It might seem counterintuitive at first. Most renters are drawn to the idea of renting a home because it is a shorter-term commitment than purchasing a home. However, there are still plenty of benefits to renting a home, even in the long-term, that make it a great real estate option to explore.
Corken + Company, unlike many real estate brokerages, specializes in buying, selling, AND leasing. We know that different lifestyles and stages of life call for different living situations. Don’t let peer pressure guide your decision. Each of our clients is unique and so are their particular needs.
If you are a renter and would like to stay in your current place or if you are looking to rent something new, let us help you take the next step. In your decision-making process, consider these four reasons from realtor.com that it might be a good idea to sign a multiyear lease.
1. It’s financially predictable.
In a crazy market like Denver where home prices and property taxes are constantly changing and shifting, locking in a steady rental rate is highly beneficial. Many property owners are inclined to match shifting market rates at the start of each new lease term – normally each year – by increasing rent. In a multiyear lease however, you are guaranteed to pay the same throughout all the years of your lease, no matter external fluctuations.
2. You don’t have to move as much.
It’s no secret, moving is a pain so don’t force yourself to do it every year just because you enjoy renting a home in the short term. You can still enjoy the impermanence of committing to only a few years while reaping the benefits of staying put a little longer. If you get to know your neighbors, enjoy your community, and like your school district, setting down some steadfast (however shallow) roots can offer security and stability for you and your family. Moving can also be so expensive. Save yourself the frequent hassle and expense by signing a multiyear lease.
3. Allows you to put off the stressful home search a little longer.
In Denver, this is especially helpful. Housing of all kinds is scarce and on top of that people are moving to the city in droves. As options narrow, it can be strategic to find something you absolutely love and make sure it is yours for the next few years. If you only sign for a year, the property owner could decide at the end of that year to sell or increase rent forcing you to relocate. Who knows if you’ll be able to find something you love just as much? Don’t risk it and sign a multiyear lease.
4. You might get a discount.
Some landlords, in order to keep you around as a tenant, may encourage you to stay longer by offering a discounted rental rate for longer term leases. Tenant turnover is a hassle for property owners as well. Multiyear leases make everybody’s lives easier.
In fact, as a landlord or property manager, many of the same benefits of multiyear leases apply. Having tenants you know and trust, in addition to not having to deal with the stress or expense of changing tenants so frequently, can be quite a relief.
At Corken + Company, we know how overwhelming it can be to maintain and manage your investment property which is why we also have specialists that assist in property management. Let us take on the pressure and responsibility while you sit back, relax, and reap the rewards of your real estate investment.
Providing Real Estate Solutions without Limits for more than twenty years in Denver Metro, we are your ultimate real estate resource – leasing and property management included. Learn more about our leasing services here.