Did you ever wonder whether owning property in Sarasota, Florida, is a smart or profitable idea? Maybe you already have property and are considering selling it with fears that it will no longer bring in a steady income. However, recent rental market trends might have you changing your mind, as owning rental properties versus homeownership is rising in popularity.
When you partner with Real Property Management Sarasota & Manatee to help manage your Sarasota property, you are working with a team that is dedicated to helping your property succeed. Learn more about why you take advantage of the rising popularity of rental properties and begin seeing the benefits of investing in real estate today.
When talking about housing market booms for homeownership, the buyers’ market is usually limited to certain areas throughout the county. This means there will always be cities and towns with property rates too high for the typical homebuyer. This makes it tough to capitalize on a trend that might not be in effect in your area.
However, the rising popularity of rental properties has been a national trend, so your Sarasota property can make use of this news. A recent study was performed looking at the change over time in renter versus homeowner rates between 2006 and 2016. People who rented a home or unit went up by more than 23 million during this period as found by the US Census. As the United States, population growth was 23.7 million people, this rate demonstrates that renting is meeting the needs of many.
This study by RentCafe also indicated that the growth of homeowners was less than 700,000, indicating that many are more interested in renting a home than owning for a variety of reasons. While trends come and go, Real Property Management Sarasota & Manatee is here to help you withstand each change in popularity, ensuring that you can expect to have continual income over time regardless of the market.
Housing market spreading out
While most of these trends are focused on cities within the United States, this growing popularity of rental properties is great news for investment homeowners whose rental properties are outside the city. When there is an increase in the need for rental properties, it is common for rental rates to rise alongside this within cities and bigger towns. Owning a property in an area such as this is great as you can raise your rent as well.
However, not all renters can afford the price fluctuations of the market. This leads them to hunt for rental property outside of the city and in smaller towns and suburbs. As population rates go up, so does the need for affordable housing, and renting can help take this burden off individuals and families alike. When they do not have to finance a down payment and mortgage it is much easier to get a profitable rate from your rental property that meets the needs of you and your residents.
Let Real Property Management Sarasota & Manatee help you to take advantage of this rising trend along with the professional management of your property so you can sit back, relax, and enjoy the extra income.
Learn more about the services we offer and contact us today.
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.