There has never been a more opportune time to own Orem rental properties. The reason being, now more than ever, people are choosing to rent in contrast to obtaining a home. In actuality, for a lot of people, renting makes more sense, whether that is because of their personal or financial circumstances or something else. To capitalize on the number of renters in the market today, it’s imperative to recognize why so many people find it smarter to rent instead of buy. In the next paragraphs, we’ll extend various insights into this subject and quite a few tips created to help property owners like you make the most of the escalating numbers of renters in markets around the country.
3 Reasons to Rent
For countless people, the choice to rent instead of buy is based on certain factors. Notwithstanding that a few of these reasons may be personal, there are some that lots of people who prefer to rent their homes share. These include:
- No additional costs. Several tenants find renting inviting on the account that it helps them keep away from the additional costs associated with homeownership. Most of the time, tenants do not have to pay for maintenance and repairs, property taxes, or make a down payment to buy a house. Various people like knowing how much their housing will cost each month and spending their additional or extra income on other things.
- Access to amenities. Another serious reason to rent is to obtain access to certain amenities. For example, it may be easier and worry-free to get a rental home around a downtown arts and culture center than to buy one. Certain amenities tenants expect include public transportation, certain school districts, or access to public recreation areas.
- More flexibility and freedom. Most renters opt to lease their homes since it extends more flexibility and freedom than owning. Lots of renters like perceiving that they could choose to move if and when they needed to. Others want to take comfort in not worrying with respect to their property values or being able to downsize if their situation changes.
Are You Appealing to Long-Term Renters?
Leasing to people who want to rent instead of buy may force you to vary your standard approach to renting your property. It is worth generating a few small changes, primarily if it lets you optimize your rental income.
A few things that landlords and property owners can do to see to it you realize your rental property’s potential include:
- Update and upgrade regularly. People dwelling in a rental home for quite a while want to be certain that the home will be properly maintained and updated now and again. By complying with a few small but important updates on a schedule, you present to your tenant your concern for their satisfaction and have them settle and live in your rental longer.
- Upsell services and amenities. If your rental property is very near to places people wish to gather or be entertained, see to it to include these things in your marketing materials. Also, depending on your renter demographic, take into account granting various add-on services your tenant might be agreeable to pay extra for, particularly internet access, landscape maintenance, pest control, and so on.
- Offer attractive terms. To compete for renters who are looking to reside in their homes for some time, you might additionally think of offering lease terms they would find irresistible. If you can, try to be flexible on lease lengths or consider allowing pets. Other extras you can consider offering are things such as a manageable renewal process and easy rental payment options.
- Use a good property management company. One last thing, one of the best things to attract and keep quality tenants in your rental property is to appoint a professional Orem property management company as for example Real Property Management Utah County. Our local market experts can successfully help you plan and budget your property maintenance and repairs, make updates, and search for tenants who will opt to take up residence 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.