While purchasing a home can mean owning a piece of the “American dream” pie for many people, this is not necessarily the case for everyone – especially given this still-recovering economy, as well as shaky employment figures, and even a low level of consumer confidence in many areas. So, given that the change in home ownership has declined in the Orlando area by roughly 5.5 percent in the past decade, it is not at all surprising that the rent figures are up – and continuing to rise.
If you ask many who are in the age group under 30, you may find that renting is a much more viable option – and it likely will be for quite some time. With the financial burden of student loan pay back, along with other pressing financial burdens, saving for a sizeable down payment can be a stretch.
But it isn’t just the younger generations who are today’s renters. Over the past several years, the shifting away from owning one’s home has been taking place across a wide range of age groups. In fact, with the exception of those who are over age 65, homeowner figures have been slowly declining across the board. So, the good news is that, given the more intense competition, landlords have been able to increase their monthly rent without much backlash from new or existing tenants.
In addition to affordability, renting can provide a number of other nice incentives, too, such as the ability to not be tied down to just one, single location. In this case, given today’s fickle job market, the last thing a job hunter wants is a home – and likely also a mortgage – holding him or her back from taking a great offer in another state.
As a landlord, this means that you may be able to increase the amount of monthly income that you see, which can drop directly down to your bottom line. But the rising rate doesn’t necessarily mean that you have to take on more responsibility.
By turning over your maintenance, as well as your tenant relations duties, to a property manager, you can take full advantage of the freedom of being an investor, without additional work. For more information on how to incorporate a property management team into your real estate investments, Contact Us.