The American dream may be changing. More and more, people are turning away from home ownership and opting instead to rent instead of buy. According to a recent Fiscal Times article, rental vacancy rates have fallen from 8% in 2009 to just 5.6% in the third quarter of 2011. In the same period, average rent prices rose 2.5% to average $1,020 for a two-bedroom apartment, condo or single-family dwelling nationwide.
Why are so many more people turning to renting? It offers certainty and stability in an unpredictable housing market. People enjoy the flexibility of being able to move on after a few months or a year’s lease instead of being tied into a 20-30 year mortgage on a home they may or may not be able to sell. Many people also appreciate being free from the burdens of home maintenance: when a pipe bursts or the roof leaks, all they have to do is make a phone call and someone else will take care of it at no expense to them. Especially as baby boomers age, the prospect of a maintenance-free lifestyle will continue to appeal to more and more potential customers.
That’s why there’s never been a better time to consider leasing a property. Whether you’re interested in leasing a property as an investment or you can’t sell your house but need to move on with your life, renting can be a profitable, stable source of income. If you’re interested in exploring the possibilities of renting your home or property with an experienced Indianapolis property management firm, call us today.