If you’re looking to drum up some new business or grow your income, considering working with single-family rentals, especially with the option to buy!
The single family home rental market has expanded 16 percent since 2007 according to Freddie Mac. According to a survey of renters by Opinion Research Corporation, single-family rental homes are the fastest growing housing option in America, with 3.6 million homes built for owner occupancy now serving as rentals because owners lost them through foreclosure.
Here’s what’s currently available according to the Multiple Listing Service of Long Island in terms of Single Family Homes for rent with the option to buy: 44 units in Nassau, 58 units in Suffolk, 14 units in Queens.
Studies show that half of all renters, including 60% of single-family renters, anticipate becoming homeowners in the next 5 years! With all these indicators, there is a few ways you can expand your business with rentals:
- Start listing more single family rentals, they are highly marketable
- If one of your listings is taking too long to sell, suggest going with a rent to buy option
- Work with property managers to get renters into vacancies
- Target renters who have been renting for at least 5 years, they may want to buy a home
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