The rental industry is growing rapidly, and many renters aren’t aware of its growing impact on their bottom line.
The rental market has become a huge business, and it’s time to be aware of the impact on your bottom line when renting a cabin, said Jon O. Kravitz, CEO of Kravtz International.
He added that it’s a big concern for all consumers.
“The average consumer is paying about $600 a month to rent a home, so a cabin can cost you $2,500 a month, depending on the size of your home and what it is,” said Kravatz.
“A $2 million cabin can be a big deal.”
The rental rental industry has grown at an impressive rate over the past several years, with a reported $3.4 trillion in total revenues in 2017, according to a report from the National Association of Realtors.
Klevitz said that many people who rent out their homes for short periods of time are turning to the rental industry to keep up with their mortgage payments.
“If you want to make a living, then you should think about it like a car, and you should rent a car,” said O. “That’s where you’re going to be paying a big amount of money, and if you’re renting out a home that’s a long-term investment, you should expect to pay a significant amount of debt.”
The industry is increasingly making use of the term “cabin” to refer to apartments.
“You are paying a lot of money for a very small space,” said Robert Schulze, an attorney at O’Melveny & Myers, in New York City.
“So if you want something that’s going to last a long time, a little bit of space, then think about that.
But most people aren’t going to look at that and say, ‘I can afford to rent that space.'”
Renting a cabin in California?
It’s a very different story Renting out your house to other renters isn’t illegal in California.
But it is illegal to rent out your home for more than 180 days in a calendar year, and that applies to homes built before January 1, 2017.
In 2017, only 2.4 percent of all rental homes in the state were rented out for 180 days or more, according the National Real Estate Council.
O’Connor is concerned about the trend of people renting out their houses to other people.
“What I’m concerned about is, how are people going to make money on it?
I mean, I can’t imagine that they are going to take the time to make sure that it stays that nice,” said Oliphant.
“It’s an amazing thing when you’re on vacation, and people are renting out homes that they can’t afford to buy because they want to go out and party.”
O’Leary said the real estate industry needs to do a better job of educating renters and encouraging them to keep their homes nice and clean.
“We need to get to a point where people understand what the rental market is and how it works,” he said.
“This is a very, very new, very exciting industry.
People are renting homes for the wrong reasons, and we need to make people aware that we’re not renting these homes to people for a long, long time.”
Read more: What are the dangers of owning a condo?