Have you ever wondered whether owning property in Lehi is a great or lucrative idea? Maybe you already own property and have thought of selling it with fears that it will no longer bring in a stable income. However, recent rental market trends might have you changing your mind, as the popularity of owning rental properties versus homeownership is rising.
When you choose Real Property Management Utah County to help manage your Lehi property, you are working with a team that is committed to your property’s success. Find out more about why you should capitalize on the rising popularity of rental properties and start enjoying the benefits of investing in real estate today.
When it comes to housing market booms for homeownership, the buyers’ market is typically restricted to particular areas throughout the county. This means there will always be cities and towns with property rates too steep for the usual homebuyer. This makes it difficult to capitalize on a trend that may not be in effect in your area.
However, the growing popularity of rental properties has been a national trend, meaning your Lehi property can capitalize on this news. A recent study was done studying the change in renter versus homeowner rates over time between 2006 and 2016. Individuals who rented a home or unit increased by more than 23 million during this period as observed by the US Census. Considering the United States population growth was 23.7 million people, this rate shows that renting is meeting the needs of many.
This study by RentCafe also showed 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 Utah County is here to help you through each change in popularity, making sure that you can expect to have continual income irrespective of the market.
Housing Market Spreading Out
While many of these trends are concentrated on cities within the United States, this rising popularity of rental properties is great news for investment homeowners whose rental properties are outside the city. When there is an upsurge in need for rental properties, it is typical for rental rates to rise alongside this 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 go up, 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, acquiring a profitable rate from your rental property that meets the needs of you and your tenants is much easier.
Let Real Property Management Utah County help you capitalize on this growing trend along with the professional management of your property, so you can sit back, relax, and enjoy the extra income. Learn more about our services and contact us online or call us at 801-224-0033 today.