Why rental properties are important
Rental properties are vital for a thriving society. They provide benefits for tenants and landlords. Tenants benefit from a reduced financial burden and greater flexibility. For example, it is expensive to buy a home. A prospective home buyer needs to save up enough money for a down payment, closing costs, and any needed repairs for the home. They also need good credit to qualify for a mortgage. On the other hand, a renter generally only needs a security deposit and a fair credit score to get into a new apartment. Meanwhile, the tenant has the flexibility to move after their lease expires, while the homeowner needs to sell their property, which can take time, depending on market conditions.
Rental properties are also important for businesses. A small business owner might not have the financial capital to buy a commercial property with the space they need to grow their business. However, they can work with a landlord to lease a property with more space to meet their needs. Once they outgrow the space, they can move to another location.
