Have you ever thought about whether owning property in West Covina is a good or profitable idea? Perhaps you already own property and are considering selling it with fears that it will no longer bring in a stable income. However, recent rental market trends might have you changing your mind, as there is growing popularity of owning rental properties versus homeownership.
When you choose Real Property Management Fairmate to help manage your West Covina property, you are working with a team that is devoted to seeing your property succeed. Find out more about why you should make the most of the rising popularity of rental properties and start seeing the benefits of real estate investment today.
National Trend
When it comes to housing market booms for homeownership, the buyers’ market is typically restricted to specific areas throughout the county. This means there are always cities and towns with property rates that are too steep for the average homebuyer. This makes it hard to capitalize on a trend that may not be in effect in your area.
However, the growing popularity of rental properties has been a national trend, so your West Covina property can exploit this news. A recent study was done studying the change over time in renter versus homeowner rates between 2006 and 2016. Individuals who rented a home or unit increased by more than 23 million during this period as discovered by the US Census. Considering the United States population growth was 23.7 million people, this rate shows that renting is meeting the needs of many.
This study conducted by RentCafe also indicated that the growth of homeowners was fewer than 700,000, demonstrating that many are more interested in renting a home than owning for a variety of reasons. While trends come and go, Real Property Management Fairmate is here to help you endure each change in popularity, making sure that you can expect to have continual income over time regardless of the market.
Housing Market Spreading Out
While many of these trends are centered on cities within the United States, this rising popularity of rental properties is great news for investment homeowners whose rental properties are outside the city. When there is a rise in the need for rental properties, it is usual for rental rates to rise alongside this within cities and larger towns. Owning a property in an area such as this is great as you can raise your rent as well.
However, not all renters can afford market price fluctuations. This leads them to look for rental property outside of the city and in smaller towns and suburbs. As population rates go up, so does the need for affordable housing, and renting can help take this burden off individuals and families alike. When they do not have to finance a down payment and mortgage, it is much easier to acquire a profitable rate from your rental property that meets the needs of you and your residents.
Let Real Property Management Fairmate help you capitalize on this rising trend along with the professional management of your property so you can sit back, relax, and enjoy the extra income. Learn more about the services we offer and contact us online or call us at 626-691-9749 today.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
