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Is Renting Smarter Than Buying Your Home?

Keys to a Chesapeake Beach Rental Hanging on a HookThis is a great time to own Chesapeake Beach rental properties. Now, more than ever, people are more open to renting rather than buying a home. More people think that it makes more sense to rent, whether that is because of personal or financial circumstances or something else. In order to maximize the opportunities with the number of renters that are present in the market right now, it is important to understand why many people prefer 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 many different factors. While some reasons are personal, there are a few that most 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. Most of the time, 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. Many renters also prefer leasing their homes because it gives them more flexibility than owning. These renters like knowing that they could move 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. People living in a rental home for a while really appreciate it when the home is properly maintained and regularly updated. 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. If your rental property is located near places people love to gather or be entertained, highlight this information in your marketing materials. You should also look into offering some add-on services –depending on your renter demographic– your tenant might be willing to pay extra for, like internet access, landscape maintenance, pest control, and so on.
  • Offer attractive terms. For renters who plan to stay in their homes for a while, you might consider offering attractive lease terms. Some of these can be 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 Chesapeake Beach property management company like Real Property Management Gold. 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 301-392-2172 or contact us online today!

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