Considering an Additional Investment Property? Here’s Some Key Data to Help You Decide.
Demand is at an All-Time High
Demand for single-family rentals homes is currently at an all-time high. Although traditionally viewed as a less profitable asset type, that is no longer the case. Single-family rental homes are the most sought-after property types, both for their solid equity growth and their potential for higher rental income. As rents continue to rise in markets across the country, that demand shows no signs of weakening. As more investors recognize the benefits of owning single-family rentals, the market will only become more competitive in the near future.
More Single-Family Homes are Rentals
According to recent data, single-family rental homes account for more than 1/3 of all the rental units in the nation. Fifty years ago, only about 21% of American households were renting – including apartments, homes, and other types of rentals. But renter demographics have changed significantly since then. More than in the past, renters are looking to rent homes with space: multiple bedrooms and bathrooms, storage space, and a yard. This desire for space, combined with an increased emphasis on working from home, has led to a surge in demand for single-family rental houses in markets across the country.
Investing in Property Management
Another shift in the rental market relates to the development of property management strategies geared toward investors. The days of the do-it-yourself landlord and property owner have long passed, especially for rental property investors looking to grow an investment portfolio. To build real wealth, maximize rental income, and meet ambitious investing goals, investors need the resources and expertise that only a professional property manager can offer.
Source: Think Realty
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