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Is Renting Smarter Than Buying Your Home?

Keys to a Conroe Rental Hanging on a HookThere is no better time to own Conroe rental properties than now. At present, there are more people choosing to rent rather than buy a home. In fact, a lot more people believe renting makes more sense, whether it is because of their personal or financial circumstances or something else. You can better maximize the number of renters in the market if you understand why so many people think it is wiser to rent instead of buy. Here are some insights into this question and some tips to help property owners like you take full advantage 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. For some tenants, renting is attractive because it helps them avoid the additional costs associated with homeownership. Usually, 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 your housing will cost each month allows you to spend any surplus income on other things.
  • Access to amenities. Another good reason to rent is to be able to live nearer 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. A lot of renters like leasing their homes because of the flexibility and freedom it offers versus owning a house. These renters like knowing that they could move if and when they need to. Being free from worry about property values or possible downsizing is also something they enjoy.

Are You Appealing to Long-Term Renters?

Leasing to people who prefer to rent instead of buying might require you to change your approach to renting your property. 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. Those who stay in a rental home for a while want to be sure that the home will be properly maintained and updated every now and then. 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. If your rental property is near places where people love to gather or be entertained, make sure you feature these in your marketing materials. Also, study your renter demographic so you can offer some add-on services your tenant might like, such as internet access, landscape maintenance, pest control, and the like.
  • Offer attractive terms. Most renters who plan to stay in their homes on a long-term basis will often look for lease terms they find appealing. These can include flexible lease lengths or allowing pets. You could also include extras 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 Conroe property management company like Real Property Management Republic. 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.

To learn more about what we have to offer, give us a call at 281-362-5001 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.