In a still-hot real estate market, owning and renting property to tenants can be very lucrative. But without the proper tools to research different properties in the areas you're considering, you can end up with something that's more work than it's worth.
With a comprehensive report, like an address rent report, you can get tons of information on a prospective property and have a clear picture of the rental market in that area. There are some considerations to make before buying a home purely for rental purposes, but with just a little help you can see a fairly quick return on your real estate investment.
At the highest rate in the United States in 50 years, 27% of homes are occupied by renters. And in cities with a lot of growth and a housing market that can't keep up, renting is the only option. With that in mind, the rental market is still very viable.
Mortgage companies try to dissuade renters by talking about the perks of home ownership (e.g. "stop paying someone else's rent"). While there are perks of home ownership, of course, renting is still the best option for many people. So even in a down market, rentals will be in demand. Many people like the freedom to travel and change locations for their jobs; many people prefer having someone else take care of their maintenance.
There are a lot of rental property apps, but not all of them will give you the complete picture of a property before buying. You want to know the market, financially, but you also want to know the neighborhood beyond just financial demographics. A rental rate calculator is a great tool, but it's also great to be able to project the value of property in a neighborhood in a few years by looking at historical and other city data.
It's also useful to find a landlord app that you can use on a mobile device since much of landlord's work is done on-the-go. And having a way to analyze multiple properties at once (batch analysis) is an incredible time saver.
Most real estate search tools can tell you how to estimate the rent for a property. But it's important to find one that will give you all of the data that will be relevant to you and your future tenants. Schools, transportation and commute and crime data help inform the best decision-making and can help ensure that you list the most appealing, relevant and accurate information possible. An address rent report is only as effective as the rest of its correlating data.
In a still-hot rental market, investing in real estate is still a good idea. With exponential growth in many cities throughout the United States, rental properties are often times the only option for affordable housing. By utilizing an effective address rent report (with supporting neighborhood data in a reliable and comprehensive real estate tool), you can ensure that you're investing in the best properties and get the most in return.