Do you ever stop to ponder whether owning a rental property in Woodstock is profitable for you or not? Perhaps you do already own a property but because you are apprehensive about its prospects of making you a stable income, you are seriously thinking of selling it. But if you stop to study recent rental market trends, you may find yourself changing your mind because there is evidently a rising trend favoring ownership of rental properties v. homeownership.
When you partner with Real Property Management East Cobb to help manage your Woodstock property you are working with a team of professionals committed to seeing you succeed with your rental property. Find out more about why you should capitalize on the rising popularity of rental properties and start seeing the benefits of investing in real estate today.
When it comes to housing market booms for homeownership, the buyers’ market is usually restricted to certain areas throughout the county. This means there will always be cities and towns with property rates that are too high for the average homebuyer. This makes it difficult 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 Woodstock property can take advantage of this news. A recent study was done looking at the change over time in renter v. homeowner rates between 2006-2016. Individuals who rented a home or unit increased by more than 23 million during this period as found by the US Census.
Considering the U.S. population growth was 23.7 million people, this rate shows that renting is meeting the needs of many. This study conducted by RentCafe, also indicated that the growth of homeowners was fewer 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 East Cobb is here to help you whether each change in popularity, ensuring that over time you can expect to have continual income regardless of the market.
Housing Market Spreading Out
While many of these trends are focused on cities within the U.S., this rising popularity of rental properties is good news for investment homeowners whose rental properties are outside of the city. When there is a rise in the need for rental properties, it is common for rental rates to rise alongside this within cities and larger towns. Owning a property in an area like this is great as you can raise your rent as well.
However, not all renters can afford the price fluctuations of the market. This leads them to look for rental property outside of the city and in smaller towns and suburbs. As populations rates rise, so does the need for affordable housing, and renting can help take this burden off individuals and families alike. When they do not have to finance a down payment and mortgage, it is much easier to get a profitable rate from your rental property that meets the needs of you and your residents.
Let Real Property Management East Cobb 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. If you would like to learn more about the services we offer, contact us online or call us at 770-622-5657 today!