Single-family rental property investing in Williamsburg is undergoing an evolution. 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. All in all, these three aspects contain the top three considerations that any rental property investor should be reading-through in this day and age. In what follows, we’ll take a closer look at some of the opportunities you’ll find in 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 the demand overtakes 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 accepted the rewards 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 residing in aging homes are often excited to try something brand new. Although builders-turned-landlords are forming more competition for single-family rental home investors, the demand for such properties remains to be very strong. This is predominantly true among young adults who have been priced out of a very competitive housing market.
2. Renting as a Lifestyle Choice
With those who are not able to purchase, one additional important trend that you should be observing is a new wave of people who are renters by choice. Millennials and Baby Boomers, in particular, have shown budding 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 staying ahead of this trend have answered 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 folks, paying a higher rent is an acceptable trade for proximity to urban environments and all the benefits that arise with such locations.
3. Long Distance Investing
Gone are the days when you have to live near your investment properties. As more and more single-family rental home investors have noticed, long-distance investing is quickly shifting as the new normal for investors. With all the plusses of technology and professional property management services now open and accessible to all, there is no need to limit your property searches to your home market. To be located in one city and owning properties in one or more others is fast becoming the path to success for many investors. Even though it may take time at first to set up the team you’ll want, the instant you have real estate and property management professionals you can trust you can buy and rent properties just about anywhere. So even if housing prices in your city are out of range, all for the reason that 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. For this reason, Real Property Management VA Peninsula offers investors free rental property analyses. Our Williamsburg 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 bearing in mind is a good option. Contact us today for more information on the quality services we extend to rental property investors like you!
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