Have you ever pondered whether acquiring property in Pasadena is a good idea in terms of profitability? Maybe you’ve already acquired your own property but have been seriously considering selling it because of fears that it will no longer bring in a regular income as expected. On the other hand, the latest rental market trends may change your mind as there is a growing popularity of owning rental properties v. homeownership.
When you choose Real Property Management East San Gabriel Valley to partner with in managing your Pasadena property, you are working with a team that is determined to see your rental property succeed. Learn more about why you should cash in on this growing popularity of rental properties and begin to glean the rewards of investing in real estate today.
When it comes to housing market booms for homeownership, the buyers’ market is usually exclusive to specific areas everywhere in the county. This means there will constantly be cities and towns with property rates that are really expensive for the ordinary homebuyer. This makes it tough to cash in on a trend that may not be working actively in your area.
However, the growing popularity of rental properties has been a national trend, which means your Pasadena property can really benefit from this news. A brand new study was done exploring the switchover time in renter v. homeowner rates between 2006-2016. Individuals who chose to rent a home or unit increased by more than 23 million during this period as found by the US Census. Thinking the U.S. Population growth was 23.7 million people, this rate shows that renting is really satisfying the needs of many.
This study, conducted by RentCafe, also signified that the growth of homeowners was fewer than 700,000 indicating that many are more interested in renting a home than owning for a variety of reasons. While trends change oftentimes, Real Property Management East San Gabriel Valley is here to help you thrive in each change in popularity, ensuring that as time progresses you can look forward to having a steady income disregarding the market.
Housing Market Spreading Out
While many of these trends are centralized on cities within the U.S., this growing popularity of rental properties is a welcome news for investment homeowners whose rental properties are outside of the city. When there is a surge in need for rental properties, it is usual for rental rates to rise alongside this within cities and larger towns. Possessing a property in an area like this is great as you can raise your rent as well.
But, not all renters can afford the price changes of the market. This leads them to look for rental property outside of the city and in smaller towns and suburbs. As populations rates swell, so does the need for budget housing, and renting can help take this load off individuals and families alike. When they do not have to pay off a down payment and mortgage it is much easier to get a profitable rate from your rental property that accomplishes your needs and that of your residents.
Let Real Property Management East San Gabriel Valley support you in your efforts to capitalize on this rising trend along with the professional management of your property so you can sit back, relax, and enjoy the extra income coming in for a long time. Learn more about the services we offer and contact us online or call us at 626-600-2884 today.
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.