Majority of Renters Plan To Stay Put In 2016
According to an article by Brian Honea appearing in DSnews, “70 percent of renters still believe that renting is more affordable than owning a home and 55 percent of renters plan to continue renting for at least the next three years.” Certainly this is good news for rental property owners.
The article found that such sentiments were consistent among all age groups, and that, “While most renters still have favorable views toward home ownership and aspire to it, many choose to rent because they view it as more affordable and a better fit for their lifestyle right now.” Down payment affordability, credit history, lack of sufficient income, and debt, were all cited as reasons that people were preferring to rent. Additionally, “safety and security,” were listed as the top non-financial factor when considering a place to rent.
While landlords benefit from the fact that the majority of renters plan to stay put in 2016, there is a downside to this trend. The strong demand for rentals is attracting many under-trained and unreliable property managers into the industry, which makes it even more imperative that rental owners complete a thorough due-diligence before hiring a property management company. Additionally, many established firms are finding their resources stretched to the limit, so that companies that were once on top of their game are now finding it tough to compete and are cutting corners in terms of service, maintenance, and repairs.
Do your homework before hiring a property manager and you will find that now is a great time to be a rental property owner. Feel free to contact us to learn more https://www.rpmsaramana.com/contact-us.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
