your rental property is close to places where people desire to come together or be entertained, nail down to include these things in your marketing materials. Aside from that, depending on your renter demographic, assess offering several pertinent add-on services your tenant would most likely be willing to pay extra for, such as internet access, landscape maintenance, pest control, etc.
• Offer attractive terms. Think about endowing lease terms that are attractive to long-term renters, such as being flexible with lease lengths or allowing pets. Other extras to consider are a hassle-free renewal process and uncomplicated rental payment options.
• Use a good property management company. Last but not the least, one of the most 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 competently help you plan and budget your property maintenance and repairs, administer updates, and find tenants who will want to stay in your rental long-term.

To know more in terms of what Real Property Management Oasis can expertly offer homeowners in Cedar Hill or nearby, call 817-581-1574 or contact us online today!