The American Dream of homeownership seemed to crash along with the housing bubble, and the recession of 2007 through 2009 that followed. Even though the financial fallout has receded, the trend to rent instead of own has continued to soar. Single-family rentals, including detached homes, duplexes and townhomes, are developing faster than any other portion of the housing market. Urban Institute states that single-family rentals outpace both home purchases and apartment-style living, increasing 30% in the last three years.
Who Is Leading The Trend To Rent Instead Of Own?
RENTCafe census data show that from 2010 to 2016, single-family rental households in the U.S. increased by nearly 2 million. Out of those renters, Millennials are leading the trend, followed by the retiring Baby Boomer population.
Why Renting Instead Of Buying May Be Right For YOU!
If You are a Millennial:
- No hurry to lay down roots
- Not ready to commit to one area
- Student loans make it harder to save for a down payment
- Renting is a way to build credit before purchasing a home
- Renting a home is a way to make sure single-family home life is for you!
If You are a Baby Boomer:
- Less responsibility!
- Fewer maintenance requirements
- Opportunity to downsize
- Smaller home and yard = more free time
Are You Building A New Home?
How Renting May Help You!
Kim Cavin, Director of McGraw Property Management and Leasing, told us that many homeowners looking for short-term leasing while they are building a new home turn to McGraw. “We often know of a rental owner who might be willing to lease short-term in this type of situation,” Kim explains. “On the flip-side, if the home owner’s old home has not sold by the time the new home is complete, they might decide to lease it out to keep from paying two mortgage payments. We can help with that also.”
Choosing A New School For Your Children?
Keep Renting In Mind!
If you have school-age children, you might decide to move to a rental in a different school district during Christmas break, so they can begin the new semester at the new school, or, during the summer so they are settled in before school begins in the fall. “It might be difficult to find a home to rent in a specific school district, especially on short notice,” Kim explains. “We have 12 real estate agents consisting of leasing consultants, property management coordinators, and managers, bringing in new listings daily. McGraw REALTORS Leasing Department can help!”
Are You Ready To Downsize?
McGraw Leasing also specializes in single-home living for seniors. The Villas in Broken Arrow are one story, one and two bedrooms, single-home condos with all utilities paid and all appliances included. The very affordable price averages around $1,750, and typically stay 100% occupied.
Another option for empty-nesters who are considering selling their large home to downsize to something smaller are the duplexes located at 19th & Jamestown in the heart of Midtown Tulsa. Two and three bedrooms with a garage, these homes have state-of-the-art appliances including washer, dryer and refrigerator. They are brand new and have wood floors and granite countertops throughout.
How McGraw Can Help You As The Rental Owner
Should Your Rent Out Your Own Home?
If you have moved, possibly out-of-state, and have had your house on the market for quite a while, you might decide to rent out your home. This helps supplement the amount you are paying in mortgage payments. By turning your home over to a professional property management company like McGraw REALTORS, the steps can happen easily and hassle-free for you!
Are You Managing Rental Properties?
If you are currently managing several rental homes on your own, you might want to think about giving them to a company designed to handle the details for you.
Let McGraw Do The Leg-Work For You!
Choose McGraw Property Management and Leasing to:
- Show the house
- Take applications
- Secure the renter
- Run background checks
- Complete credit checks,
- Investigate the previous rental history
- Gather references
- Require proof of renter’s liability insurance on the property
McGraw will process and present all the finding to you for final approval. Then if you choose, McGraw will:
- Generate the lease agreement
- Hand over the keys
- Collect the security deposit
- Manage your property
McGraw Can Handle Legal Issues For You
With McGraw as your property manager, evictions rarely occur due to the extensive background checks conducted. In the event this becomes necessary, McGraw uses an attorney that will handle any legal filings, working with you, the owner, during the process.
Whether You Are A Landlord Or A Tenant, Use A Professional!
McGraw REALTORS is one of the few Oklahoma real estate companies with a Property Management and Leasing Division. Kim Cavin has over ten years’ experience as a property manager in Tulsa and like everyone at McGraw, she is dedicated to treating her employees and clients like family and providing customer service that is second to none.
By Rosie Gorrell