As a rental property owner, it’s important that you know who your potential tenants are and why they are looking to rent. Having a better understanding of why people rent can help you target the right people and convey the best possible message. Below are some of the most common reasons why people choose to rent a home.
Growing Older and Retiring
Many older people and retirees want to live closer to their children and grandchildren. They may own a home in another part of the country, but choose to rent in the city or state where their kids are. Others find that in their older years, they can’t keep up with the maintenance required for owning a home. They would rather rent a home that includes yard maintenance and repairs. Older renters often prefer ground-floor units that are close to shopping centers and restaurants.
Just Getting Started
Newlyweds or other couples just getting started off in life aren’t always ready to buy a house right off the bat. They may still be finishing up school or working to establish themselves at their jobs. Younger people are okay with sacrificing for a few years when they believe it will pay off in the long run. They are often looking for something that is low in rent, even if that means it’s a small space.
Recovering From Loss of Home
With all of the changes in the housing market over the last several years, some people are still recovering from losing a home they owned at one point. They may be in the process of rebuilding their credit or saving for a down payment for a new home. For them, renting a home is their best option for now. Many of the people in this situation have children and prefer to rent for several years until they are established enough to buy a home again.
There are some people who choose to rent instead of buying a home because they want to live in a specific part of town or in a certain neighborhood where there are no homes for sale. Their desire to live in that neighborhood is high enough that they are fine to rent rather than living somewhere else where they can buy. It could be that they want to stay close to their children’s schools or to their place of employment.
Another type of renter we often see are those that are in between owning homes. They may have had to sell a home because of a great offer, but aren’t able to move into their new home for several months or even a year down the road. These renters often prefer furnished homes so that they can leave all of their furniture and other possessions in storage rather than having to load and unload them twice in a short amount of time.
When you need help finding the best tenants for your rental home, talk to the experts at RPM East Valley. We offer many different property management services to investment property owners across the Phoenix area.