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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 than buying a home. More people think it makes more sense to rent, whether because of personal or financial circumstances or something else. To maximize the opportunities with the number of renters 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 nationwide.

3 Reasons to Rent

Opting to rent instead of buying a home is influenced by various factors that resonate with many individuals. While personal preferences play a role, there are common reasons shared by those who lean towards renting:

  1. No Additional Costs: Renting often appeals to individuals seeking to avoid the extra financial burdens associated with homeownership. Tenants typically sidestep expenses such as maintenance, repairs, property taxes, and the need for a substantial down payment to purchase a house. The predictable monthly housing costs allow tenants to allocate their disposable income to other pursuits.
  2. Access to Amenities: Renting offers the advantage of residing closer to specific amenities. For instance, choosing a rental home near a downtown arts and culture center is more feasible than committing to a purchase. Other sought-after amenities include proximity to public transportation, specific school districts, or access to public recreation areas.
  3. More Flexibility and Freedom: The flexibility of leasing is a key draw for many renters. This flexibility allows them to contemplate moving as needed. Some appreciate the freedom from concerns about property values or the need to downsize if their circumstances change. Renting provides a level of adaptability that aligns with individuals’ evolving needs and preferences.

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 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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