Deciding what Salt Lake City rentals to buy in the beginning can seem overwhelming. There are many perks to buying a single family home. If you are starting out in the rental income business then these tips are especially for you. If you are a seasoned investor running apartment homes, you may want to consider these types of homes to add to your Salt Lake City property management.
When first investing, many people wonder whether an apartment complex is the best or if single family homes are better. While there are perks to both, here are a few of the advantages to buying single family Salt Lake City Rentals.
Easier to Rent - This most often happens because the majority of renters out there are looking for a home instead of an apartment.
No Landscaping Required - Typically in a single family home the tenant takes care of the lawn work. In apartment complex you most likely do it yourself or you hire someone to do it for you. This cuts down on extra expenses.
More Stable Tenant - Those who rent single family homes are typically not transient tenants. This means you have some sort of stability as the property manager in Salt Lake City with your rentals.
Minimal Monthly Expenses - Typically when you own single family homes you are not paying much out each month for the home. The tenants usually pay for utilities and other expenses.
The largest disadvantage to renting out single family Salt Lake City rentals is that when your tenants move out you are not making any rent. Typically in a multi-family home when one tenant moves out you are still making some money on the building. While this is a downfall, it is one that can be handled swiftly with great property management in Salt Lake City and a great advertising plan. If it is worked properly, you can most likely have a tenant lined up soon after the current one moves out.