Did you ever think about whether owning property in Duluth is a practical or lucrative idea? Maybe you already have property and are considering selling it with fears that it might no longer bring in a steady income. However, recent rental market trends may have you changing your mind, as owning rental properties versus homeownership is rising in popularity.
When you choose to partner with Real Property Management Executives Greater Atlanta to help manage your Duluth property, you are working with a team that is dedicated to helping your property’s success. Learn more about why you should make the most of the rising popularity of rental properties and start enjoying the benefits of real estate investing today.
When discussing housing market booms for homeownership, the buyers’ market is usually limited to areas throughout the county. This means there are always cities and towns with property rates that are too high for the common home buyer. This makes it tough to capitalize on a trend that may not be in effect in your area.
However, the rising popularity of rental properties has been a national trend, meaning your Duluth property can exploit this news. A recent study was conducted looking at the change over time in renter versus homeowner rates 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 demonstrates that renting is meeting the needs of many.
This study held by RentCafe also indicated that the growth of homeowners was less than 700,000, indicating that many have more interest in renting a home than owning for a variety of reasons. While trends come and go, Real Property Management Executives of Greater Atlanta is here to help you withstand each change in popularity, making sure 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 increasing popularity of rental properties is good news for investment homeowners whose rental properties are outside the city. When the need for rental properties rises, rental rates within cities and larger towns also typically rise. Owning a property in an area like this is great as you can raise your rent as well.
However, not all renters can afford market price fluctuations. This leads them to look 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 could help take this burden off individuals and families alike. When they do not have to finance a down payment and mortgage, it is very easy to get a profitable rate from the rental property that meets the needs of you and your residents.
Let Real Property Management Executives Greater Atlanta help you capitalize on this rising trend along with the professional management of your property, so you can sit back, relax, and enjoy the extra income. Contact us online or call us at 678-504-8580 today for more information regarding our property management services.
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.