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Is Renting Smarter Than Buying Your Home?

A key ring displaying two keys and a house keychain, hanging from a wall-mounted hook.Now is the most advantageous time to own rental properties! This is due to the fact that most people are now choosing to rent over buying a home, conventionally because it better fits their personal or financial situation. To make the most of the number of renters in the market as of this time, it’s essential to be informed why so many people find it wiser to rent instead of buy. Onwards, we’ll give you some key insights into this question and specific tips designed to help property owners like you capitalize on the increasing numbers of renters in markets nationwide.

3 Reasons to Rent

For particular people, the choice to rent instead of buy is based on several factors. Allowing that some of these considerations may be personal, there are particular ones that many people who prefer to rent their homes share. These include, among others:

  • No additional costs. A large number of tenants find renting attractive due to the fact that it helps them perfectly avoid the extra costs that go with homeownership. Mostly, tenants do not have to pay for maintenance and repairs, property taxes, or come up with a down payment to buy a house. Many fancy knowing how much their monthly housing will cost and spending their overflow income on other things.
  • Access to amenities. Another popular reason to rent is to get access to fantastice amenities. As an example, getting a rental home near a downtown arts and culture center may be more simpler than actually buying one. Other amenities tenants look for encompass public transportation, certain school districts, or access to public recreation areas.
  • More flexibility and freedom. Various renters like leasing their homes seeing as it provides more flexibility and freedom than acquiring one. Many renters cherish knowing they can choose to move if needed. Others bask in not worrying, in whatever way, about 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 cause you to shift your standard approach to renting your property. It is worth implementing even slight changes, notably 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 inhabiting a rental home for a more protracted time wants to make certain that the house will be appropriately maintained and updated regularly. By applying a few small but salient updates on a schedule, you demonstrate to your tenant your concern for their enjoyment and well-being, and in turn, drive them to stay in your rental longer.
  • Upsell services and amenities. If your rental property is in close proximity to places where people gather or be entertained, always make certain to include these things in your marketing materials. Secondly, depending on your renter demographic, mull over adding in salient add-on services your tenant could be willing to pay extra for, including internet access, landscape maintenance, pest control, etc.
  • Offer attractive terms. Regard granting lease terms that are attractive to long-term renters, take for example being flexible with lease lengths or allowing pets. Other extras to count are an easy renewal process and uncomplicated rental payment options.
  • Use a good property management company. Last thing to be mindful of, one of the most effective means to attract and keep quality tenants in your rental property is to hire a professional property management company in your area. Real Property Management’s local market experts can excellently help you plan and budget your property maintenance and repairs, create updates, and find tenants who would like to stay in your rental long-term.

To discover more as to what Real Property Management Elevate can bring to the plate for homeowners in Norman or nearby, call 405-876-7611 or contact us online today!

Originally Published on October 15, 2021

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