Benefits of Owning Long-Term Rentals
Benefits of Owning Long-Term Rentals ~ Southern Residential Leasing
If you own a second home that you’re looking to convert into a rental property but aren’t quite sure yet, we’ve got the answers for you! There are so many benefits of long-term rentals that you’ll be wondering why you didn’t do 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. Take a look at some of the benefits of owning long-term rentals below! As always, be sure to contact us with all your property management needs.
Appreciation, or the increase in the value of an asset over time, is a great way to earn a profit. When rent and market prices increase, the value goes up. Therefore, if you plan on selling the property after so many years, you could see a huge return on the investment.
Consistent Rental Income
While short-term rental properties are quite popular, unless your property is rented 365 days out of the year, your income flow is not as reliable as you like. 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 that unit, you’ll see the same income month after month. This ensures stability and consistency on your behalf.
Financial Help & Retirement
Since you’ll enjoy consistent rental income with your long-term rental, this is a savvy way to begin planning for retirement. Once you see a steady stream of income, it’ll be easier than ever to begin setting aside a certain percentage of your income for retirement. In addition, you’ll also be able to pay off any debt that you may have. Whether it’s student loans or car loans, you’ll be paying off the balance in no time. This is just one of the benefits of owning long-term rentals!