Renting has gained popularity in recent years with the rise of the millennial generation. According the the Pew Research Center “millennials” are defined as anyone born between 1981-1996. Why are so many young adults renting? And how can property owners appeal to this influx of tenants? Real Property Management Southern Connecticut has the expertise you need to attract these tenants to your rental property.
Why Renting is Popular
In order to help New Haven property management and property owners attract millennials we need to know why renting is popular with this age bracket. Understanding why renting is a lifestyle choice for millenials can help property managers and owners market better, and keep their tenants happier in long term rental contracts. The top reasons millenials rent are: maintenance, freedom, and saving money.
Getting Help with Maintenance
Millennials choose to rent in order to have the ability to call maintenance when needed. Many young adults have not yet learned the skills they need to fix things around the house, and don’t have the money it would take to call a handyman. When they choose to rent, millennials know they can call maintenance when something breaks, freeing their time and money. In addition, when your renters call Real Property Management Southern CT they know they will get the help they need quickly. We also have discounts on maintenance supplies and equipment, creating a win-win situation for tenants and property owners. Regular inspections offer added protection from emergency maintenance, and give tenants peace of mind that their home is well cared for and maintained.
Renting from New Haven Property Management Provides Freedom
In Southern Connecticut many corporations are opening glistening new facilities, attracting job applicants from all over the world, and appealing to new college grads who are looking to boost resumes and employment opportunities. This is great for the New Haven economy, and especially for investment property owners. For many millennials renting means freedom to take new jobs when they come available, pursue a relationship, and concentrate on financial goals. Buying and selling homes is more difficult and complicated than renting. If your home does not sell when you are offered a new job across the country you could be forced to turn down the job or sell at a loss. Renting gives millennials the flexibility to follow their own path.
Saving Money When Renting from New Haven Property Management
Saving money while renting may seem counterintuitive to investment property owners. But in New Haven paying rent is often cheaper than paying a mortgage. When you take into account the costs of maintaining a home, renting can seem even more appealing. Even though renters aren’t building equity by owning property it can give them more money each month for important things like food and utilities. Real Property Management Southern CT works with property owners to price their properties competitively, based on the current market data. Your renters can trust they will always get a great property at a great price when they rent from Real Property Management Southern CT.
What an Increase in Renters Means For New Haven Property Management
What does the current trend of an increase in millennial renters mean for property managers and owners? One unexpected result is an increase in long-term (5 year or more) leases. This can mean more stability for both owner and tenant. “It’s a fascinating trend to watch,” says Paul Dupervil of Real Property Management Southern CT. “This is great news for property managers and investors as well. It means that they get high quality tenants who are willing to commit for a few years and when the property does turn over, there is a fresh pool of similar tenants waiting to take over. Quite honestly, I’ve not seen anything like it.”
The Downside to Millennial Renters
With a flood in the rental market, there is a downside to consider. A slow, but steady increase in rental price per square foot means that eventually it will make more sense to buy than to rent. Dupervil explains that at some point New Haven property management will “probably see a pretty steep decline in rentals as well as rental prices, but who knows. If there is one thing I’ve learned with property management it’s that you can always be surprised by the way people purchase homes, besides, there will always be a need to rent.” That is one reason it is important to work with a professional property management company. Real Property Management Southern CT has been in the business for 25 years, and has seen the ups and downs of the rental market. With our property managers you can be sure your home will be priced appropriately to reduce vacancy days and bring in great tenants.
Turn to the Top New Haven Property Management for Your Investments
With home prices and rental prices still rising now is the time to start investing. Locking in today’s low rates is an investment plan that pays off in the long run. Whether you’re just starting out in the rental property game, or you’ve been a landlord for a while, you can turn to the top New Haven property managers to turn your investment into a success. RPM Southern Connecticut has the skills and the people you need to get the most out of your rental property. For more information, or to schedule your rental property consultation call us today!