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Is Renting Smarter Than Buying Your Home?

Keys to a South Jordan Rental Hanging on a HookThere has never been a more convenient time to own South Jordan rental properties. The reason being, now more than ever, people are choosing to rent contrary to buying a home. Indeed, for some people, renting makes more sense, whether this has to do with their personal or financial circumstances or something else. To capitalize on the growing number of renters in the market at present, it’s necessary to perceive why so many people find it smarter to rent instead of buy. In the following paragraphs, we’ll give a few helpful insights into this matter as well as a few practical tips formed to help property owners like you make the most of the expanding numbers of renters in markets around the country.

3 Reasons to Rent

For several people, the discretion to rent instead of buy is based on various factors. Conceding that several of these reasons may be personal, there are a few that a lot of people who prefer to rent their homes share. These include:

  • No additional costs. Several tenants find renting very attractive since it helps them avoid the additional costs associated with homeownership. In most situations, tenants do not have to pay for maintenance and repairs, property taxes, or put up a down payment to buy a house. Numerous people fancy knowing how much their housing will cost each month and spending their remaining income on other things.
  • Access to amenities. Another primary reason to rent is to have access to certain amenities. As an instance, it may be uncomplicated to get a rental home close to a downtown arts and culture center than to buy one. Other usual amenities tenants go in search of include public transportation, certain school districts, or access to public recreation areas.
  • More flexibility and freedom. Quite a lot of renters wish to lease their homes considering that it bestows more flexibility and freedom than owning. A lot of renters like knowing that they could choose to move if and when they needed to. Others are comfortable not worrying about 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 mandate you to deviate from your standard approach to renting your property. It is worth establishing some small changes, mainly if it enables you to optimize your rental income.

A few things that landlords and property owners can do to make sure you realize your rental property’s potential include:

  • Update and upgrade regularly. People leasing a rental home for quite a long period want to ascertain that the home will be properly maintained and updated regularly. By fulfilling a few small but important updates on a schedule, you effectively show to your tenant your concern for their satisfaction and desire for them to live in your rental longer.
  • Upsell services and amenities. If your rental property is quite near to places people wish to gather or be entertained, see to it to include these things in your marketing materials. Likewise, subject to your renter demographic, think about extending quite a few add-on services your tenant might be amenable to paying extra for, in particular internet access, landscape maintenance, pest control, and so on.
  • Offer attractive terms. To compete for renters who opt to live in their homes for a long duration, you might furthermore assess offering lease terms they would find inviting. If you can, try to be flexible on lease lengths or consider allowing pets. Other extras you can add are things similar to a worry-free, simple renewal process and easy rental payment options.
  • Use a good property management company. One last thing, one of the best solutions to attract and keep quality tenants in your rental property is to contract a professional South Jordan property management company for instance Real Property Management Wasatch. Our local market experts can support and help you to plan and budget your property maintenance and repairs, make updates, and go after tenants who wish to live in your rental long-term.

To learn more about what we have to offer, give us a call at 801-889-1517 or contact us online 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.