Is Renting Smarter Than Buying Your Home?

Now is an excellent time to own rental properties! The reason is that a lot of people are determined to rent over buying a home, oftentimes because it better fits their personal or financial situation. To capitalize on the number of renters in the market at this tme, it’s relevant to really understand why so many people find it wiser to rent instead of buy. Moving onward, we’ll impart some helpful insights into this question and some tips designed to help property owners like you take advantage of the increasing numbers of renters in markets nationwide.

3 Reasons to Rent

For many people, the choice to rent instead of buy is based on numerous factors. While it is a matter of fact that some of these reasons may be personal, there is a number of them that many people who prefer to rent their homes share. These involve:

• No additional costs. Plenty of tenants find renting attractive given that it helps them keep off the extra costs connected to homeownership. In nearly all cases, tenants do not have to pay for maintenance and repairs, property taxes, or come up with a down payment to buy a house. Many desire knowing how much their monthly housing will cost and spend their extra income on other things.
• Access to amenities. Another serious reason to rent is to get access to special amenities. By way of illustration, getting a rental home near a downtown arts and culture center may be a lot better than acquiring one. Other amenities tenants look for inlcude public transportation, certain school districts, or access to public recreation areas.
• More flexibility and freedom. Lots of renters like leasing their homes for the reason that it grants more flexibility and freedom than having their own. Many renters love knowing they can choose to move if needed. Others adore not worrying about anything in relation to 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 mandate you to shift your standard approach to renting your property. It is worth setting up a few minor changes, particularly 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 who have lived in a rental home for a long time desire to know for certain that the house will be appropriately maintained and updated every once in a while. By fulfilling a few small although crucial updates on a schedule, you demonstrate to your tenant your concern for their contentment and impel them to stay in your rental longer.
• Upsell services and amenities. If your rental property is very near places where people can come to gather or be entertained, be certain to include these things in your marketing materials. Besides that, depending on your renter demographic, assess giving a few add-on services your tenant most likely are willing to pay extra for, such as internet access, landscape maintenance, pest control, etc.
• Offer attractive terms. Try endowing lease terms that are attractive to long-term renters, in particular being flexible with lease lengths or allowing pets. Other extras to especially include are an easy renewal process and very easy rental payment options.
• Use a good property management company. On a final note, one of the efficient ways 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 help you plan and budget your property maintenance and repairs, develop updates, and find tenants who will want to stay in your rental long-term.

To find out more pertaining to what Real Property Management Fairmate can especially offer to homeowners in San Gabriel or nearby, call 626-691-9749 or contact us online today!

Originally Published on October 15, 2021