Did you ever wonder whether owning property in West Valley City is a smart or profitable idea? Perhaps you already own property and are thinking of selling it with fears that it will no longer provide a steady income. However, recent rental market trends may get you to change your mind, as there is increasing popularity of owning rental properties versus homeownership.
When you partner with Real Property Management Wasatch to help manage your West Valley City property, you are working with a team that is committed to your property’s success. Learn more about why you should take advantage of the rising popularity of rental properties and begin seeing the benefits of real estate investment today.
When it comes to housing market booms for homeownership, the buyers’ market is mostly constrained to certain areas throughout the county. This means there will always be cities and towns with property rates that are too steep for the regular home buyer. This makes it hard to capitalize on a trend that might not in effect in your area.
However, the growing popularity of rental properties has been a national trend, meaning your West Valley City property can exploit this news. A recent study was done studying the change over time in renter versus homeowner rates between 2006 and 2016. People who rented a home or unit increased by more than 23 million during this period as found by the US Census. Because the United States, population growth was 23.7 million people, this rate confirms that renting is meeting the needs of many.
This study conducted by RentCafe also shows that the growth of homeowners was less than 700,000, indicating that many are more interested in renting a home than owning for a variety of reasons. While trends come and go, Real Property Management Wasatch is here to help you endure each change in popularity, ensuring that you can expect to have stable income over time regardless of the market.
Housing Market Spreading Out
While many of these trends are focused 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 the need for rental properties goes up, rental rates within cities and larger towns rise as well. Owning a property in an area such as 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 hunt for rental property outside of the city and in smaller towns and suburbs. As population rates rise, so does the need for affordable housing, and renting can help remove this burden from individuals and families alike. When they do not have to finance a down payment and mortgage, obtaining a profitable rate from your rental property that meets the needs of you and your residents is much easier.
Let Real Property Management Wasatch 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 property management services by contacting us online or by calling us at 801-418-9835 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.