Did you ever think about whether owning property in Dover is a good or lucrative idea? Perhaps you already own property and are considering selling it with fears that it will no longer provide a steady income. However, recent rental market trends may have you changing your mind, as there is growing popularity of owning rental properties versus homeownership.
When you choose to partner with Real Property Management Seacoast New Hampshire to help manage your Dover property, you are working with a team that is committed to seeing your property succeed. Find out more about why you should capitalize on the rising popularity of rental properties and begin seeing the benefits of real estate investment today.
When it comes to housing market booms for homeownership, the buyers’ market is mostly restricted to areas throughout the county. This means there are always property rates in certain cities and towns too high for the average homebuyer. This makes it difficult to capitalize on a trend that might not be in effect in your area.
However, the rising popularity of rental properties has been a national trend, so your Dover property can take advantage of this news. A recent study was done studying the change over time in renter versus homeowner rates between 2006 and 2016. Individuals who rented a home or unit increased by more than 23 million during this period as discovered by the US Census. Considering the United States population growth was 23.7 million people, this rate shows that renting is meeting the needs of many.
This study performed by RentCafe also indicated that the growth of homeowners was fewer than 700,000, demonstrating that many are more interested in renting a home than owning for various reasons. While trends come and go, Real Property Management Seacoast New Hampshire is here to help you endure each change in popularity, making sure that you can expect to have stable income over time regardless of the market.
Housing Market Spreading Out
While most of these trends are centered on cities within the United States, this increasing popularity of rental properties is good news for investment homeowners whose rental properties are outside the city. When the need for rental properties goes up, it is usual for rental rates within cities and larger towns to rise alongside this. Owning a property in an area like this is great as you can increase your rent as well.
However, not all renters can afford market price fluctuations. This leads them to search for rental property outside of the city and in smaller towns and suburbs. As population rates rise, so does the need for affordable housing, and renting can help remove this burden from individuals and families alike. It is much easier to get a profitable rate from your rental property that meets the needs of you and your residents when they do not have to finance a down payment and mortgage.
Let Real Property Management Seacoast New Hampshire help you make the most of this rising trend along with the professional management of your property, so you can sit back, relax, and enjoy the extra income. Learn more about how you can utilize our property management services by contacting us online or calling us at 603-343-2202 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.