Have you ever considered whether it would be profitable for you to own a property in Westborough? Is it even a good idea? Or maybe you already own a property here but are seriously wondering if it would be better for you to sell it because you’re afraid it might no longer earn you as stable an income as you’d have hoped. However, current rental market trends may cause you to change your mind. Did you know there is an ever-growing popularity of owning rental properties versus homeownership?
When you partner with Real Property Management MetroWest-Worcester to help manage your Westborough property, you are choosing a team that is focused on seeing your property succeed. Learn more about why you should profit from the increasing popularity of rental properties and start getting the rewards of investing in real estate today.
National Trend
With regards to housing market booms for homeownership, the buyers’ market is commonly limited to some areas all throughout the country. This means there will continually be cities and towns with property rates that are beyond expensive for the ordinary homebuyer. This makes it so hard to exploit a trend that may not be active in your area.
Nevertheless, the rising popularity of rental properties is trending nationwide, meaning your Westborough property can take advantage of this news. A study was recently done exploring the change over time in renter versus homeowner rates between 2006–2016. Individuals who rented a home or unit increased by more than 23 million during this period as found by the US Census. Seeing that the US population growth was 23.7 million people, this rate reveals that renting is filling the needs of many.
This study, conducted by RentCafe, also showed that the growth of homeowners was below 700,000 indicating that many people are more interested in renting a home than owning a home for a variety of reasons. While trends change every now and then, Real Property Management MetroWest-Worcester is with you to help you stand fast in each change in popularity, ensuring that as time goes by you can expect to have a steady income whatever the market conditions are.
Housing Market Spreading Out
While most of these trends are noticed in cities within the U.S., this growing popularity of rental properties is welcome news for investment homeowners whose rental properties are outside of the city. When there is a rise in demands for rental properties, it is not uncommon for rental rates to rise alongside this within cities and larger towns. Owning a property in an area like this is beneficial for you as you can raise your rent as well.
However, not all renters can make provisions for the price fluctuations 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 demand for inexpensive housing and renting can help lift this burden off from individuals and families alike. When they do not have to fund a down payment and mortgage, it is much easier to get a profitable rate from the rental property that meets the needs of both you and your residents.
Allow us here at Real Property Management Metro West-Worcester to help you take advantage of this growing trend along with the professional management of your property so you can sit back, relax, and enjoy the extra income coming your way for a long time. Contact us online or call us at 508-329-6000 today for more information about our services.
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.
