As a rental property owner, it is likely that your goal is for your investment(s) to generate income, as well as to increase in value (and in turn, in equity) over time. With so many changes happening in the U.S. (and around the world) now, how could your property(ies) be impacted – particularly during Joe Biden’s presidency?
According to Mr. Biden’s housing plan, “too many Americans lack access to affordable and quality housing.” It goes on to state that “tens of millions of Americans live in homes that endanger their health and safety.”
So, what exactly could be in store after Joe Biden’s presidential inauguration on January 20th?
For starters, the new president’s plan alludes to some big changes in the real estate industry. In fact, following the election back in November, there has been an uptick of real estate activity in New York City and other large metro areas – with the number of new deals in Manhattan alone increasing by 6% over the same period the prior year.
With that in mind, some real estate professionals feel that the Biden administration will help to bring back a sense of confidence in the market that both buyers and renters have been lacking – particularly with the hurdles caused by the Coronavirus pandemic.
If this leads to you expand your portfolio of rental properties, you could increase your income stream from tenants, as well as the opportunity to attain equity in more investments. But it could also lead to added work in terms of marketing vacant units, screening potential tenants, maintaining the day-to-day needs of the properties, and responding to emergencies.
A Property Management Team Can Help!
This is where adding a professional property management team can help. If you currently own residential rental real estate in Orlando and/or the Central Florida area – or you plan to purchase rental units here soon – give CFL Property Management a call to see how we can take over these commitments, while you continue to receive a regular steam of passive income from your investments.