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Staff Writer, Stacker

5 Predictions for the 2024 Rental Market: From an election year to slowed growth, see what changes 2024 will bring and their predicted impact on landlords

5 Predictions for the 2024 Rental Market and How To Prepare For Them

The housing market can be fickle and sensitive to change. While combing lists of the next big city can be great research, it's also important to consider current events and their potential impact on the rental market. 

So what change will 2024 bring to the rental market? Let's examine five current events and their predicted impact on homeowners and their residents.

1. Homeowners with a long-term mindset will be the winners in a renter's market

Many early reports for 2024 are suggesting that rental prices will soften in 2024. Zumper data shows that rental growth and big price hikes have already slowed. But before you lament a possible renters market, this doesn’t mean that homeowners will lose out in 2024. For starters, rents have shot up over the past few years and remain high even with slower growth.

For would-be homebuyers, there’s also little relief in sight that could see them out of renting in 2024. CNN reports that housing affordability is the worst it’s been in 40 years. Even if interest rates drop or prices soften in 2024, the last few years of incredible growth and inflation has put a lot of pressure on home deposit savings and mortgage costs. This is encouraging more Americans to rent for longer, opting instead to find a place they can call home long-term, without committing to buying. 

This can be great news for owners of rental homes who are looking for stability in their returns. Rather than riding the rollercoaster of rental market highs and lows, securing great long-term residents can provide predictable returns. It can also reduce the wear and tear on your home when people care for it as their own. Focus on the time of year you list and the livability of your property to increase your ROI and listing price in 2024. 

Read More: 6 Ways to Improve Your Rental Listing Price and ROI with Belong

2. The true cost of renting will become more transparent

In 2024, people will examine what they’re really paying for property management and rental fees. It’s not just the cost-of-living crisis and high inflation that is behind this. In July 2023, The White House called out the “junk fees” that plague the industry. The hidden costs charged by traditional property management companies impact homeowners and increase rents for their residents. 

Transparency is one of the many rental issues that Belong addresses with our top rated service, Belong PRO. But in 2024, we expect to see more companies following suit — either voluntarily or due to legislative requirements. Since President Biden brought the problem to light, seven states have already introduced bills or rules to crack down on hidden rental housing fees. Expect to see many more join them and real estate search platforms commit to showing the true cost of renting in the listed fees.

Before listing a rental home in 2024, make sure you’re on top of any local changes and be prepared to include all extra costs upfront in your price, especially if you’re charging application fees. 

3. Natural disasters and extreme weather will be a focus for more landlords

2023 was a year of extreme weather, smashing the records for expensive disasters. The cost of 28 major disasters was reportedly $92.9 billion dollars, without accounting for the costs of the East Coast storms in December. This has seen a dramatic rise in insurance premiums for some areas — two major insurers even stopped offering new policies in California. 

Most people rent out their homes to build financial security, which could be wiped out in the event of a disaster. To avoid major losses, owners of rental homes will need to evaluate their landlords insurance policies in 2024. This is also a time to create emergency or safety plans for your rental home if you don’t already have them in place. Be sure to consider fire and flood risk, even if your home is not in a traditional disaster zone.  

Read More: Creating a Rental Property Safety Plan

4. Property managers and landlords will need to tighten their cybersecurity

Cyberattacks are at an all time high and still rising. A 2023 report found that more data breaches hit US organizations in the first three quarters of 2023 than all of 2022 — or any prior year. 

Small property management businesses and self-managing landlords are often targets. A lack of sophisticated security measures plus a wealth of personal data is a dangerous combination. There’s also rent payment fraud and issues with using personal transaction platforms that aren’t designed for rent collection. 

If you don’t have a security and data plan in place, make it a priority for 2024. If you're going it alone, learn how to collect rent safely and brush up on FTC laws on how to dispose of private data on your residents. You can also reduce your risk by finding a tech-forward partner like Belong, that is built for the modern challenges of property management. 

Read More: Collecting Rent Safely: The Dos and Don'ts of Online Rent Payments

5. The election year will have the real estate markets on edge

2024 is an election year, which has a tendency to make real estate investors nervous. A recent survey by Investopedia found that 61% of real estate investors name the 2024 elections as their top concern for the year ahead. But the investment blog also notes that concerns could be overblown and that most election years bring positive returns.

If uncertainty is impacting your rental home finances in 2024, there are steps you can take to bring some stability, such as:

Making cost-effective improvements to your home to achieve a higher price and attract stable, longer-term residents

Listing your rental home in summer to achieve peak cash-flow

Using Belong’s Split It financing options to spread out the ongoing cost of items like insurance and maintenance into easy monthly installments 

Discover Belong PRO: Get great residents and guaranteed rent paid like clockwork. We’ll determine how to achieve your financial goals and then set out to help you achieve them with passive income. Learn more on our homeowners page. 

Don’t sweat the election year, changing regulations or shady fees. Belong is making renting lovable and predictable by offering stable guaranteed rent. And we’re doing it while providing a better way of living for the millions of Americans who rent. 

Working together, we can put people first and change what it means to rent a home. Belong can help you reach your financial goals, while also creating lasting, positive impact on innumerable lives for decades to come.

See why thousands of US homeowners are ditching outdated Property Management in San Francisco, San Diego, Austin, Los Angeles, Tampa, Salt Lake City, Jacksonville, Concord, Berkeley, Orlando and more.

