There is no better time to own rental properties than now. 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. You can better maximize the number of renters in the market if you understand why so many people think it is wiser 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 a variety of factors. While some of these reasons may be personal, here are a few reasons from people who prefer to rent. These include:
- No additional costs. One major reason some tenants rent instead of buy is to 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. 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. For instance, getting 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. Many renters also prefer leasing their homes because of the flexibility it gives them versus owning one. These renters like knowing that they could move if and when they need too. 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.
Here are some things that landlords and property owners can do to harness your rental property’s potential.
- 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. Your tenant will feel your concern with even just a few but important updates done on a schedule and will be encouraged 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. Also, study your renter demographic so you can offer some add-on services your tenant might like, such as internet access, landscape maintenance, pest control, and the like.
- 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. These can include flexible lease lengths or 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 Exeter property management company like Real Property Real Estate. 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 603-343-2202 or contact us online today!
