Single-family rental property investing in Reno is progressing forward. Traditional models of single-handedly buying and managing one or two rental properties are giving way to new approaches to investing, including build-to-rent, lifestyle renting, and long-distance investing. Collectively, these three aspects compose the top three considerations that any rental property investor should be checking out now. In what follows, we’ll take a more familiar look at some of the opportunities you’ll discover with each option.
1. Real Estate Investment Build-to-Rent Properties
One of the newer and rapidly growing trends in the housing industry is build-to-rent investment properties. In a market where demand continues to dominate supply, investors and even home builders are choosing to buy new homes for the express purpose of renting them out. Developers and investors have both understood the advantages of new builds as investment properties. Maintenance costs tend to be lower, profits from renting tend to be higher than sales, and tenants used to living in aging homes are often eager for something brand new. While builders-turned-landlords are creating more competition for single-family rental home investors, the clamor for such properties remains very strong. This is quite true, especially for young adults who have been priced out of a very competitive housing market.
2. Renting as a Lifestyle Choice
Together with those who are unable to buy, one more important trend that you ought to be watching cautiously is a new wave of people who are renters by choice. Millennials and Baby Boomers, specifically, have shown increasing interest in opting out of homeownership in exchange for the flexibility of renting. For these demographics, location, community, and lifestyle are often more important than owning their own homes. Rental property owners who are keeping up with this shift have responded by offering additional amenities and services, catering to the lifestyle renter’s desire for freedom from home maintenance, long commutes, and even paying utility bills. For these groups, paying a higher rent is an acceptable trade for proximity to urban environments and all the benefits that go together with such locations.
3. Long Distance Investing
Gone are the days when you needed to live close to your investment properties. As more and more single-family rental home investors have noted, long-distance investing is quickly becoming the new normal for investors. With all the benefits that come with technology and professional property management services now free to access, there is no need to limit your property searches to your home market. In fact, living in one city and owning properties in one or more others is rapidly turning out to be the path to success for many investors. Although it may take time at first to set up the team you’ll need, as soon as you have real estate and property management professionals you can trust you can buy and rent properties just about anywhere. So, although housing prices in your city are out of range, all because of today’s technology, you could be investing in some of the hottest markets in the country – wherever that may be.
In Conclusion
Even though rental property investing is changing, the need to do thorough research on each potential investment has not. That’s why Real Property Management Corazon offers investors free rental property analyses. Our Reno property management professionals are not only some of the best in the property management industry; we also work with investors to help you determine whether the rental property you’re considering is the right choice. Contact us today for more information on the quality services we offer rental property investors like you!
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