It is a great time to be a property owner in Asheville, NC. As people are constantly flocking to Asheville and the surrounding areas, renting out properties can be a great opportunity for a solid stream of income. The average rent in Asheville is $1640 a month, with an average apartment size of 987 square feet, and it is rising.
Owning rental properties is a lot of hard work, but with the right strategies in place finding and retaining good tenants can be a breeze. One important thing to think about is your ROI, and different ways to maximize it throughout the lifetime of your business. Without managing your ROI by adjusting rental rates and understanding what goes into a project, profits may begin to slip.
One major opportunity in which a property owner can make adjustments to cash flow and increase ROI is when a lease renewal happens. In many cases, rising expenses can cut into your ROI over time.
Owning a rental property is hard, especially in the current changing economy and climate in Asheville, NC. However, finding good tenants can be possible if you have a fantastic rental property, even with the current competitive market. There is no magic trick to making it happen, but if you employ efficient strategies and market to your ideal client, you too can truly attract a high-quality tenant.
Protecting your investment is an incredibly important part of owning rental properties in Asheville, NC. Renting out your property to mostly unknown tenants can be a nerve-racking experience. You have put in the work and invested your hard-earned cash in a property. It should be well taken care of not only by you, but also respected by the tenants.
While this may be an anxiety-inducing thing to take on, by adequately screening tenants, you will be able to weed out the best possible renters for your property. Dealing with bad renters could potentially crush your ROI (return on investment) due to the possible damage your property may experience. A well-screened tenant should, in theory, protect your rental, as well as increase your ROI.
Asheville, NC, is experiencing a rental boom, and now is the time to put your property on the rental market. With the influx of adventure lovers, craft beer and wine enthusiasts, and art fanatics, people are willing to pay top dollar to live in our wonderful city.
However, while it may seem to be a piece of cake to be a landlord, it requires lots of work and a solid business mindset. Making sure that you are making enough ROI on your property while maintaining a solid relationship with your tenants is the key to success.
With all of that said, there are a lot of mistakes that can be made as a landlord, and these common mistakes can often be avoided.