This is a great time to own Big Rapids rental properties. Now, more than ever, people are more open to renting rather than buying a home. For many people, renting makes more sense, be it because of personal or financial reasons. In order to maximize the opportunities with the number of renters that are present in the market right now, it is important to understand why many people prefer to rent instead of buy. 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 different factors. Other than personal reasons, there are a few that many people who prefer to rent have in common. These include:
- No additional costs. For some tenants, renting is more attractive because it helps them avoid the additional costs associated with homeownership. In most cases, tenants do not have to pay for maintenance and repairs, property taxes, or come up with a down payment to buy a house. They also enjoy knowing how much their housing will cost each month so they can spend their extra income on other things.
- Access to amenities. Another popular reason to rent is accessibility to certain amenities. For instance, staying in 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 enjoy the advantage of easily moving elsewhere if and when they need to. Being free from worry about property values or possible downsizing is also something they enjoy.
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.
Some things a landlord or property owner can do to maximize a rental property’s potential include:
- 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. 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. Some of these can be 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 Big Rapids property management company like Real Property Management Investment Solutions. 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.