Even if owning a home is more affordable for them
With mortgage rates continuing to languish at historical lows, millions of renters across the U.S. may be taking a closer look at their housing options – especially as it relates to their monthly payments and the build-up of equity.
In fact, according to a recent study in USA Today, buying a starter home is cheaper than renting in numerous metro real estate markets. So, with all of the plusses that lean towards buying a home, how can you entice your tenants to stay (especially the ones who pay their rent on time each month and take good care of your property)?
There are actually several things that you can do to sweeten the rental side of the equation, such as:
- Offering a “discount” if tenants pay their rent early
- Adding various conveniences like a washer and dryer and/or dishwasher
- Paying one or more of the utility bills
- Providing tenants with free cable TV and/or internet service
- Lowering the monthly rent in return for them signing a longer lease
Being a residential rental property owner can require you to wear many hats. So, if adding additional duties to your schedule will leave you little time for other activities, it may be time to consider bringing a professional property manager on board.
Doing so can allow you to delegate some – or even all – of your regular tasks, such as finding and screening tenants, collecting rent, responding to emergencies, and performing day-to-day maintenance.
So, if you own rental homes or units in Orlando and/or the surrounding Central Florida area, give Central Florida Property Management a call at (407) 429-4834 to learn more, or send us an email by going to https://cflpropmanagement.com/contact-us/ with any questions that you have. We look forward to hearing from you.