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Property Management Blog

Published on Saturday, November 15, 2008

How Rentals Affect Your Income?

It is hard to pin point how many different properties are for rent. From apartments, houses, to condominiums, if you are not in the market to buy a property, you can definitely find something for rent. With the way the economy is going, many Americans are considering finding a place for rent. They will not have to deal with adjustable rates or making calls to local repair people, if something is not functioning. With renting, they can just call one person to get their needs resolved, the property owner.

So how does one determine which type of property they would like to rent. Many people like to the privacy of a house for rent because they do not have the pain of having another person or family that is banging on their walls, or making more noise than you could bear. Finding a house for rent that is in good shape could be hard to find. Most times houses for rent are in areas with colleges. You guessed it. That means that the owner of the property is gambling or gambled on college kids taking care of their property. Most houses for rent in those areas are in affordable areas or near the colleges. There are some houses for rent that are just perfect for the college kids because that gives them more room to express themselves vs. being cooped up in a stuffy dorm room. For some people, renting a house is a good idea, but they are looking for a permanent position if they are going to live in a house. A house for rent still gives a family the feeling of living in a house, but without the hassles of managing the property.

Some people like the option of living in a condominium. A condominium for rent gives the caller a more upscale approach to living. Most people who rent a condominium will not have to do any of the maintenance outside and they can sit back and enjoy the comfort. Most condominium renters are not there long term because they are looking at buying a condominium or a house in the future. By renting a condominium, you have the luxuries of a house, and the responsibilities of an apartment.

For those who are looking in the apartment market, you will find many vacancies. There are more apartments for rent than houses and condominiums put together. Depending on the market, finding an apartment for rent is easy. Now, finding the apartment that you would like to live in is a different story. There are so many types of apartments. There are many different amenities that could be offered could suit many different people. Finding the right apartment for you to rent is solely up to what amenities you would like to have as well as how much you want to pay for those amenities. In addition, what area you would like to live and how far of a commute for you to your work and or your everyday life. There are plenty of things to consider when choosing the right apartment for you.

As you can see, there are many options in terms of property for rent. You can rent a house, townhouse, apartment or condominium that is available where you live. The easy thing is finding a property for rent. The hardest thing is finding the best property that fits you.

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Author: Web Master

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Landlord Knowledge Base

If you’ve ever considered investing in a few rental properties in Philadelphia or Bucks County, PA now might be a good time. Prices are still low in Philadelphia, but have been on the upswing. According to the National Association of Realtors, the median price of an existing home in a US metropolitan area grew 13.7% between July 2012 and July 2013, the latest in a 17-month streak of year-over-year price increases. 

New landlords can choose from properties that are likely to appreciate and a large pool of potential renters.Licensed realtor Pat Mueller cites a few reasons for this trend: “Many families have lost their homes to foreclosure and are entering the rentals market for the first time in years. Mortgages are also harder to get now, so fewer people are qualifying for a new one.”The more skills you bring to the table to get into Houses for Rent in Philadelphia Philadelphia or Bucks County, PA and the more time you have to devote to your properties, the faster you can make a return on your investment. 

But investing in rentals can also be disastrous (or too stressful to be worthwhile) without expertise. Here are three professionals you may consult about your new rental properties, and what you can do to mitigate how much they cost you:Handyman:  You may need to hire a specialist for some work on your rental. If you need new outlets or new pipes, for example, hire an electrician, plumber or licensed contractor. Handymen usually tackle smaller, more manageable tasks, like:

  • Painting and paint removal
  • Drywall repair
  • Minor appliance repairs (fixing a leaky toilet or faucet, among others)
  • Installing tiling or flooring, moldings, windows, doors
  • Refinishing decks, cabinets and other wood items

When You Could Skip It: You could do any (or all) of these projects yourself if you have the time and interest in learning. Of course, this only works if you live relatively close to your rentals and are flexible enough to service them on short notice. And if you’re willing to respond to the occasional 5 AM basement flooding.

Average Savings: Any base rates or costs-per-hour vary from location to location in Philadelphia or Bucks County, PA , but nationally, you can expect to spend an average of $60 to $85 per hour for repair costs. It general costs less to hire an individual handyman than a handyman employed by a company. Expect an additional charge if your job requires a trip to the store for materials.

Resident Property Manager As the owner of a handful of rental properties, you may be able to manage them yourself, but if you want help, a single resident manager would probably be more cost efficient than a property management company. Resident managers may:

  • Serve as a handyman
  • Advertise vacancies in your units
  • Show apartments to prospective tenants
  • Review rental applications
  • Collect rents

When You Could Skip It: Again, the closer you live to your properties and the more spare time you have, the less likely you are to need a manager. The obligations of being a boss will also cut into the time you save on maintenance.

Average Savings: The national median wage for residential managers is just over $25 per hour. Research the wages in your community and adjust according to how much responsibility your manager will take on. 

Real Estate Agent: Once you’ve gotten your financials in order and done your own research on the neighborhood(s) you’re considering, you might contact a realtor to show you potential properties. You can also arrange for a realtor in Philadelphia or Bucks County, PA to show rentals once they’re ready to rent.

When You Could Skip It: It depends. Even if you’re a local, or have thoroughly researched the neighborhood(s) you’re considering, a realtor is a great resource for a first-time rental buyer. Realtors have access to data and statistics not necessarily available to the general public and first-time buyers may not know all the right questions to ask. Using a realtor to fill your Houses for Rent vacancies is less of a no-brainer, depending on your other time commitments or whether you plan to hire a resident manager who could do the same thing.

Average Savings: As a buyer of rental properties, as when buying your own home, sellers typically pay most, if not all, of the buyer’s realtor fees. In this case, Mueller points out there’s little reason not to work with a realtor. For help in filling your units in Philadelphia or Bucks County, PA, the services of a realtor would set you back between 10-20% of the unit’s rent per month.  Mueller recommends interviewing with several brokers before making your final decision to invest into Houses for Rent .

The Bottom Line: As a new landlord, you can’t necessarily control the flexibility of your schedule or the amount (and cost) of unexpected repairs to your properties. Rentals are a long-term investment. However, to maximize profits from your Houses for Rent, new rentals, you can buy close to home and start small. It is best to begin with just one or two properties. This will allow you to maximize the time you spend on your properties’ needs, and minimize the amount you’ll have to pay anyone else.

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