Is it profitable to own rental property in Raleigh, NC? Have you ever wondered that? Perhaps you already have your own property but are sorely tempted to sell it because of fears that it won’t give you the income you expect from it. Before you do anything, though, take a look at recent rental trends. Did you notice there is a rising popularity of owning rental properties v. homeownership? Surely this will make you change your mind.
When you partner with Real Property Management Excellence to help manage your Raleigh property you are working with a professional team dedicated to your success with your property investment. See for yourself why you should capitalize on the rising popularity of rental properties and start seeing the benefits of investing in real estate today.
Regarding the housing market booms for homeownership, the buyers’ market is ordinarily restricted to specific areas all over the county. This means there will regularly be cities and towns with property rates that are extremely expensive for the average homebuyer. This makes it complicated to capitalize on a trend that may not be in effect in your area.
However, the expanding popularity of rental properties has been a nationwide trend, meaning your Raleigh property can benefit from this news. A recent study was completed examining the change over time in renter v. homeowner rates between 2006-2016. Those who rented a home or unit increased by more than 23 million during this period as found by the US Census. As you may know, the U.S. Population growth was 23.7 million people, this rate shows that renting does meet the needs of many.
This study was done by RentCafe, also suggested that the growth of homeowners was lesser than 700,000 indicating that many are more interested in renting rather than owning a home for a variety of reasons. While trends do come and go easily and often, Real Property Management Excellence is here to help you withstand each change in popularity, ensuring that through time you can anticipate a continuous income regardless of the market.
Housing market spreading out
While most of these trends are focused on cities within the U.S., this growing popularity of rental properties is happy news for investment homeowners whose rental properties are outside of the city. When there is a rise in the need for rental properties, it is not unusual for rental rates to rise alongside this within cities and larger towns. Owning a property in an area like this is really great as you can raise your rent as well.
However, not all renters can bear the price fluctuations of the market. Because of this, they look for rental property outside of the city and in smaller towns and suburbs. As populations rates expand, so does the need for budget housing, and renting can help lighten this burden off individuals and families alike. When they do not have to subsidize a down payment and mortgage it is so much easier to get a profitable rate from the rental property that meets the needs of you and your residents.
Let Real Property Management Excellence help you profit from this rising trend along with the professional management of your property so you can sit back, relax and enjoy the surplus income for years to come.
If you would like to learn more about the property management services we offer please contact us online or call us at 919-827-1107
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.