Fact or Fiction – Rental Properties
So far in our month-long series of blogs about the myths and realities of the Fremont County real estate market, we’ve tackled home buying and selling issues. In the first post, we looked at the status of home prices and the process of appraisals. The second blog in the series highlighted home pricing strategies and short sales. The subjects of the third blog were how Realtors make commission and making down payments on a home.
In today’s post, we shift gears away from buying and selling real estate to look at two myths associated with the rental market in Fremont County.
Myth #7
Rental properties in Fremont County are easy to find…
Reality
Quality, clean rental properties are actually a dime a dozen in our area. The best rental properties in the nicest condition are usually occupied by long-term tenants, and when nicer rentals do become available they don’t last long! As a result, it can be extremely difficult to find a quality home to rent in our area, particularly if you have a need for a larger home.
Myth #8
Renting is a more affordable option than buying…
Reality
Obviously there are situations in which a family is better off financially if they rent, at least for the short-term. However, because renting involves putting money in someone else’s pocket rather than building equity in your own home, in the long-run, renters just see their money fly right out the door.
Because the best rental properties are well taken care of, landlords can charge a premium. It is not uncommon to see single family homes go for well over $1,200 per month in the Riverton area. For the same monthly payment, you could purchase a $225,000 home at 5% interest! Additionally, these nicer properties usually come with long-term commitments, such as a one-year lease. When factoring in first and last month’s rent and a security deposit, the initial expense of renting could be well into the thousands of dollars. If this is the case, why not find a home to purchase?!
Conclusion
Obviously there are a lot of factors involved in making the decision to rent or buy a home. But by busting these rental property myths, we hope you have better information to use in making your decision.
Whether you’re a renter, a buyer, or a seller, Wind River Realty is happy to help you meet your real estate goals! We have an extensive listing of properties for purchase and for rent, so just swing by the office at 309 North Broadway or give us a call at 856-3999 to get started!