This is a great time to own Prairieville rental properties. Now, more than ever, people are more open to renting rather than buying a home. More people think that it makes more sense to rent, whether that is because of personal or financial circumstances or something else. You can better maximize the number of renters in the market if you understand why so many people think it is wiser to rent instead of buy. Here are some insights into this question and some tips to help property owners like you take full advantage 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 different 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. For some tenants, renting is attractive because it helps them avoid the additional costs associated with homeownership. In the majority of the cases, 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 good reason to rent is to be able to live nearer to certain amenities. It is generally easier to get a rental home near a downtown arts and culture center than to buy one. Other amenities tenants look for include public transportation, certain school districts, or access to public recreation areas.
- More flexibility and freedom. Many renters also prefer leasing their homes because of the flexibility it gives them versus owning one. These types of renters like knowing that they could easily move if and when they have 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?
Leasing to people who are more into renting instead of buying might require you to look into a new approach to renting your property. 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. Your tenant will feel your concern with even just a few but important updates done on a schedule and will be encouraged 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. You should also look into offering some add-on services –depending on your renter demographic– your tenant might be willing to pay extra for, like internet access, landscape maintenance, pest control, and so on.
- Offer attractive terms. For renters who plan to stay in their homes for a while, you might consider offering attractive lease terms. These can include flexible lease lengths or allowing pets. You could also include extras 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 Prairieville property management company like Real Property Management Baton Rouge. 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.
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.