Rent Out Your Home Instead of Selling in Today's Market

rent out your house

Renting out your existing home offers multiple benefits as a short-term strategy in response to high mortgage rates and housing market uncertainty. This guide explains how temporarily becoming a landlord enables you to:

  • Keep your home with a low fixed-rate mortgage
  • Generate extra income by renting at current high rates
  • Avoid selling for less in a softened home price market
  • Ride out interest and price fluctuations until the market stabilizes
  • Reoccupy or sell later once conditions improve

With professional property management from Kenna Real Estate, renting your home is a smooth and profitable process. Discover why now may be the perfect time to enter the landlord game.

Benefits of Continuing Homeownership

By renting out your current home instead of selling, you can:

Keep Your Low Interest Rate

If you purchased when rates were under 5%, keep your property and a favorable fixed-rate mortgage.

Avoid an Expensive New Loan

Current mortgage rates above 7% mean significantly higher payments on a new home purchase.

Build Equity Over Time

As you pay the principal, you build equity that grows as home values appreciate.

Use Tax Deductions

Deduct mortgage interest, property taxes, insurance, and maintenance costs.

Earn Passive Income

Collect monthly rental income that can offset your mortgage payment and expenses.

Preserve Opportunity

You can move back in or sell at a potential price premium when the market improves.

Renting out your owned property lets you wait out challenging conditions while optimizing savings and flexibility for the future.

Maximize Returns by Renting at Peak Rates

The upside to current high mortgage rates is that rental prices have also increased nationwide. With demand exceeding supply, landlords can charge premium rents.

Average national rent growth over the past year has reached:

  • 12.3% for single-family homes
  • 7.6% for multifamily units

Rents are projected to continue rising through 2023 due to:

  • Rental solid demand as rates keep first-time buyers sidelined
  • Low rental property vacancy rates

You can capitalize on peak rental yields by renting out your home now.

How to Determine if You Can Cash Flow Positive

Crunching the numbers is crucial in deciding if renting your home makes financial sense:

  • Research going market rents for your property type and area
  • Estimate your mortgage payment, taxes, insurance, maintenance
  • Target rent that exceeds your total expenses by a couple of hundred dollars
  • Consider hiring a property manager at 8-10% of rent to oversee

If rent expenses = positive cash flow, renting out is likely a smart move.

Benefits of Professional Property Management

Attempting to self-manage your rental can be stressful and risky. Instead, leverage a property management company like Kenna Real Estate to:

  • Handle tenant screening and selection
  • Coordinate lease signing and move-in
  • Collect rent and dispatch payments
  • Oversee maintenance issues
  • Ensure compliance with regulations
  • Provide 24/7 support for tenants and owner

Hiring property managers like Kenna Real Estate is the key to reducing landlord duties while maximizing rental income.

Kenna Real Estate: Your Property Management Partner

When you choose Kenna Real Estate for property management, you can expect:

  • 30+ years of combined real estate experience
  • Hundreds of properties successfully managed
  • Comprehensive tenant finding and oversight
  • Proactive maintenance to protect your asset
  • Friendly, responsive service that exceeds expectations

We handle the work, so being a landlord is a passive, profitable income.

Property Management Process with Kenna

Kenna Real Estate guides you through quick and easy setup:

  1. Contact Kenna Real Estate for a free rental assessment
  2. Provide property details and financials
  3. Review proposed rental rate, predicted income, costs
  4. Sign property management agreement
  5. We market, show, screen, sign tenants
  6. Sit back and collect monthly rental checks!

With Kenna Real Estate’s property management, renting your home is a smooth process from start to finish.

Rent Your Property Stress-Free

Rather than sell your home in today’s changing market, renting provides flexibility and passive income. With Kenna Real Estate handling all property management tasks, you can relax as the landlord's's duties and risks are lifted off your shoulders. Let us transform your owned real estate into a profit generator. We empower your rental success!

Contact Kenna Real Estate today to set up your free rental assessment. Discover the ease and profitability of temporarily renting your home until the market improves.

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