It’s no secret that COVID-19 has negatively affected just about every sector of the American economy. Real estate and turnkey rentals were one of the hardest hit, with plummeting values and buyer uncertainty. With states beginning to partially reopen, we are starting to see very encouraging signs for the turnkey market. Here we’ll discuss the turnkey boom and how it will affect both property owners and renters.
As the economy continues to improve, so does tenant and buyer confidence. As stocks and other equitable items return back to a somewhat normal number, it creates an atmosphere that is ready for buyers. This confidence attracts long term buyers and opens up listings that hopeful property owners can easily manage. Confidence is the key to investing in the right turnkey to begin your journey with residual income.
Inventory in Detroit remains high, while interest rates continue to lower. During COVID-19, they continued to see low-interest rates throughout, suggesting the time to buy was now. Investing when interest rates are low is crucial to get a good deal in the long run. Now, who doesn’t love saving money? That’s what we thought!
Many states have ruled that property managers cannot evict tenants for late rent during COVID-19, with some threatening legal action if doing so. However, some encouraging signs show that stimulus and other unemployment benefits have helped tenants make their rent during these unprecedented times, with very few in the industry actually missing a payment. As these benefits get extended, it provides more security for potential property owners knowing they are able to, in turn, pay for their bills.
Interested in all-inclusive Property Management Services? Contact Detroit Investment Deals! With over 40 years of managing business right here in Detroit, we can offer your turnkey the best-customized service.