Did you ever stop to think whether owning property in Merritt Island, Florida is a beneficial or valuable idea? Maybe you already have a property you own and have been wanting to sell it for fear that it will no longer make you a stable income. However, there are new rental market trends that may make you change your mind as there is a heightening popularity of owning rental properties v. homeownership.
When you elect to partner with Real Property Management Brevard to support you in managing your Merritt Island property you are engaged with a team that is focused on seeing your property to success. Know more about why you should profit from the rising popularity of rental properties and begin to enjoy the benefits of investing in real estate today.
In regards to the housing market booms for homeownership, the buyers’ market is usually narrowed to some locations all across the county. This means there will continually be cities and towns with property rates that are very high for the regular home buyer. This makes it complicated to capitalize on a trend that may not be existent in your area.
However, the increasing popularity of rental properties has been a national trend, which means your Merritt Island property can really profit from this news. A study recently was done that looks at the change over time in renter v. homeowner rates between 2006-2016. Persons who rented a home or unit increased by more than 23 million during this period as found by the US Census. Since the U.S. Population growth was 23.7 million people, this rate shows that renting is satisfying the needs of many.
This study was done by RentCafe, also shows that the growth of homeowners was fewer than 700,000 implying that much more want to rent a home rather than own one for a variety of reasons. While trends change every now and then, Real Property Management Brevard is here to support you survive each change in popularity, guaranteeing that as time goes by you can expect to have a steady income whatever the market may be.
Housing Market Spreading Out
While many of these trends are targeted at cities within the U.S., this ever-increasing popularity of rental properties is great news for investment homeowners whose rental properties are found outside of the city. When there is an increase in demand for rental properties, it is common for rental rates to rise beside this within cities and larger towns. Having a property in an area like this is fantastic as you can raise your rent as well.
However, not every renter can afford the price swings of the market. This leads them to search for rental property beyond the city and in smaller towns and suburbs. As populations increase so does the demand for low-cost housing, and renting can help take this weight off individuals and families alike. When they do not have to pay for a down payment and mortgage it is so much easier to get a lucrative rate from your rental property that satisfies the requirements of both you and your residents.
Allow Real Property Management Brevard to support you in capitalizing on this rising trend along with the professional management of your property so you can sit back, relax and enjoy your surplus income. Would you like to know more? Schedule an appointment with Real Property Management Brevard for a free assessment of your property. For more information, contact us online or call us at 321-610-8022.