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Is Now A Good Time To Rent?

People often ask if now is a good time to buy a home, but nobody ever asks when it’s a good time to rent. Regardless, we want to make certain that everyone understands that today is NOT a good time to rent.

The Census Bureau recently released their 2017 fourth quarter median rent numbers. Here is a graph showing rent increases from 1988 until today:

Is Now a Good Time to Rent? | Keeping Current Matters

As you can see, rents have steadily increased and are showing no signs of slowing down. If you are faced with making the decision of whether or not you should renew your lease, you might be pleasantly surprised at your ability to buy a home of your own instead.

Bottom Line

One way to protect yourself from rising rents is to lock in your housing expense by buying a home. If you are ready and willing to buy, meet with a local real estate professional who can help determine if you are able to today!

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How to Make the Most Money From Renting Out Your Home

The purpose of owning an investment property is to earn rental income while the asset appreciates in value. The best way to make the most money from renting out your home is by paying attention to two things: pricing and maintenance. It also helps to work with a professional property management company. Smart investors know that having an expert protecting and promoting your property is a great way to increase its value.

Pricing Your Property

The rental price you attach to your property will have a huge impact on how it performs and how much you earn. You want to price the home aggressively so you earn as much rental income as possible, but you also want to be competitive. A price that’s too high will leave your rental property vacant, and vacancy is expensive. Get to know the local market and do a comprehensive comparable market analysis so you know what similar properties are renting for in the area. A fair price will attract excellent tenants and it will ensure you don’t miss out on several months of rent because you’re determined to get a higher rent.

Maintaining Your Home

Many landlords are hesitant to spend a lot of money on repairs and maintenance because they worry about how it will affect their cash flow. It’s important to think long term. You want your property to grow in value, and it will only do that if you’re keeping up with the home’s maintenance. Put together a preventative maintenance schedule that will ensure the systems and structure are inspected regularly. Train the tenants to change air filters, look for slow leaks and report problems immediately. If you do regular inspections of your property, you’ll be able to look for small problems that can be taken care of inexpensively.

If you’re willing to properly price your rental home and take maintenance issues seriously, you’ll have no problem earning a healthy return on your investment. Contact us today to talk about how we can maximize the potential of your rental property.