We always love a good article with updates on the renter’s market in our economy. As a rental property owner in Blue Springs, MO, I’ve also seen a surge of interest among people interested in renting a home rather than buying a home. Renting has some obvious advantages over buying right now – with two being commitment and price. As pointed out in this article about the renting market, renting is not a long-term commitment. Also, if you don’t have the funds for a 20% mortgage down payment, renting may be a more affordable option, too.

I’ll let you read the article in full if you’re interested, but as a rental property manager, here were some points that really stood out to me that the author makes:

• There are 51.3 percent more new multi-family rental units than last month
• New buildings with two or more apartments surged to 223,000 annually, according to the Census Bureau.
• Housing experts say renting allows the flexibility to move around the country easily and go where the jobs are.
• If you expect to move in less than five years, renting almost always makes more sense because it’s hard to recover the up-front costs, like broker fees and closing costs.

Renting for the Short-Term

I especially agree with the last statement, which was a quote in the article by Barbara Corcoran, a New York real estate expert. It works the same way in Kansas City rentals as it does anywhere else – long-term plans really do matter. Sure, buying a home in an economy with rock bottom mortgage rates may be a great thing – for those who can afford a down payment, have good credit, and plan to stay settled for a while. However, for those not sure of long-term plans, those who need time to repair their credit, or even save for a home purchase – renting might just be the best thing. And by the looks of it – you’re in good company.

Filed under: Rental Home by wiesemannproperties