This is a great time to own Buford rental properties. At present, there are more people choosing to rent rather than buy a home. For many people, renting makes more sense, be it because of personal or financial reasons. In order to capitalize on the current number of renters in the market, you must understand why more and more people find renting a smarter option than buying. 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 a number of factors. While some of these reasons may be personal, here are a few reasons from people who prefer to rent. These include:
- No additional costs. One major reason some tenants rent instead of buy is to avoid the additional costs associated with homeownership. Most of the time, tenants do not have to pay for maintenance and repairs, property taxes, or come up with a down payment to buy a house. Knowing how much their housing will cost each month allows many people to spend their surplus income on other things.
- Access to amenities. Another popular reason to rent is accessibility to certain amenities. For instance, getting 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. Many renters also prefer leasing their homes because it gives them more flexibility than owning. These renters like knowing that they could move if and when they need to. Others like being free from the worries of property values or downsizing if their situation changes.
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. When people stay in a rental home for a while, they want to be sure that the home will be properly maintained and updated regularly. 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. For your rental properties that are near places that people love to gather or be entertained in, make sure you have that information featured in your marketing materials. Also, depending on your renter demographic, consider offering some add-on services your tenant might be willing to pay extra for, such as internet access, landscape maintenance, pest control, and so on.
- Offer attractive terms. To be competitive, you can offer more appealing lease terms to renters who plan to stay in their homes for a while. These can include 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 Buford property management company like Real Property Management Executives Greater Atlanta. 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.