"I'm looking to rent" are usually not the words the average real estate agent likes to hear. While renting means little commission for an agent, it can be a source of solid leads and annual income if done correctly. Renting can actually be a good thing for all parties involved and even a community. Everyone knows the cons and horror stories of renters and renting- the noisy neighbors, the unkempt exteriors, tenants not paying rent, landlords not fixing major repairs, etc. But, let's look at the PROS of renting from all sides.
FROM THE TENANT SIDE
-When relocating, renting is usually the best option in order to get familiar with the surrounding areas, amenities, retail, and commute to work.
-Renting in an overpriced/spiking market is a great idea (refer to 2007-early 2008).
-Less at stake if you move or travel frequently
-Establishing a solid rental history is key when purchasing a home.
-The opportunity to live in more desirable communities that you couldn't normally afford to purchase and live in
FROM THE LANDLORD SIDE
-Great tax write off
-Having mortgage being paid in part (preferably in full!) by someone else
-Home secure from vandalism versus being vacant
- Potential for residual income
FOR REALTORS
-Create a database of potential buyers
-Database of sellers who may potentially sell or buy new investment properties
-Property management opportunities
FOR THE COMMUNITY
-Less eyesores of vacant/neglected homes
-Contributes to a diversity in the local community, which is important in my opinion
-Decreased crime activity from vacant homes being vandalized or occupied illegally
-Less potential foreclosures with landlords having ability to stay current on mortgage
