Have you ever thought about whether owning property in Prairieville is a good or lucrative idea? Maybe you already own property and have been considering selling it with fears that it will not bring in a steady income anymore. However, recent rental market trends might have you changing your mind, as there is growing popularity of owning rental properties versus homeownership.
When you partner with Real Property Management Baton Rouge to help manage your Prairieville property, you are working with a team that is committed to seeing your property succeed. Learn more about why you should capitalize on the rising popularity of rental properties and begin seeing the benefits of real estate investment today.
When it comes to housing market booms for homeownership, the buyers’ market is usually limited to areas throughout the county. This means there will constantly be cities and towns with property rates that are too high for the typical homebuyer. This makes it difficult to capitalize on a trend that might not be in effect in your area.
However, the rising popularity of rental properties has been a national trend, meaning your Prairieville property can make use of this news. A recent study was done studying the change over time in renter versus homeowner rates between 2006 and 2016. People who rented a home or unit increased by more than 23 million during this period as found by the US Census. The United States population growth was 23.7 million people, so this rate shows that renting is meeting the needs of many.
This study was done by RentCafe also indicated that the growth of homeowners was less than 700,000, indicating that many are more interested in renting a home than owning for many reasons. While trends come and go, Real Property Management Baton Rouge is here to support you through each change in popularity, ensuring that you can expect to have continual income over time regardless of the market.
Housing Market Spreading Out
While many of these trends are focused on cities within the United States, this increasing popularity of rental properties is good news for investment homeowners whose rental properties are outside the city. When the need for rental properties grows, it is common for rental rates to grow as well within cities and larger towns. Owning a property in an area like this is great as you can increase your rent as well.
However, not all renters can afford the price fluctuations of the market. This leads them to search for rental property outside of the city and in smaller towns and suburbs. As population rates rise, so does the need for affordable housing, and renting can help take this burden off individuals and families alike. It is much easier to get a profitable rate from your rental property that meets the needs of you and your residents when they do not have to finance a down payment and mortgage.
Let Real Property Management Baton Rouge help you take advantage of this rising trend along with the professional management of your property, so you can sit back, relax, and enjoy the extra income. If you are interested in finding out more information about our property management services, then contact us online or call us at 225-389-6860 today.