Housing needs change as often as we do, and finding the right rental or investment property to fit your needs is challenging no matter where you are in life. At RentPost, we provide property solutions for property problems, whether you are a renter, a beginning property manager, or an experienced real estate investor.
Property Problem: Tara is a third year college student at a research university in a bustling college town. This year Tara is moving off campus for the first time while balancing a full course load, a part-time job at the library, and a paid internship with a local business. To cut costs, Tara doesn’t drive and relies on her bike for transportation and makes most of her meals at home.
Property Solutions: College is the worst and most necessary time to learn how to balance life responsibilities and obligations. Living off-campus, working part-time, and taking classes leaves little time to relax, so a centrally located apartment is a must, especially if Tara is committed to living without a car. To cut costs, Tara could look for a student housing community adjacent to campus that offers roommate matching, rather than living alone. Common student housing amenities like fitness centers, easily customizable spaces, swimming pools, and study rooms will help Tara stay organized and healthy while navigating the highs and lows of the college experience.
Property Problem: Jerome was just promoted within his financial services company in the metro DC area after higher ups noticed his willingness to work long hours. Jerome is interested in using his higher salary to move closer to work and shorten his commute time. In his limited free time, Jerome likes to workout, listen to records, and cook meals for his sibling who attends college nearby.
Property Solutions: During the first few years of a professional career, many young employees feel like they must live at the office in order to be noticed by managers and executives. While office culture is slowly changing to better suit the work habits of Millennials, the best bet for a balanced work and home life is to choose housing close to work. Jerome could be right at home renting an apartment in a nearby mixed-use development designed for comfort and tech compatibility. Jerome could make his commute to work more fun by looking for a unit with easy access to public transportation or in a neighborhood with well-maintained bike lanes.
Property Problems: Hillary and Joshua are recently married and planning a move to a smaller city for a job opening that will advance Hillary’s career and allow them to save for a down payment on their first home. Joshua is a full time freelance web developer who prefers to do his work in coffee shops during the day. Because of Joshua’s flexible work schedule, the couple recently adopted two dogs after many years without pets. They share a car so they can contribute more to their house buying fund, and spend most of their free time at home working in their garden and refinishing vintage furniture.
Property Solutions: Establishing a new household after marriage is an exciting and strenuous task. Nesting is even tougher when you and your spouse are renting while saving for a deposit to purchase your first home. Based on their lifestyle, Hillary and Joshua may prefer a single family home with ample outdoor space for their dogs. If a single-family home is out of their budget, the couple could consider a duplex or triplex with shared outdoor space. Obviously affordability is a big concern here, as is outdoor space. Looking for a rental owned by a smaller property manager may offer the couple the flexibility they need to navigate renting while saving for a down payment.
Property Problems: Meredith and James are expecting their first child this year and are eager to move on from their small 2-bedroom apartment to a larger space in an intown neighborhood in St. Louis. James’ mother is retired and eager to spend time helping the couple adjust to parenthood by providing childcare and help with the household. Meredith has arranged to work from home after taking two months of maternity leave, and James will continue to work full-time once the baby is settled in at home.
Property Solutions: Having your first child changes every facet of your life, but the sudden shrinking of your space might be the first thing new parents notice. Having a grandparent willing and able to help with childcare and running the household takes a big burden off of new parents, but having an extra adult in the home requires more square footage. Meredith and James would likely be happier in a single-family home or a large condo. Their preference for a neighborhood close to the city center may somewhat limit their options for single family rentals, but James may be willing to trade a longer commute for more space at home.
Property Problems: Rachel and Tim McGhee are raising two kids in a suburb of Atlanta while Rachel attends nursing school full time. Tim works from home as an IT consultant and cares for their 2 year old during the day while Rachel is in class. They live on one-income and pay close attention to their expenses, but are having a hard time finding housing in a safe neighborhood that fits their budget. The family has two cats and share a car so a walkable neighborhood is necessary for Tim to run errands during the day while Rachel is in school.
