If you have considered investing in a rental home, now is the time. According to recent research, cities all across the country are seeing an increase in the number of renters. In fact, some of the nation’s largest cities have more renters than homeowners. With more and more families renting instead of buying, the Greenwich real estate management team at Real Property Management Southern Connecticut can help you be a successful rental investor.
What the Research Shows
A wide range of factors influence whether it’s a buyer’s market or seller’s market. Home prices fluctuate as supply and demand continually changes. These trends also impact the rental market. Owning a home was once considered the foundation of a person’s livelihood. But now, renting a home has become increasingly popular and even acceptable. Today’s renter’s market makes it a perfect time to own a rental home. According to data on Zillow:
“Home values have bounced back to their pre-recession highs in most of the country’s largest markets, at a pace faster than job and wage growth. As a result, renting is increasingly the only option for a large share of residents, especially younger generations looking to make their first home purchase. Fortunately, the stigma surrounding renting has receded in recent years, with a large portion of Millennials in major markets choosing leases over loans. Indeed, the rentership rate has increased in each of the country’s 50 largest cities since 2006, and in all but six of them since 2000.”
Majority Renters Around the Nation
Zilllow further states, “As of June 2018, 35.7 percent of all occupied homes across the country were rented.” This number is up from 2006 when 31.1 percent were rented, and from 2000 when 32.5 percent of all occupied homes were rented. Research shows:
“In 2016 – the most recent year for which city-level data are available – 69.9 percent of homes in Miami were rented, the highest rate among the top 50 cities. Following closely behind were New York City (68 percent), Boston (65 percent) and Los Angeles (64.1 percent). Overall, 29 of the nation’s 50 largest cities were majority rented in 2016 (including Denver, which was almost perfectly split between renters and owners). In 2006, that figure was only 16; in 2000, 20.”
Capitalizing on the Statistics
There is no better time to take advantage of today’s market. The statistics don’t lie. People not only need to rent, they want to rent. That means renting out a home is not just for those who can’t sell their property. Turning your home into a rental investment can be a strategic business move if handled properly. To be profitable, it is important to understand the ins and outs of real estate management in Greenwich.
Seek the Help of Real Estate Management Greenwich Professionals
The team at Real Property Management Southern Connecticut knows what it takes to operate a successful rental home. With more than 25 years of experience, our proven processes have withstood the ever-changing housing market. We help landlords increase their cash flow and get a better return on their investment property. Our comprehensive list of services include:
Tenant Communication – We handle all tenant contact and communication. We provide respectful and responsive customer service, no matter the situation. While unpleasant tenant interactions are bound to happen, we work hard to create positive relationships that keep both our tenants and landlords happy.
Screening and Applications – Our rigorous tenant screening process is designed to secure the most qualified tenants possible. Selecting the right tenants is the first step to making a profit. We verify tenant income and rental history, plus conduct background and criminal checks. The better qualified, the higher likelihood of rent being paid in full and on time every month.
Maintenance and Home Inspections – Leave the dirty work of real estate management in Greenwich up to us. Those emergency maintenance calls can come at any time, holidays and weekends included. Our easy-to-use online tenant portal makes its quick and convenient for tenants to let us know what is happening with your property, so we can provide a prompt response and take care of the matter in a timely manner. Furthermore, we conduct regular home inspections to catch maintenance problems early on, before they turn into expensive fixes.
Rent Collection and Lease Contracts – Our firm-but-fair collections process communicates to tenants what is expected and when. We use a clear and concise lease contract so tenants know their responsibilities from the start. If rent isn’t paid, an automatic collections process begins to resolve the issue as quickly as the law allows.
Legal Requirements – We remain up-to-date on all federal, state, and local regulations to make sure you avoid potential legal pitfalls that can hurt your bottom line. There are dozens of laws, ordinances, and regulations to follow, and violation fines are expensive. Our Greenwich real estate management professionals are highly trained so you don’t have to spend the time and energy to stay current on the latest landlord requirements.
Financial Security with RPM Southern Connecticut
It’s a fact—more people are renting instead of buying. There is no better time to own a rental property. Partnering with the Greenwich real estate management team at Real Property Management Southern Connecticut is an investment that pays off. You can rely on RPM Southern Connecticut to make you a profitable landlord. Put our hassle-free leasing cycle to the test and call us today.