Is Renting Smarter Than Buying Your Home?

Now is a fine time to own rental properties! The reason is that plenty of people are selecting to rent over buying a home, usually because it better fits their personal or financial situation. To cash in on the number of renters in the market right now, it’s essential to understand why so many people find it wiser to rent instead of buy. In the following sections, we’ll offer some invaluable insights into this question and proven tips designed to help property owners like you benefit from the most of the increasing numbers of renters in markets nationwide.

3 Reasons to Rent

For most people, the ultimate choice to rent instead of buy is based on some factors. Though conceding some of these reasons may truly be personal, there are some particulars that many people who prefer to rent their homes share. These include:

• No additional costs. Most tenants find renting attractive for the reason that it helps them avoid the extra costs that come along with homeownership. Typically, tenants do not have to pay for maintenance and repairs, property taxes, or come up with a down payment to buy a house. Many just find pleasure in knowing how much their monthly housing will cost and spending their surplus income on other things.
• Access to amenities. Another common reason to rent is to get access to wonderful amenities. As an example, getting a rental home near a downtown arts and culture center may be not as difficult as owning one. Other amenities tenants look for include public transportation, certain school districts, or access to public recreation areas.
• More flexibility and freedom. Some renters like leasing their homes because of the fact that it provides them more flexibility and freedom than having ownership of one. Many renters actually feel satisfied to know they can choose to move if needed. Others take delight in not worrying at all 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 impel you to shift your standard approach to renting your property. It is worth estbalishing changes, even minimal, 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 living in a rental home for a very long time want to find assurance that the house will be appropriately maintained and updated regularly, on schedule. By executing a few small but key updates on a schedule, you demonstrate to your tenant your concern for their satisfaction and well-being and inspire them to stay in your rental longer.
• Upsell services and amenities. If your rental property is close to places where people are always  gathering together or be entertained, ensure to include these things in your marketing materials. Plus, depending on your renter demographic, choose to offer relevant add-on services your tenant is most definitely willing to pay extra for, such as internet access, landscape maintenance, pest control, etc.
• Offer attractive terms. Think about offering lease terms that are attractive to long-term renters, that is to say, being flexible with lease lengths or allowing pets. Other extras to cover are an easy renewal process and trouble-free rental payment options.
• Use a good property management company. Last but definitely not the least, one of the most appropriate ways to attract and keep quality tenants in your rental property is to hire a professional property management company in your domain or area. Real Property Management’s local market experts can excellently help you plan and budget your property maintenance and repairs, execute updates, and find tenants who would like to stay in your rental long-term.

To know more in regard to what Real Property Management Presidential can greatly contribute to homeowners in Charlottesville or nearby, call 434-422-5591 or contact us online today!