Why Own a Long-Term Rental?
Benefits of Owning Long-Term Rentals
If you own a second home or are looking to invest in a second home, consider converting it into a rental property! There are so many benefits of long-term rentals that will make you question why you didn’t consider it sooner. Not only are long-term rentals a common way to invest in real estate, but it’s also incredibly lucrative. Plus, when you partner with a property management company, you’ll enjoy peace of mind knowing your home is in good hands. We have listed some of the benefits of owning long-term rentals below! As always, be sure to contact us with all of your property management needs.
Appreciation, or the increase in the value of an asset over time, is an incredible way to earn a profit. As rent and market prices increase, the value goes up. What this means is years down the line, if you decide to sell the property, you could see a huge return on the investment.
Consistent Rental Income
Short-term rental properties are quite popular, especially along the Gulf Coast. However, unless your property is rented 365 days out of the year, your income flow might fluctuate. Not to mention, with ever-changing rates, one month’s income might be different than the rest. With long-term rentals, your tenant pays a set rate each month. So, for the duration of time that they occupy your unit, you will see consistent income month after month. This ensures stability on your behalf.
Financial Help & Retirement
Because long-term rentals mean consistent income, this is a savvy way to begin planning for retirement. Once you see a steady stream of income, it will be easier for you to begin setting aside a certain percentage of your income for retirement. You could also use the income for other ways including paying off any debt, loans or saving for a fancy family vacation. This is just one of the many benefits of owning long-term rentals!