Affluent Savvy
Affluent Savvy
Photo: Karolina Grabowska
Considering the changing real estate market, right now is definitely a more advantageous time to buy rental property than in recent months. However, there are major factors investors should consider before buying. Interest rates are much higher than they were one year ago.
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Learn More »The past few years haven't been ripe with buying opportunities for rental property investors. Low interest rates and high homebuying demand drove home prices up in the double digits year over year. High real estate prices often lead to lower rental returns and make it harder to generate positive cash flow, a cornerstone of successful rental investing. But now that the real estate market is changing, investors are wondering if it's a good time to buy a rental property. Let's take a closer look and see.
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Learn More »Considering the changing real estate market, right now is definitely a more advantageous time to buy rental property than in recent months. However, there are major factors investors should consider before buying. Interest rates are much higher than they were one year ago. Mortgage rates peaked around 7% in October and November, meaning investors could still be paying more for property despite a lower asking price. However, this is less of a concern because the rental income should cover the mortgage payment, meaning the tenant is the one paying interest over time, not you as the owner. There are signs indicating home prices and rental rates could decline further in the near future. But investors shouldn't try to time the market. If you have money set aside for buying a rental property, now is certainly a good time to buy. Just make sure the rental property generates more than enough rental income to cover expenses and the mortgage at today's rates. Investors should be extra conservative when it comes to buying considering the changing real estate market. It's best to estimate a slightly lower rental rate than what market rates might be today. After closing on the property and getting it ready to rent -- which could take a few months -- the market could decline further, putting pressure on rates and forcing you to lease the property at a lower rate than you might have been able to get just a few months ago. You should also be comfortable knowing you could float the property's expenses and mortgage for a few months if you're unable to rent the property as quickly as hoped. Rental property is a long-term passive investment. Let the cash flow or passive income of the property guide your buying decisions while considering the long-term demand for the property in the given market. If you follow these guidelines, your chances of success when buying a rental property are much higher, no matter what the market is doing.
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