When deciding on renting or selling your current home, there are so many questions and factors to consider, especially in the middle of a global pandemic. There are pros and cons to each side. Today we are going to focus on why you should rent instead of sell.
The pros of renting your home over selling are numerous.
- Even though we are in a sellers’ market, we are also in a renter’s market. The monthly rent on single family homes has gone up as much as $200 a month from this time last year. By holding on to your property you are doubling the equity and increasing your value.
- We are filling units quicker then we ever have before while increasing monthly rent. Because we are filling homes so fast, the need for new rental inventory is growing.
- Financial independence and growth are two things everyone is searching for. The best way to start building that is by having passive income. Renting your home, especially in this market, is the perfect way to achieve that goal.
- Renting is temporary, you can always go back to your home if you choose or sell at a later date.
In making your final decision on whether to rent or sell, remember the benefits of renting, do your research and consult with local experts.