Is Renting Smarter Than Buying Your Home?

Now is the best time to own rental properties! The reason for this is that countless people are deciding to rent over buying a home, usually because it better fits their personal or financial situation. To get the best out of the increasing number of renters in the market right now, it’s vital to comprehend why so many people find it wiser to rent instead of buy. Moving forward, we’ll provide here some gainful insights into this question and several tips designed to help property owners like you take full advanctage the increasing numbers of renters in markets nationwide.

3 Reasons to Rent

For some people, the eventual choice to rent instead of buy is based on a number of factors. Much as some of these reasons may be personal, there are some that many people who prefer to rent their homes share. These include, among other things:

• No additional costs. Almost all tenants find renting attractive since it helps them keep away from the extra costs tied to 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 delight in knowing how much their monthly housing will cost and spending their surplus income on other things.
• Access to amenities. Another solid reason to rent is to get access to terrific amenities. To cite an instance, getting a rental home near a downtown arts and culture center may be so much easier than buying one. Other amenities tenants look for include, among many others public transportation, certain school districts, or access to public recreation areas.
• More flexibility and freedom. Considerable renters like leasing their homes because it extends to them more flexibility and freedom than investing and buying one. Many renters like actually knowing they can choose to move if needed. Others like not worrying, by any least, 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 changes, 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 residing in a rental home for a long while like to be given assurance that the house will be appropriately maintained and updated every now and then. By executing a few small but relevant updates on a schedule, you demonstrate to your tenant your concern for their utmost well-being and motivate them to stay in your rental longer.
• Upsell services and amenities. If your rental property is close to places where people like best to gather or be entertained, always keep in mind to include these things in your marketing materials. Moreover, depending on your renter demographic, evaluate offering a bunch of relevant add-on services your tenant may be willing to pay extra for, take for example internet access, landscape maintenance, pest control, etc.
• Offer attractive terms. Study about granting lease terms that are attractive to long-term renters, for illustration being flexible with lease lengths or allowing pets. Other extras to consider including are an easy renewal process and simpler rental payment options.
• Use a good property management company. One final thing to seriously think about, one of the best means 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 perfectly help you plan and budget your property maintenance and repairs, bring about updates, and find tenants who want to stay in your rental long-term.

To determine more about what Real Property Management Gold can contribute to homeowners in Chesapeake Beach or nearby, call 301-392-2172 or contact us online today!

Originally Published on October 15, 2021