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Top 3 Considerations for Plano Rental Property Investing

Tiny Model House on a Stack of CoinsSingle-family rental property investing in Plano 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. Generally, these three aspects comprise the top three considerations that any rental property investor should be analyzing now. In what we’ve listed below, we’ll take a more in-depth look at some of the opportunities you’ll find in each choice.

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 demand still outpaces the 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 learned the advantages 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 living in aging homes are often eager for something brand new. While builders-turned-landlords are creating more competition for single-family rental home investors, the demand for such properties remains very strong. This is especially true amid young adults who have been priced out of a very competitive housing market.

2.   Renting as a Lifestyle Choice

Along with those who are unable to buy, another important trend that you should be checking out is a new wave of people who are renters by choice. Millennials and Baby Boomers, in particular, have shown increasing 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 responded 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, spending for higher rent is an acceptable trade for proximity to urban environments and all the advantages that come with such locations.

3.   Long Distance Investing

Gone are the days when you are required to live close to your investment properties. As progressively more single-family rental home investors have identified, long-distance investing is quickly becoming the new normal for investors. With all the advantages of technology and professional property management services now open for all, there is no need to limit your property searches to your home market. In fact, living in one city and owning properties in one or more others is quickly turning out to be the path to success for many investors. While it may take time at first to set up the team you’ll need, once 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, thanks to today’s technology, you could be investing in some of the hottest markets in the country – wherever that may be.

In Conclusion

Even when rental property investing is changing, the need to do thorough research on each potential investment has not. For this reason, Real Property Management Pioneer offers investors free rental property analyses. Our Plano 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 considering 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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