It’s almost 2020, and more and more people are choosing to rent these days. With the rise of millennials wanting to settle down but most not being able to afford the current home prices, single family homes, in particular, are in high demand. According to MIllionacres, “Interest rates have fallen in the past year [and] mortgage rates are expected to remain at historic lows for a while…Even with rates below 4%, it can be tough for some buyers to purchase a home. Many first-time homebuyers are burdened by student loans and have had difficulty saving up for a down payment.”
This is great news for rental property owners because it means that rent rates are rising and their income flow is steadier than ever. It’s also a good time to buy and take advantage of low interest rates. Fort Worth property management companies like Specialized Property Management can help you know where to invest, how much to charge for rent, and how to trust the experts with the management of your property.
Rent in Fort Worth Compared to National Trends
Increases in rent means happy Fort Worth property management companies, because property owners are happy with their increase in income. The rise in rent rates also means landlords can be more selective about tenants, which means their property value increases, turnover rate and vacancies decrease, and the flow of income is more reliable from tenants who consistently pay their rent on time. Property management companies like Specialized Property Management make sure to be constantly up to date on current rent trends in the area and can help you choose the best rate to charge your tenants to stay competitive and avoid vacancies. According to RentJungle,
“As of April 2019, the average rent for an apartment in Fort Worth, TX is $1043 which is a 0.96% increase from last year when the average rent was $1033, and a 0.77% increase from last month when the average rent was $1035. One-bedroom apartments in Fort Worth rent for $893 a month on average (a 0.56% increase from last year) and two-bedroom apartment rents average $1139 (a 1.76% increase from last year).” Our team at Specialized Rental Property Management Fort Worth is consistently up to date with the latest increases in rent in the Fort Worth area and can help you determine how much to charge for your property.
2020 Real Estate Forecast
What you need to know about 2020 real estate trends, according to Dave Ramsey, is that for the majority of millennials who can’t afford to buy, renting is the answer, and single family homes are preferable over apartments. According to CoreLogic, the number of single-family rental homes increased 38% from 2010 to 2016 and demand is still soaring. However, because of supply and demand, renting a single-family house is expensive. Property owners who own more than one single family home are delighted with the recent shift and should take advantage of the services that Fort Worth property management companies like Specialized Fort Worth provide.
“Low rental supply coupled with ongoing demand pushed up rents in September,” said Molly Boesel, principal economist at CoreLogic. Vacancy rates are also dropping all over the nation. As people begin to realize how popular renting is, even builders are starting to cater to investors, creating communities that are solely meant for renting, “For homebuilders worried that a slowing economy and tightening credit conditions will hit demand for starter homes, they should be able to rely on increasing demand from investors,” added Pointon.
Single Family Homes
Individuals and families who cannot afford to buy their own homes, or don’t want to commit to buying a home, desire the lifestyle of a single-family home. Amenities like a backyard, safe neighborhood, privacy, and more space overall are some reasons people choose a single-family home to rent. At Specialized Rental Property Management Fort Worth, we specialize in the single-family home rental market. This market has continued to grow over the years, with rents rising in most areas of DFW.
According to Norada’s 2020 real estate forecast, “Following the housing market decline in 2007, single family rental properties became favorable options for investors, saving in construction or refurbishment prices. The quick turnaround for an owner to rent out their property means cash flow is almost immediate. Single family rental homes have grown up to 30% within the last three years. Almost all the housing demand in the US in recent years has been filled by single family rental units…
Single family detached homes are the single most common housing type in Fort Worth, accounting for 67.37% of the city’s housing units…The most prevalent building size and type in Fort Worth are three and four bedroom dwellings, chiefly found in single family detached homes… Currently, there are 3,406 single family homes for sale in Fort Worth, TX on Zillow…Additionally, there are 814 single family homes for rent in Fort Worth, TX.” Specialized Fort Worth Property Management can help you decide where to invest out of all your options.
Why You Should Invest in Fort Worth Real Estate
Fort Worth is an excellent city for your real estate investments. Rent rates are rising, and homes are appreciating. The rise in rent allows property owners to increase their income, cover their expenses, be more selective about tenants, and market their property’s increased value. Home prices are expected to rise by 7.3% in 2020. This means that if you’re hoping to buy and rent, now is the time to buy something you can afford and then you can raise the rent as the home appreciates in value. If you’re hoping to buy and sell, now is the time to buy so you can make a profit when you sell. Some reasons why Specialized Rental Property Management Fort Worth believes you should invest in Fort Worth real estate are:
- Overall value. The median home value in Fort Worth was around $240,000 in 2018 and because of the area’s perfect combination of slow population growth, income growth, and job growth, rents and home prices will continue to grow steadily.
- Great deal. Affordable housing with practically guaranteed appreciation is a rare mix that can be hard to find anywhere else. Since Fort Worth homes are even cheaper than Dallas homes, people will rent in Fort Worth and commute to their job in Dallas to save money.
- Job market. The jobs are growing in Fort Worth at more than double the national average. People want to move to Fort Worth and need a place to live.
- Best time to buy. Because the housing market has slowed down a bit and is expected to grow next year, right now is the perfect time to invest.
- Large military base. A big proportion of Fort Worth renters come from members of the military who need a place to live but want flexibility.
- Close to the airport. Fort Worth also has the DFW airport that provides thousands of jobs and another reason for people to want to live in Fort Worth and rent single family homes there.
- Fort Worth is property owner friendly. There are few restrictions on what property owners can put in their lease and Fort Worth single family homes with no code violations don’t have to be registered.
- Diverse market. Fort Worth has everything from small downtown homes to rural and luxury properties.
The Best Neighborhoods in Fort Worth For Real Estate Investment
If you’re a property owner and looking to invest, Specialized Fort Worth Property Management suggests that you stop waiting until the market crashes. Some people predict that the market is going to crash soon, but there are great deals out there right now and these 10 neighborhoods in Fort Worth have the highest real estate appreciation rates, according to Norada.
- Hemphill St / W Berry St
- Hemphill St / W Allen Ave
- The College of Saint Thomas More / W Berry St
- 8th Ave / W Rosedale St
- N Forest Park Blvd / W 7th St
- Hemphill St / Pennsylvania Ave
- Montgomery St / Bryce Ave
- U of North Texas Health Science Center / White Settlement Rd
- White Settlement Rd / Foch St
- W Vickery Blvd / Clover Ln
Why Choose Specialized Rental Property Management Fort Worth
At Specialized Property Management Fort Worth, our team of property management experts are the ones to trust. We advise property owners all over Fort Worth and help them manage their rental properties effectively and efficiently. With a 98% customer satisfaction rating, and a #1 listing out of 270 property managers, you can rest assured that your property and tenants will be well taken care of. Some of the services we offer are:
- No Hidden Fees
- Faster Leasing
- Effective Tenant Screening
- Financial Peace of Mind
- Local Expertise
- Straightforward Communication
- Cost-Effective Maintenance
At Specialized Fort Worth Property Management, we live and work locally so we know the best places to invest, are up to date on local laws and regulations, and can help you set the perfect price for rent. Our technology-driven processes save you time, money, and stress. Let us help make your life easier. You invest and we will take care of the rest. Contact us today to learn more about how we can help you maintain your beautiful rental property.