There is no better time to own Waukesha rental properties than now. This is because, more than ever, people are 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 maximize the opportunities with the number of renters that are present in the market right now, it is important to understand why many people prefer to rent instead of buy. These tips are designed to help property owners like you make the most of the growing number of renters in markets around the country.
3 Reasons to Rent
The choice to rent instead of buy is dependent on various factors. Other than personal reasons, there are a few that many people who prefer to rent have in common. These include:
- No additional costs. Some tenants rent, instead of buy, because it helps them avoid additional costs related to homeownership. In most cases, tenants do not have to pay for maintenance and repairs, property taxes, or come up with a down payment to buy a house. They also enjoy knowing how much their housing will cost each month so they can spend their extra income on other things.
- Access to amenities. Another common reason for renting is to gain access to certain amenities. It is likely a lot easier to get a rental home near a downtown arts and culture center 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 like the flexibility and freedom that comes with leasing homes rather than owning one. These types of renters like knowing that they could easily move if and when they have 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 of the things landlords and property owners can do to ensure you realize your rental property’s potential is the following:
- Update and upgrade regularly. People living in a rental home for a while usually want the home to be properly maintained and updated often. By scheduling even small but important updates, you show your concern for your tenant’s satisfaction and they will want to stay in your rental longer.
- Upsell services and amenities. If your rental property is located near places people love to gather or be entertained, highlight this information 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. For renters who plan to stay in their homes for a while, you might consider offering attractive lease terms. Some of these can be flexible lease lengths or allowing pets. You can also promote 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 Waukesha property management company like Real Property Management Greater Milwaukee. 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.