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Is Renting Smarter Than Buying Your Home?

Keys to a Norman Rental Hanging on a HookNow is the best time to own Norman rental properties. Nowadays, people are more open to renting rather than buying a home. In fact, a lot more people believe renting makes more sense, whether it is because of their personal or financial circumstances or something else. In order to capitalize on the current number of renters in the market, you must understand why more and more people find renting a smarter option than buying. We have some insight into this question and a few tips to help property owners like you make the most of the increasing number of renters in markets around the country.

3 Reasons to Rent

For many people, the choice to rent instead of buy is based on a variety of factors. While some reasons are personal, there are a few that most people who prefer to rent have in common. These include:

  • No additional costs. Some tenants rent, instead of buy, because it helps them avoid additional costs related to homeownership. In most arrangements, tenants do not have to pay for maintenance and repairs, property taxes, or come up with a down payment to buy a house. Knowing how much your housing will cost each month allows you to spend any surplus income on other things.
  • Access to amenities. Another common reason for renting is to gain access to certain amenities. For instance, getting a rental home near a downtown arts and culture center is easier than buying one. Other amenities tenants look for include public transportation, certain school districts, or access to public recreation areas.
  • More flexibility and freedom. A lot of renters like leasing their homes because of the flexibility and freedom it offers versus owning a house. These renters like knowing that they could move if and when they need to. Another perk is not worrying about their property values or being able to downsize if the situation changes.

Are You Appealing to Long-Term Renters?

You need to shift your usual approach to renting your property if you want to lease to people who want to rent instead of buy. It is worth making a few small changes, especially if it helps you optimize your rental income.

Here are some things that landlords and property owners can do to harness your rental property’s potential.

  • Update and upgrade regularly. People living in a rental home for a while really appreciate it when the home is properly maintained and regularly updated. Even with a few small but important updates on a schedule, you can show your tenant that you value their satisfaction and will encourage them to stay in your rental longer.
  • Upsell services and amenities. If your rental property is near places where people love to gather or be entertained, make sure you feature these in your marketing materials. And, depending on your renter demographic, you can offer some add-on services that your tenant might be willing to pay extra for, such as internet access, landscape maintenance, pest control, and so on.
  • Offer attractive terms. Most renters who plan to stay in their homes on a long-term basis will often look for lease terms they find appealing. These can include flexible lease lengths or allowing pets. Other extras you can include are things like an easy renewal process and easy rental payment options.
  • Use a good property management company. Finally, one of the best ways to attract and keep quality tenants in your rental property is to hire a professional Norman property management company like Real Property Management Elevate. Our local market experts can help you plan and budget your property maintenance and repairs, make updates, and find tenants who will want to stay in your rental long-term.

To learn more about what we have to offer, give us a call at 405-876-7611 or contact us online today!

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