Looking to earn passive income and build generational wealth? The property rental market is booming, with over 35% of U.S. households renting homes, and one million rental units slated for completion through 2025. Plus, 26% of Americans prefer renting over buying, driving demand for rental housing options.
Now may be the perfect time to tap into this market. But where to start? Here are six types of rental properties to consider:
1. Traditional investment properties offer stability with long-term rentals, or higher returns with vacation rentals.
2. Have extra property lying around? Consider becoming an accidental rental property entrepreneur by renting out your vacation home or inherited property.
3. House hacking allows you to rent out extra rooms in your home to eliminate your own housing expenses.
4. Built-for-rent properties are specifically designed for rental purposes, providing a consistent monthly income with minimal involvement.
5. Mixed-use properties combine residential and commercial spaces, offering a unique opportunity to tap into multiple rental markets.
6. Don’t overlook storage units! With a high demand for storage space, renting out unused spaces can generate effortless passive income.
Technological advancements have made property management more efficient, automating many routine tasks to maximize your passive income. So, whether it’s investing in traditional properties or getting creative with rental opportunities, now is the time to take advantage of the strong and growing rental market.
