U.S. single-family rent is up 2.9 percent year-over-year as of March 2019 and there are no signs of slowing. The CoreLogic Single-Family Rental Index (SFRI) measures rent growth among single-family rental homes (including condos and townhomes), which provides us this data. They use a repeat-rent analysis to measure the same rental properties year-over-year.
Beginning in 2010, single-family rent rates began to climb and they haven’t stopped since. Of course, higher-end rental properties are affected less by the increase, an average of 2.4 percent compared to 3.5 percent for lower priced rental homes. While rent growth does vary greatly over different areas, the greatest increases being in metro areas, rent rates have been and continue to be on the rise.
With rents where they are, it’s a great time to lease your home. If you’re considering downsizing or, maybe, upgrading, and can keep your asset and lease it, now’s the time and we can manage it for you. Many homeowners end up selling because they don’t wan to deal with the hassle and stress that comes with managing a rental property. They’d rather sell and take the proceeds. While walking away with a few hundred thousand in cash does sound appealing, take a second look at the equity in your home and see if you can purchase your replacement property using the projected rental income of your current property. Over time your appreciating asset will not only bring in more than what you owe, but it can be part of your retirement plan later on down the line.
Unsure where to start? Contact us at 877-957-6677. We manage over 60 properties in Orange County with a belief in full and total transparency. Not only are we full-service, but if you buy your replacement property through us, we’ll manage your property for the first year FREE of charge!
Kurt Galitski Property Management – 877-957-6677 – KurtPropertyManagement.com