Do you ever think you could make a profit owning property in Detroit? You already probably own one but are anxiously thinking of selling it because it looks like you’re not going to earn a steady income from it. But wait, recent rental market trends may change your mind regarding this as you will see an increasing popularity of rental property ownership v homeownership.
When you choose Real Property Management Metro Detroit to help manage your Detroit property you are working with a team that is fully dedicated to seeing your property succeed. Discover why you should capitalize on the rising popularity of rental properties and start benefiting from investing in real estate today.
With the housing market booms for homeownership, the buyers’ market is usually limited to a few areas throughout the county. This means there will always be cities and towns with property rates that are really expensive for the average homebuyer. This makes it tough to capitalize on a trend that may not be in effect in your area.
On the other hand, the rising popularity of rental properties has been a national trend, meaning your Detroit property can use this news to your benefit. A recent study was done surveying the change over time in renter v. homeowner rates between 2006-2016. Individuals who are renters increased by more than 23 million during this period as found by the US Census. Understanding the U.S. Population growth was 23.7 million people, this rate shows that renting is truly meeting the needs of many.
This study conducted by RentCafe, also indicated that the growth of homeowners was below 700,000 showing that many are more interested in renting a home than owning one for a variety of reasons. While trends change as constantly as the seasons, Real Property Management Metro Detroit is here to help you endure each change in popularity, ensuring that with the passing of time you can look forward to having a steady income regardless of conditions in the market.
Housing Market Spreading Out
While many of these trends are converged on cities within the U.S., this rising popularity of rental properties is excellent news for investment homeowners whose rental properties are outside of the city. When there is an increase in demand for rental properties, it is common for rental rates to increase together with this within cities and larger towns. Owning a property in an area like this is great as you can raise your rental rate as well.
However, not every renter can afford the price swings of the market so they look for rental property outside of the city and in smaller towns and suburbs. As populations rates soar, so does the need for inexpensive housing, and renting can help take this weight off individuals and families alike. When they don’t have to pay upfront for a down payment and mortgage it is much easier to get a profitable rate from your rental property that fulfills your every need as well as your tenants.
Partner with Real Property Management Metro Detroit and allow us to help you to benefit financially on this rising trend along with the professional management of your property so you can receive and enjoy the extra income coming for a long time. If you are interested in learning more about our property management services then contact us online or call us directly at 248-808-6550 today.