Single-family rental property investing in Union City is experiencing a new kind of development. Traditional models of single-handedly buying and managing one or two rental properties are giving way to new approaches to investing, including build-to-rent, lifestyle renting, and long-distance investing. Together, these three aspects make up the top three considerations that any rental property investor ought to look at now. In what follows, we’ll take a closer look at some of the opportunities you’ll discover in every option.
1. Real Estate Investment Build-to-Rent Properties
One of the newer and rapidly growing trends in the housing industry is build-to-rent investment properties. In a market where demand keeps on outpacing supply, investors and even home builders are choosing to buy new homes for the express purpose of renting them out. Developers and investors have both understood the upsides of new builds as investment properties. Maintenance costs tend to be lower, profits from renting tend to be higher than sales, and tenants accustomed to living in aging homes are frequently eager for something brand new. While builders-turned-landlords are producing more competition for single-family rental home investors, the demand for such properties remains very strong. This is mostly true among young adults who have been priced out of a very competitive housing market.
2. Renting as a Lifestyle Choice
Among those who can’t purchase, another important trend that you ought to be observing carefully is a new wave of people who are renters by choice. Millennials and Baby Boomers, in particular, have shown increasing interest in opting out of homeownership in exchange for the flexibility of renting. For these demographics, location, community, and lifestyle are often more important than owning their own homes. Rental property owners who are keeping up with this trend have answered with offering additional amenities and services, catering to the lifestyle renter’s desire for freedom from home maintenance, long commutes, and even paying utility bills. For these folks, paying a higher rent is an acceptable trade for proximity to urban environments and all the advantages that come with such areas.
3. Long Distance Investing
Gone are the days when you are expected to live close to your investment properties. As more and more single-family rental home investors have noted, long-distance investing is rapidly turning into the new norm for investors. With all the advantages of technology and professional property management services now accessible, there is no need to limit your property searches to your home market. In fact, living in one city and owning properties in one or more others is rapidly becoming the path to success for many investors. While it might require some time from the outset to set up the team you’ll need, as soon as you have real estate and property management professionals you can trust you can buy and rent properties just about anywhere. So regardless of whether housing prices in your city are out of range, on account of today’s technology, you could be investing in some of the hottest markets in the country – wherever that may be.
In Conclusion
Despite the fact that rental property investing is changing, the need to do careful research on each potential investment has not. Therefore, Real Property Management Masters offers investors free rental property analyses. Our Union City property management professionals are not only some of the best in the property management industry; we also work with investors to help you determine whether the rental property you’re considering is a good option. Contact us today for more information on the quality services we offer rental property investors like you!
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