Have you ever thought about whether owning property in College Station is a good or profitable idea? Maybe you already have property and are thinking of selling it with fears that it will no longer bring in a steady income. However, recent rental market trends may have you changing your mind, as there is the growing popularity of owning rental properties versus homeownership.
When you partner with Real Property Management Talent to help manage your College Station property, you are working with a team that is dedicated to your property’s success. Learn more about why you should take advantage of the rising popularity of rental properties and start reaping the benefits of investing in real estate today.
National Trend
When talking about housing market booms for homeownership, the buyers’ market is typically restricted to specific areas throughout the county. This means there will always be cities and towns with property rates that are too steep for the average homebuyer. This makes it hard to capitalize on a trend that may not be in effect in your area.
However, the growing popularity of rental properties has been a national trend, meaning your College Station property can capitalize on this news. A recent study was performed looking at the change over time in renter versus homeowner rates between 2006 and 2016. Individuals who rented a home or unit increased by more than 23 million during this period as observed by the US Census. Considering the United States population growth was 23.7 million people, this rate demonstrates that renting is meeting the needs of many.
This study conducted by RentCafe also shows that the growth of homeowners was fewer than 700,000, indicating that many have more interest in renting a home than owning for many reasons. While trends come and go, Real Property Management Talent is here to help you whether each change in popularity, guaranteeing that you can expect to have continual income over time regardless of the market.
Housing Market Spreading Out
While many of these trends are centered on cities within the United States, this rising popularity of rental properties is good news for investment homeowners whose rental properties are outside the city. When there is an upsurge in need for rental properties, it is common for rental rates within cities and larger towns to rise in conjunction with this. 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 look for rental property outside of the city and in smaller towns and suburbs. As population rates go up, so does the need for affordable housing, and renting can help take this burden off individuals and families alike. It is much easier to acquire a profitable rate from your rental property that meets the needs of you and your residents when they do not have to finance a down payment and mortgage.
Let Real Property Management Talent help you take advantage of this growing trend along with the professional management of your property so you can sit back, relax, and enjoy the extra income. If you would like more information about our property management services, contact us online or call us at 254-4010-0400 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.
