The Seattle PI reported this week that Seattle is the 14th most expensive city in the US to rent in. As our area continues to rebound from the effects of the pandemic, demand continues to rise for rental properties. If you are trying to decide if you should sell or rent your property, here are some things to consider:
Rent prices in the city are increasing exponentially
The Seattle PI just reported that two-bedroom rental prices have jumped 5.2% just since August. While homes are also in high demand for buyers, your rental income potential is also increasing at a high rate. Hanging onto your property is sure to continue to increase your net worth.
Many professionals are opting to rent instead of own
It’s been noted that many people are opting to rent instead of owning their own homes. Why is this? Many reasons may play into this decision, but one thing is for sure: renting has its benefits. It allows many to live in a better neighborhood than what you can afford and still have the chance to save up and buy their own property. Renters don’t have to worry about maintenance or repairs because it all falls on the landlord.
Why should you rent your property instead of selling it?
Renting out a property is a great way to generate additional income. And, when compared with the cost and effort that goes into selling a home, renting can be far more manageable. Plus, in many cases, there’s no need to pay for renovations before putting the house on the market.
Sound Point Property Management can take the stress out of managing your own rental property. If you’re thinking about making some changes or looking for ways to make extra money this year, we would love to chat with you.