Have you ever wondered whether owning property is a practical or lucrative idea? Perhaps you already own property and are thinking to sell it with fears that it will no longer provide a steady income. However, recent rental market trends might have you changing your mind, as owning rental properties versus homeownership is growing in popularity.
When you choose Real Property Management Investment Solutions to help manage your property, you are working with a team that is devoted to your property’s success. Learn more about why you should capitalize on the rising popularity of rental properties and start enjoying the benefits of real estate investment today.
National Trend
When talking about housing market booms for homeownership, the buyers’ market is usually limited to certain areas throughout the county. This means there will always be cities and towns with property rates too high for the typical homebuyer which can make using trends difficult if your area is an outlier.
However, the rising popularity of rental properties has been a national trend, so your property can take advantage of this news. A recent study was conducted looking at 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 discovered by the US Census. As the United States, population growth was 23.7 million people, this rate proves that renting is meeting the needs of many.
This study by RentCafe also shows that the growth of homeowners was less than 700,000, indicating that many are more interested in renting a home than owning for various reasons. While trends come and go, Real Property Management Investment Solutions is here to help you withstand 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 centered on cities within the United States, this growing popularity of rental properties is good news for investment homeowners whose rental properties are outside the city. When the need for rental properties increases, rental rates within cities and larger towns have a tendency to also rise. Owning a property in an area such as this is great as you can raise your rent as well.
However, not all renters can afford the price fluctuations of the market. This leads them to hunt for rental property outside of the city and in smaller towns and suburbs. As population rates grow, so does the need for affordable housing, and renting can help take this burden off individuals and families alike. When they do not have to finance a down payment and mortgage, it is much easier to get a beneficial rate from your rental property that meets the needs of you and your residents.
Let Real Property Management Investment Solutions help you make the most 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 having your property managed by Real Property Management Investment Solutions, have more questions, or just want to speak to one of our team members, then contact us online or call us directly at 616-419-8880 today!
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.