Property Solutions: Living on one-income is difficult no matter your circumstance, and the added pressures of professional school and raising small children can compound life stress tenfold. Affordable housing is increasingly hard to find in the midst of a tight rental market and sluggish home sales despite record low mortgage rates. Rachel and Tim are typical of Generation X, people well into their late 30s and 40s who’ve seen two recessions in their adult lifetimes, many of whom purchased their first homes just before the housing crisis and returned to rentals. For young families pursuing post-secondary education, access to affordable housing can mean the difference between a completed degree and a higher salary and a debt-load with no degree. Rachel and Jim are smart about looking for housing in the suburbs, where rents are often lower per square foot than in metro areas. Finding a walkable neighborhood in a suburb can be a challenge, but in a sprawling metro area like Atlanta, it is possible to find a multi-use development with a decent Walk Score. The McGhee’s could look for a 2-bedroom apartment in a multi-use development, with whatever amenities fit their needs.
Property Problem: Jared and Jesse Houston, their two elementary aged children, and two dogs are expecting a new family member in a few months. Their current intown rental is already a little cramped and the kids are begging for a trampoline and a big backyard to put it in. Jared is a stay-at-home dad while Jesse works full-time in the banking industry. The couple owns a home in another city that they currently rent to friends, and are looking for a longer term lease because they don’t want to invest in property in another city they may have to leave for work related reasons.
Property Solutions: Because Jared and Jesse are already managing a rental property in another city, they may be a little overwhelmed at the prospect of buying a second home that they may have to leave. However buying rather than renting gives the Houston family the opportunity to invest in a second rental property, should they need to leave their current city. Depending on their market, buying may offer the family more housing choices with better amenities for lower monthly housing costs. If the couple would rather not be responsible for the direct management of their properties, they could hire a property management company to oversee their homes.
Property Problem: Janet is selling her single-family home in Kansas and searching for a rental just outside of Charlotte, NC to be closer to her daughter and young grandchildren and the Western North Carolina mountains. Janet is an avid rock climber and self-described “geriatric gym rat” who loves to run around the neighborhood with her retired racing greyhound, Evelyn. In the evenings, Janet seeks out new music venues with a great cocktail menu.
Property Solutions: Downsizing from a single-family home to an apartment during retirement makes for more free time, fewer housing maintenance expenses, and more mobility. The successful sale of a home also results in equity that can be used to invest elsewhere and provide for retirement. Janet could reinvest some of her money into rental housing in her new city, or help her children purchase investment property. As for her new housing needs, Janet ought to check out newer multi-family developments in the Charlotte area. Urban development in the South has surged in the past few years, trending toward multi-use buildings in walkable, often historic neighborhoods.
Property Problem: The Miller Family has also been close, but a slow economy has kept their family together even after the nest emptied. Penelope and Max have three adult children and two of them currently live with them in the home the family has owned since their second child was born. Their eldest son, Simon, works part-time and takes care of his grandmother, Eve, who also lives with the family, in the evenings. Simon’s youngest sister, Mackenzie, is living at home while attending graduate school at a nearby university. The family has a total of four cats and three dogs, most of which were collected by the children during college.
Property Solutions: A significant percentage of Generation Y traded college roommates for Mom and Dad after a poor job market and a sluggish economy sent them back home after completing their secondary education. The closeness that comes from a family sharing space long after they expected to is not all bad, but can feel claustrophobic at times. Living in a multi-generational household can be beneficial if members share income and responsibilities, but benefits can go a step further if parents and children are willing to invest in real estate together. The Miller Family could continue their close quarters living or offer to help with rent to get one of their children settled into their own apartment. Or the family could pool resources and purchase an investment property nearby, allowing the children to live in the residence for now, and use it as a rental property later. Investing in property near Mackenzie’s college is a good option, as universities promise a steady supply of renters.
Property Problem: Darius is in his late 70s and living alone after his wife died two years ago. He has slowly downsized his household and is ready to let his youngest daughter move into the family home with her children and husband. His daughter offered to let him stay at home with them, but Darius would prefer to have his own space in a senior oriented apartment nearby. Darius plays tennis twice a week at the YMCA and enjoys going hiking with his dog, Tibby.
Property Solutions: As Baby Boomers get older, the percentage of the US population over age 65 at an all time high and many seniors are choosing to rent rather than own. Senior oriented housing developments are on the rise with many properties boasting high occupancy rates. Many facilities offer on-site staff and units equipped with special accommodations for mobility issues and seniors with disabilities, allowing Seniors to maintain their independence while also providing support. Because he is still active and healthy, Darius could look for a pet-friendly unit in a senior housing development close by his family home that offers on-site social opportunities, sports amenities, and a supportive staff and management.