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Is Renting Smarter Than Buying Your Home?

Keys to a San Gabriel Rental Hanging on a HookThere has never been a more perfect time to own San Gabriel rental properties. The reason being, now more than ever, people are choosing to rent contrary to just possessing a home. Actually, for quite a lot of people, renting makes more sense, whether the reason is their personal or financial circumstances or something else. To capitalize on the number of renters in the market nowadays, it’s relevant to find out why so many people find it smarter to rent instead of buy. In the succeeding paragraphs, we’ll impart helpful insight into this point and a number of tips geared to help property owners like you make the most of the rising numbers of renters in markets around the country.

3 Reasons to Rent

For various people, the choice to rent instead of buy is based on many factors. Despite the fact that a lot of these reasons may be personal, there is a handful that several people who prefer to rent their homes share. These include:

  • No additional costs. Most tenants find renting really attractive given that it helps them get away from the additional costs associated with homeownership. In nearly all cases, tenants do not have to pay for maintenance and repairs, property taxes, or need a down payment to buy a house. Most people are happy knowing how much their housing will cost each month and spending their remaining income on other things.
  • Access to amenities. Another dominating reason to rent is to simply get access to certain amenities. By way of illustration, it may be hassle-free to get a rental home not far from a downtown arts and culture center than to buy one. Other usual amenities tenants go after include public transportation, certain school districts, or access to public recreation areas.
  • More flexibility and freedom. Countless renters prefer leasing their homes for the reason that it provides more flexibility and freedom than owning. Various renters like confidently knowing that they could choose to move if and when they needed to. Others relish not worrying about anything especially in regard to their property values or being able to downsize if their situation changes.

Are You Appealing to Long-Term Renters?

Leasing to people who want to rent instead of buy may need you to modify your standard approach to renting your property. It is worth planning for and making a few small changes, definitely if it gets you to optimize your rental income.

A few things that landlords and property owners can do to be sure you realize your rental property’s potential include:

  • Update and upgrade regularly. People living in a rental home for a long time want to know for sure that the home will be properly maintained and updated every once in a while, if not regularly. By fulfilling a few small but important updates on a schedule, you indicate to your tenant your concern for their satisfaction and encourage them to take up residence in your rental longer.
  • Upsell services and amenities. If your rental property has the desired proximity to places people want to gather or be entertained in, make sure to include these things in your marketing materials. At the same time, depending on your renter demographic, consider providing other add-on services your tenant might be willing and open to pay extra for, such as internet access, landscape maintenance, pest control, and so on.
  • Offer attractive terms. To compete for renters who have decided on living in their homes for quite some time, you might similarly look into offering lease terms they would find delightful. If you can, try to be flexible on lease lengths or consider allowing pets. Other extras you can take into account offering are a simple renewal process and easy rental payment options.
  • Use a good property management company. Lastly, one of the efficient ways to attract and keep quality tenants in your rental property is to work with a professional San Gabriel property management company like for instance Real Property Management Fairmate. Our local market experts can easily help you plan and budget your property maintenance and repairs, make updates, and successfully find tenants who will want to reside in your rental long-term.

To learn more about what we have to offer, give us a call at 626-691-9749 or contact us online today!

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