Is Renting Smarter Than Buying Your Home?

Now is the very best time to own rental properties! This is because of the fact that a lot of people are settling on rent over buying a home, frequently because it better fits their personal or financial situation. To maximize your gain on the number of renters in the market at this time, it’s necessary to ascertain why so many people find it wiser to rent instead of buy. From here on, we’ll impart some essential insights into this question and practical tips designed to help property owners like you cash in on the increasing numbers of renters in markets nationwide.

3 Reasons to Rent

For plenty of people, the decision to rent instead of buy is based on a few factors. Even while some of these points may be personal, there are some particulars that many people who prefer to rent their homes share. These include:

• No additional costs. Particular tenants find renting attractive taking into account it helps them shun the extra costs that comes along with homeownership. In most situations, tenants do not have to pay for maintenance and repairs, property taxes, or come up with a down payment to buy a house. Many just like knowing how much their monthly housing will cost and spending their surplus income on other things.
• Access to amenities. Another solid reason to rent is to get access to fantastic amenities. By way of illustration, getting a rental home near a downtown arts and culture center may be easier than trying to buy one. Other amenities tenants look for include public transportation, certain school districts, or access to public recreation areas.
• More flexibility and freedom. Majority of renters like leasing their homes due to the fact that it endows more flexibility and freedom than owning one. Many renters like to know they can choose to move if needed. Others relish not worrying an iota regarding 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 demand you to shift your standard approach to renting your property. It is worth developing even small changes, principally 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 resided in a rental home for quite some time desire to be assured that the house will be appropriately maintained and updated occasionally as scheduled. By implementing a few small but pertinent updates on a schedule, you demonstrate to your tenant your concern for their comfort and well-being, and as a result, make them stay in your rental longer.
• Upsell services and amenities. If your rental property is near places where people like to come together or be entertained, ensure to include these things in your marketing materials. Moreover, depending on your renter demographic, think about bestowing a number of pertinent add-on services your tenant probably will be willing to pay extra for, like internet access, landscape maintenance, pest control, etc.
• Offer attractive terms. Seriously consider bringing forth lease terms that are attractive to long-term renters, such as being flexible with lease lengths or allowing pets. Other extras to add on are an easy renewal process and worry-free rental payment options.
• Use a good property management company. One last thing to go over, one of the top 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, administer updates, and find tenants who will seek to stay in your rental long-term.

To hear more on the subject of what Real Property Management Diablo Valley can competently offer to homeowners in San Ramon or nearby, call 925-658-5755 or contact us online today!