So you have found the perfect rental investment in Asheville, North Carolina. The price is right, it's near downtown, and it only needs a few things to bring it up to what the market is looking for. With the influx of money and newcomers to the city, there is no reason it won’t command high rents. But will it?
Many times real estate investors will look strictly at ROI and the balance sheet and think, “this is the perfect rental investment.” What happens if that perfect investment is in a crime-ridden neighborhood? How does the crime rate affect your return on investment and overall marketability?
As a property owner in Asheville, NC, competition is tight. The market is constantly changing, and it is essential to stay on top of all property management trends. Keeping your renters happy is an important way to keep your good tenants for longer terms, further boosting your return on investment.
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.