Have you ever wondered whether owning property in Vernal is a smart or lucrative idea? Maybe you already have property and are thinking of selling it with fears that it will no longer bring in a stable income. However, recent rental market trends may have you changing your mind, as owning rental properties versus homeownership is growing in popularity.
When you choose to partner with Real Property Management Uintah to help manage your Vernal property, you are working with a team that is dedicated to helping your property succeed. Find out more about why you should capitalize on the rising popularity of rental properties and begin reaping the benefits of investing in real estate today.
National Trend
When it comes to housing market booms for homeownership, the buyers’ market is usually limited to specific areas throughout the county. This means there will always be cities and towns with property rates too steep for the average homebuyer. This makes it hard to capitalize on a trend that may not be in effect in your area.
However, the rising popularity of rental properties has been a national trend, so your Vernal 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. The number of people who rented a home or unit went up by more than 23 million during this period as found by the US Census. Considering the United States population growth was 23.7 million people, this rate indicates that renting is meeting the needs of many.
This study conducted by RentCafe also showed that the growth of homeowners was fewer than 700,000, indicating that many are more interested in renting a home than owning for many reasons. While trends come and go, Real Property Management Uintah is here to help you whether each change in popularity, making sure that you can expect to have continual income over time regardless of the market.
Housing Market Spreading Out
While many of these trends are focused on cities within the United States, this increasing popularity of rental properties is good news for investment homeowners whose rental properties are outside the city. When there is a growth in the need for rental properties, it is common for rental rates to rise alongside this within cities and larger towns. Owning a property in an area such as this is great as you can raise your rent as well.
However, not all renters have the money to deal with price fluctuations of the market. This leads them to look 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, getting a profitable rate from your rental property that meets the needs of you and your residents is much easier.
Let Real Property Management Uintah help you capitalize on this rising trend along with the professional management of your property so you can sit back, relax, and enjoy the extra income. If you want to learn more about the property management services we offer contact us online or call us at 435-214-4686 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.
