FINANCIAL DIFFICULTIES IN RENT-A-HOME FOR HOMEOWNERS IN SUNRISER VILLAGE

Abstract

This study aims to investigate the growing trend of homeowners in high-cost areas opting to rent out their properties due to rising real estate expenses and maintenance demands. It also examines the financial challenges they face, including inflation and fluctuating interest rates that impact profit margins. The study employed a descriptive research design with a quantitative approach. Using convenience sampling, 20 respondents were selected to examine the financial challenges faced by homeowners renting out their properties in Sunriser Village. The study revealed significant challenges across various aspects of rental management.  Rental Income: With a weighted mean of 3.35, respondents emphasized the importance of proactive maintenance and regular property inspections to prevent costly repairs. Property Maintenance: Scoring a mean of 2.75, findings indicate that neglecting maintenance often leads to a reactive approach, where issues are only addressed as they arise, causing unexpected delays in property upkeep. Tenant Concerns: With a mean of 3.02, one of the most common issues in landlord-tenant interactions was security deposits. Among the suggestions, the highest percentage agreement (35%) was for regular property maintenance as a strategy to attract and retain long-term tenants. To reduce vacancy rates, property owners should focus on actively marketing vacant units, offering lease renewal incentives, and addressing maintenance issues promptly. Establishing a network of reliable contractors for repairs and maintenance, combined with regular property inspections, can help identify potential issues early, minimizing both property damage and repair costs.