The United States is slowly becoming a Renter’s Nation. Home ownership continues to decline as more Americans decide they want to rent instead.
A report published by the Joint Center for Housing Studies at Harvard University shows that renter households have increased significantly in a decade. Where there were 9 million renter households in 2005, the number increased to 110 million by 2015. This number encompasses all demographic and income groups.
Real estate professionals are studying the causes of this rapid acceleration in rental demand. They are also considering the effects of the rising demand including increasing monthly rates and decreasing vacancy rates.
But while they’re doing so, you can already take advantage of the trend. Consider a property maintenance franchise that will drive in revenue while the demand for rental housing is at an all-time high.
Americans See the Benefits of Renting a Home
Owning residential real estate definitely has its advantages. It gives an individual the pride of having their own home. It comes with a strict financial commitment, however, and some individuals would rather not deal with the cost of buying a home.
As such, many Americans choose to forego the long-term financial benefits of owning a home. Instead, they opt to rent on a relatively cheaper monthly basis.
The benefits of renting a home do not stop at the actual rent being cheaper than paying installments for their own residential property, though. Renting a home generally costs less in terms of securing the property and paying for repairs.
Landlords may require a security deposit as well as the first and last month’s rent before renters move in. Still, it is typically cheaper than making a down payment on a house. Furthermore, renters need not worry too much about repairs because the landlord normally takes care of these.
On another note, renting makes relocation easier for Americans—especially those who move cities relatively frequently for their jobs.
You Meet the Breakeven Point Soon Enough
Many Americans turn toward rentals for their housing needs—it seems like the most practical choice. Therefore, the demand for rental properties steadily increases.
If you have a knack for business and real estate, you can take advantage of this trend and become a property management franchise owner. The job entails the day-to-day management of rental properties in your location.
Getting started on a franchise is not necessarily expensive, either. You only have to think about the franchise fee, the expenses of opening a business, and the living expenses. Combine these with your commitment to gaining rewards and the business is one step closer to becoming profitable.
A Solid Support System
With a Real Property Management franchise, you can be sure of having world-class support.
We feature innovative processes, professional marketing solutions, volume purchasing power, and comprehensive training to jumpstart your success. Furthermore, we have a passionate support team that lets you know you’re never alone in the industry.
Allow us to help you stay strong and continue to grow in the property management industry. Fill out our contact form today.