Have you ever thought about whether owning property in Playa Vista, California, is a good or profitable idea? Perhaps you already own property and are considering selling it with fears that it will no longer bring in a stable income. However, recent rental market trends may have you changing your mind; owning rental properties versus homeownership is gaining more popularity.
When you partner with Real Property Management California Coast to help manage your Playa Vista property, you are working with a team that is loyal to seeing your property succeed. Learn more about why you should make the most of the rising popularity of rental properties and start reaping the benefits of investing in real estate today.
When talking about housing market booms for homeownership, the buyers’ market is commonly restricted to certain areas throughout the country. This means there are always cities and towns with property rates that are too steep for the average homebuyer. This makes it difficult to capitalize on a trend that might not be in effect in your area.
However, the mounting popularity of rental properties has been a national trend, meaning your Playa Vista property can make use of this news. A recent study was completed looking at the change over time in renter versus homeowner rates between 2006 and 2016. People who rented a home or unit increased by more than 23 million during this period, as found by the US Census. Bearing in mind that the United States population growth was 23.7 million people, this rate shows that renting is meeting the needs of many.
This study by RentCafe also revealed that the growth of homeowners was less than 700,000, indicating that many are more interested in renting a home than owning for many reasons. While trends come and go, Real Property Management California Coast is here to help you endure each change in popularity, ensuring that you can expect to have steady income over time regardless of the market.
Housing Market Spreading Out
While many of these trends are focused on cities within the United States, this rising popularity of rental properties is great news for investment homeowners whose rental properties are outside the city. When the need for rental properties goes up, so do rental rates within cities and larger towns. Owning a property in an area like this is great because you can increase your rent as well.
However, not all renters can afford the price fluctuations of the market. 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. When they do not have to finance a down payment and mortgage, it is much easier to acquire a profitable rate from your rental property that meets the needs of you and your residents.
Let Real Property Management California Coast 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 the services we offer by contacting us online or calling us at 310-535-2150 today.