Single-family rental property investing in Pillager is experiencing a new development. Traditional models of single-handedly buying and managing one or two rental properties are giving way to new approaches to investing, including build-to-rent, lifestyle renting, and long-distance investing. Collectively, these three aspects make up the top three considerations that any rental property investor should be reviewing now. In what follows, we’ll take a closer look at some of the welcome conditions you’ll find in each option.
1. Real Estate Investment Build-to-Rent Properties
One of the newer and rapidly growing trends in the housing industry is build-to-rent investment properties. In a market where demand keeps on outpacing supply, investors and even home builders are choosing to buy new homes for the express purpose of renting them out. Developers and investors have both understood the benefits of new builds as investment properties. Maintenance costs tend to be lower, profits from renting tend to be higher than sales, and tenants used to living in aging homes are often eager for something brand new. While builders-turned-landlords are generating more competition for single-family rental home investors, the call for such properties remains very strong. This is especially true among young adults who have been priced out of a very competitive housing market.
2. Renting as a Lifestyle Choice
Together with those who are not able to buy, and added an important trend that you should be observing is a new wave of people who are renters by choice. Millennials and Baby Boomers, in particular, have manifested an increasing desire of opting out of homeownership in exchange for the flexibility of renting. For these demographics, location, community, and lifestyle are often more important than owning their own homes. Rental property owners who are staying ahead of this trend have answered by offering additional amenities and services, catering to the lifestyle renter’s desire for freedom from home maintenance, long commutes, and even paying utility bills. For these folks, paying a higher rent is an acceptable trade for proximity to urban environments and everything else that comes with such locations.
3. Long Distance Investing
Gone are the days when you need to be in close proximity to your investment properties. As more and more single-family rental home investors have noted, long-distance investing is rapidly becoming the new standard for investors. With all the advantages of technology and professional property management services now obtainable, there is no need to limit your property searches to your home market. In fact, residing in one city and owning properties in one or more others is rapidly becoming the path to success for many investors. While it may take time at first to set up the team you’ll need, and after you have real estate and property management professionals you can trust, you can buy and rent properties just about anywhere. Thus, even if housing prices in your city are out of range, thanks to today’s technology, you could be investing in some of the hottest markets in the country – wherever that may be.
Even supposing rental property investing is changing, the need to do thorough research on each potential investment has not. For this reason, Real Property Management Deluxe offers investors free rental property analyses. Our Pillager property management professionals are not only some of the best in the property management industry; we also work with investors to help you determine whether the rental property you’re considering is a good option. Contact us today for more information on the quality services we offer rental property investors like you!
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