Property owners already know that they can earn extra income when they invest in single-family home rentals. And now institutional investors are taking advantage of the market and buying up single-family homes like never before. According to Multi-Housing News, “Research by Amherst Capital shows that purchases by institutional investors increased by 60 percent in 2017 compared to the previous year—the first rise since 2013. The trend is expected to continue.”
These investment companies are gaining millions and billions of dollars by purchasing single-family rental homes. Now is the perfect time to get in on the trend. In rental property management, Bridgeport is a great place to operate and own a single-family rental home.
Why are Single-Family Rental Homes Increasing in Popularity?
It used to make sense for people to put down money on a starter home, but now restrictions on home loans are making it tougher for individuals and couples to buy a house. Many people don’t have money for a down payment, or can’t afford the property taxes. In a recent study by Wallet Hub, only three states had higher property taxes than Connecticut! The median home value in Connecticut is $269,300, which means property taxes come out to around $5,443 a year. That’s a lot of extra money to sink into a house year after year.
Another reason people are choosing to rent instead of buying? They don’t want to be tied down to a 30-year mortgage. Situations change, jobs are not always steady, and many people can’t predict where they’ll be in 30 years. Homeowners are often stuck with a house on the market that won’t sell long after they’ve moved, shelling out money for the mortgage payment as well as an apartment in their new city. Renting instead of buying gives people more freedom to leave when they want to without the hassle of showing and selling a house.
Rental Property Management Bridgeport, CT: What Do People Look for in a Rental Home?
People that rent apartments often enjoy amenities like swimming pools, workout rooms, and easy access to a public transportation system. But apartments do have their downsides. With neighbors sharing your walls and sometimes your ceilings, you can’t always control the noise level. Often apartment complexes only have one or two bedrooms, so you don’t have a lot of room to move around if you have a growing family. You also don’t have a backyard to enjoy or a garage to keep your car out of the elements.
Single-family homes typically have three or more bedrooms and two or more bathrooms with access to a two-car garage and a private backyard. Most of these homes are family-friendly in nice neighborhoods with good schools, providing an element of safety that many people want. Though you will most likely have neighbors, a single-family rental home gives you more privacy and more control. A lot of homes also have an HOA that is in charge of keeping the neighborhood clean and amenities like pools accessible. Tenants also like that they don’t have to worry about maintenance on the home, as it’s taken care of by the landlord.
What Are the Advantages of Owning a Single-Family Rental Home?
As mentioned before, rental property management in Bridgeport can be lucrative. Having a little extra cash each month can really help out. It’s also a great investment because rental properties are a growing market. The demand for single-family rental homes continues to go up. As demand goes up, you can increase your monthly rental rate to remain competitive with other rentals in your area.
You can also attract tenants to your property by being a great landlord so they’ll want to stick around. Since 85 percent of single-family rentals are held by owners, you can stand out among all the other landlords by going above and beyond for your tenants. Showing up when you’re needed, communicating frequently, and performing high-quality maintenance are all ways you can attract golden tenants.
Why Work with Real Property Management Southern Connecticut?
Rental property management in Bridgeport is made easier with a professional team of experts to assist you every step of the way. Some landlords may be excited to take advantage of the growing single-family rental homes market, but don’t know much about renting out a home. We’re here to:
- Provide you with local experience
- Get your property rented out quickly
- Decrease vacancy days
- Keep maintenance costs down
- Streamline your rent collection
- Screen tenants so you don’t have to
- Communicate with you
- Perform routine property inspections
- Keep you in compliance with all local, state, and federal housing laws
At RPM Southern Connecticut, we’re North America’s largest property management company. We have over 25 years of experience, which is why we’re trusted by tens of thousands
of property owners nationwide. We promise to save you time and money while minimizing the hassles that can sometimes come along with owning a rental property. Our expertise in rental property management in Bridgeport is unmatched! Give us a call today to put us to work for you!