Experts outline what rental property owners need to keep in mind if they're planning to sell now

Experts outline what rental property owners need to keep in mind if they're planning to sell now

If you're a rental property owner who's struggling with steady tenants, you might want to consider selling your property.
Andrew Harnik/AP Photo

Record-low interest rates and high home prices could be "a real catalyst for change in ownership" for rental property owners, one expert shared.

Experts told Business Insider that while it might be enticing to sell now, rentals may bounce back in suburban areas after the economy recovers from the pandemic.

However, if your property is sucking out expenses, including mortgage payments, insurance, and utilities, you should strongly consider selling, even if a tenant is living there.

Get a sense of your local housing market — rentals, housing prices, property value, and more — and possibly get a broker price opinion (BPO) before officially selling.

Visit Business Insider's homepage for more stories.

Owning rental property these days is a "mixed bag," said Charles Tassell, chief operating officer of the National Real Estate Investor Association.Some owners have been able to collect rents as usual, despite the pandemic, shaky economy, and rising unemployment. Others have tried working with tenants who can't pay their rent. Then, in September, the Centers for Disease Control and Prevention (CDC) issued a temporary halt to residential evictions nationwide until December 31 for certain tenants. Several states and cities also have their own eviction moratoriums."That has caused a lot of our longtime holders of property to say, 'You know what? a?¦ I think it's time for me to exit,'" Tassell said. "'I'm not sure where this is going, and I'm ready to step away.'"
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