Why More People Than Ever Are Renting, Regardless of IncomeJanuary 04, 2021
If you’ve ever thought about adding yourself to the 10-12 million landlords in the country, now is the time. More people are choosing to rent homes, apartments, condos, and tiny houses than ever before. While rental properties used to be considered the best option for people with low income levels, that just isn’t the case anymore.
Instead, people from all different walks of life are choosing to rent for a variety of reasons. It’s easy to think that it’s just the younger generation renting homes at the moment, but that isn’t true either. In fact, just 12% of millennials plan on renting forever. Everyone from middle-aged individuals with families to retirees is going the rental route.
Let’s take a look at some of the most common reasons why renting is becoming a more attractive option for people of all ages and all income levels.
The Freedom of Choice
One of the biggest reasons people are choosing to rent is because it offers them more freedom. Once upon a time, the “American Dream” included purchasing a house. But, the average person changes jobs about 12 times in their lifetime. This can take them all over the country. When you’re tied down to a mortgage, that can make switching positions much more difficult.
Renting also gives people more options. It can allow tenants to bargain with certain lease terms that best fit their needs. These could include everything from shortening the length of the lease to changing the way the property looks. Everyone from young professionals who want to change jobs quickly to baby boomers who want to downsize can appreciate the freedom of choice and the flexibility that renting can offer.
Renting is Convenient and Efficient
It’s also convenient for tenants to share the cost of living space with other people. Finding a roommate isn’t always easy, but it can be a great way to save money. While splitting the cost of a rental isn’t always worth the headaches that can come with a bad roommate, landlords who use property management software like TenantCloud can make it more simple for everyone. Roommates can pay rent, fill out paperwork, and even make maintenance requests all through the platform.
The Benefits of Being a Landlord
With so many people choosing rental properties over homeownership, we can’t ignore the subject of being a landlord. It’s a great way to earn passive income with a flexible schedule. If you use TenantCloud, you can post listings, take applications, and even screen applicants as they apply, streamlining the process. Some of the other benefits include:
- Tax deductions
- Consistent cash flow
- The ability to flex your DIY skills
If you happen to manage a larger team, TenantCloud can consolidate the management of your employees as well as the vendors who fulfill tenant maintenance requests.
Whether you’re looking for a rental space to live in or you’re interested in being a landlord and looking for tenants, it appears the rental trend is here to stay. Thankfully, it’s a trend that is extremely beneficial for people of all income levels, ages, and stages of life.