Is Renting Smarter Than Buying Your Home?

Now is the most desirable time to own rental properties! The reason is that a good deal of people are deciding to rent over buying a home, mostly because it better fits their personal or financial situation. To make the best of the number of renters in the market right now, it’s substantial to ascertain why so many people find it wiser to rent instead of buy. In the ensuing paragraphs, we’ll share some invaluable insights into this question and a few of tips designed to help property owners like you get the most of the increasing numbers of renters in markets nationwide.

3 Reasons to Rent

For a number of people, the choice to rent instead of buy is based on different factors. Even as some of these reasons may indeed be personal, there are a number that many people who prefer to rent their homes share. These enclose:

• No additional costs. A vast number of tenants find renting attractive seeing as it helps them keep away the extra costs closely involved in homeownership. Mainly, tenants do not have to pay for maintenance and repairs, property taxes, or come up with a down payment to buy a house. Many love knowing how much their monthly housing will cost and spending their surplus income on other things.
• Access to amenities. Another basic reason to rent is to get access to certain amenities. For example, getting a rental home near a downtown arts and culture center may be easier than securing one. Other amenities tenants look for include public transportation, certain school districts, or access to public recreation areas.
• More flexibility and freedom. Multiple renters like leasing their homes in as much as it presents them more flexibility and freedom than having one. Many renters would actually like knowing they can choose to move if needed. Others are quite happy with not worrying, in any manner, 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 call for you to shift your standard approach to renting your property. It is worth bringing about some small changes, primarily 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 having to stay in a rental home for a period of time desire to be assured that the house will be appropriately maintained and updated in a few cases. By implementing a few small but also relevant updates on a schedule, you demonstrate to your tenant your concern for their ease and delight and, in turn, may entice them to stay in your rental longer.
• Upsell services and amenities. If your rental property is in close proximity to a place where people seek to come together or be entertained, determine to include these things in your marketing materials. Aside from that, depending on your renter demographic, seriously think about offering plenty of add-on services your tenant would seem to be willing to pay extra for, by way of example internet access, landscape maintenance, pest control, etc.
• Offer attractive terms. Assess offering lease terms that are attractive to long-term renters, for instance being flexible with lease lengths or allowing pets. Other extras that would be appreciated are an easy renewal process and hassle-free rental payment options.
• Use a good property management company. One last final thing, one of the ideal 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 easily help you plan and budget your property maintenance and repairs, produce updates, and find tenants who will prefer to stay in your rental long-term.

To find out more concerning what Real Property Management TradeWinds can gainfully offer homeowners in St. Petersburg or nearby, call 727-400-4722 or contact us online today!

Originally Published on October 15, 2021