A recent Gallup poll found that 52% of U.S. workers are partially remote, while 33% are fully remote. Maybe, you’d like to work remotely in the winter in Boulder, Colorado, or among the red rocks of Sedona or your favorite vacation town without selling your current house. Open the door with renting
According to Zillow, “Of the 50 largest U.S. metros, 33 have typical rents that are higher than typical monthly mortgage payments, including insurance and taxes. Property owners who rent out their home for more than their monthly mortgage payments could use the difference for spending, saving, or investing, all while trying out some new scenery.
Homeowners interested in renting out their property can use Zillow’s improved Rent Zestimate to get a good idea of what they could potentially earn in rent. The Rent Zestimate generates a property’s expected rent income by considering a home’s physical attributes and amenities, including square footage, number of bedrooms and bathrooms, and whether it has air conditioning, as well as public data such as the last sale price.
“Single-family homes comprise about one-third of the nation’s total rental stock,” said Zillow economist Alexandra Lee. “Owners who do rent out their properties can provide both much-needed rental inventory in tight markets as well as sought-after space and amenities for families looking to move up from an apartment.”
Zillow’s new Rental Property Calculator is designed to help independent landlords determine if their prospective purchase makes financial sense for those looking to invest in or turn their home into a rental property. The calculator factors in property price, home appreciation forecasts, expected rental income, mortgage rates and determines when the purchase will break even and begin to pay itself off.
According to a recent study by the Pew Research Center, individuals owned seven of 10 rental properties in the U.S. However, these individuals typically own just one or two properties. Thus, there are plenty of opportunities to join this group and work remotely.
Rent growth across the U.S. slowed dramatically following the coronavirus outbreak but quickly recovered in 2021. Zillow’s recent market report shows rents in July are up annually in all 50 major metros.
Now you may find that maintaining two homes, after a while, is a deal-breaker. The cost of flying back and forth may get expensive. You still have maintenance, utilities, and property taxes, and dealing with tenants. If you decide that you have too many houses, why not give Styl Properties, Inc a call? It’s fast!
There are no fees, upfront costs, commissions, or anything else. Instead, we offer the simple truth about your home and how we can help you sell it fast.
Give us a ring. We would love to help you understand the process and to answer all of your questions. You can reach us at 402 999.0577.