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Is Renting Smarter Than Buying Your Home?

Keys to a St. Petersburg Rental Hanging on a HookThere has never been a better time to own St. Petersburg rental properties. Nowadays, people are more open to renting rather than buying a home. In fact, a lot more people believe renting makes more sense, whether it is because of their personal or financial circumstances or something else. 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. We have some insight into this question and a few tips to help property owners like you make the most 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 a variety of factors. Other than personal reasons, there are a few that many people who prefer to rent have in common. These include:

  • No additional costs. For some tenants, renting is more attractive because it helps them avoid the additional costs associated with homeownership. Usually, tenants do not have to pay for maintenance and repairs, property taxes, or come up with a down payment to buy a house. They also enjoy knowing how much their housing will cost each month so they can spend their extra income on other things.
  • Access to amenities. Another good reason to rent is to be able to live nearer to certain amenities. For instance, staying in a rental home near a downtown arts and culture center is easier 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 renters enjoy the advantage of easily moving elsewhere if and when they need to. Others like being free from the worries of property values or downsizing if their situation changes.

Are You Appealing to Long-Term Renters?

You need to shift your usual approach to renting your property if you want to lease to people who want to rent instead of buy. 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. 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. 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, 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. Most renters who plan to stay in their homes on a long-term basis will often look for lease terms they find appealing. If you can, offer flexible lease lengths or consider allowing pets. You can also include extra benefits 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 St. Petersburg property management company like Real Property Management TradeWinds. 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 727-400-4722 or contact us online today!

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