Get Predictable Returns in 2024 with Guaranteed Rent

Before hunting the cheapest property management fees, check the fine print for 7 hidden costs that could be eroding your passive income and rental cash flow.

These 7 Hidden Property Manager Fees Are Costing Landlords Millions

Comparison shopping for property management fees can be a minefield. You may think you’re getting a great deal with a low management fee, only to pay more as the add-ons mount up. This is because traditional property management companies often hide their fees or charge for items that feel essential.

Excessive fees in rental housing has become such a problem that the Biden-Harris administration is taking on the issue to lower costs impacting rental housing. From 2024, landlords and property managers that try to slug residents for exorbitant application fees, late fees, admin fees or costs for services that aren’t provided, could find themselves in hot water if their local jurisdiction outlaws it. As a homeowner, you should be cautious of fees that could be unlawful or are costing your residents more than they can afford. 

The best way to protect yourself (and your residents) is to rent your home with full transparency. Either as a self-managing landlord or by partnering with a modern alternative to property management such as Belong PRO. 

If you’re ready to scrutinize what you’re really paying for, here are 7 common property management fees that get hidden in the fine print. 

Cheap property management fees are often accompanied by a long list of extra charges

Lease renewal fees penalize homeowners for having reliable long-term tenants

Some eviction protection fees cost homeowners more but don’t cover much more than legal filing costs

The White House is calling for more transparency in rental housing costs — something Belong already offers all homeowners and residents

How much does property management really cost? 

Property management fee structures are usually a percentage of the monthly rent, between 4% and 15%. But low percentage costs or even flat-rate fees often come with a long list of service exclusions. Homeowners should be aware of common extras that disguise the true cost of property management.  

Found a new property management company? Welcome, here’s your first invoice. Some property managers charge a one-time fee to cover your initial paperwork. This fee is also a disincentive to take your business elsewhere because you’ve already handed over cash before you’ve begun. It’s unlikely you’ll want to do the same again with someone else. 

Belong doesn’t charge setup or account fees because great customer service should keep you with us, not unnecessary fees. 

Homeowners who outsource property management should expect to pay a placement fee. This isn’t a hidden cost, but it’s a cost you should know upfront because it will vary, and as it can be up to 100% of the first month’s rent. 

In March 2023, the National Consumer Law Center found that 89% of renters surveyed were being charged application fees — anywhere from $25 to $350 — to cover the cost of processing and screening to apply for a property. This makes sense if you’re a self-managing landlord. But if your property management company is charging both you and your residents to screen them, this could be double-dipping and considered one of the “junk fees” that the White House is seeking to abolish. 

3. Advertising and online marketing fees 

Some property management companies charge fees for advertising and marketing your property. Or they include the cost of listing your home online, but charge for photography and video — even though your listing won’t get much attention without these basic essentials. Don’t assume these costs are in your placement fees without checking the fine print first.

Lease renewal can be similar in price to placement fees and are one of the more egregious types of hidden fees. It should be a goal to keep a great, reliable resident in place — not something that you’re penalized for financially. 

Discover Belong PRO: Learn how our modern, tech-enabled services are helping people ditch property management in cities across the US including Austin, San Antonio, Tampa, Raleigh/Durham, Dallas/Fort Worth, Houston, Miami and more.

5. Eviction fees or ‘protection’ add-ons 

Managing an eviction is a complicated and stressful process. It’s one of the big things that homeowners want to outsource. But evictions are rarely covered in standard property management fees.

‘Eviction protection’ upgrades can be misleading. Not only does eviction protection increase your costs, most still charge for overseeing the eviction process, especially if attending court on your behalf. When we ranked the top-rated property management companies in California, we found that many eviction protection packages only cover filing fees. Or they impose strict limitations that can leave you out of pocket. 

If you choose to partner with Belong PRO, you’ll have real peace of mind and support. If Belong ever needs to evict a resident that we have chosen (not existing leases or tenants), Belong will cover legal costs up to $15,000. 

Vacancy fees penalize homeowners for having an empty home. Some property managers ask for one month's rent to compensate for their need to find a tenant for your property. Vacancy fees can also be a monthly cost charged to the homeowner for every month the unit does not have a tenant. In this case, that fee may start at $50 and can exceed $100. 

Does your property management contract have a length? You could face an early termination fee if you want to leave. Some contracts have a notice period, making it harder to take your business elsewhere. Before signing a contract, find out what happens if you're unhappy with your services. 

A transparent solution for modern renting

Traditional property management works in a way where your profit comes at the expense of the people who occupy your home. It’s not good for you and it’s not good for your residents. Belong gives rental homeowners an alternative. A rental home management partner that offers innovative solutions that make renting lovable. Tell us about your rental home now to get started. 

Enjoy Financial Security Without The Hidden Costs

Single-family rentals are great investments, but is owning a rental property worth it? See the pros and cons of owning a rental home and becoming a landlord.

Is Owning a Rental Property Worth it? The Pros and Cons

Is owning a rental property worth it in 2024? It’s no secret that single-family homes represent a great investment opportunity. It’s why major corporations have concentrated on owning the housing supply, snapping up homes like crazy for years. 

It's also why Belong wants to see homes back in the hands of individuals. It’s time to level the playing field and give more people access to homes and the opportunity to build long-term wealth. It’s why we’re making renting lovable, helping more people to reach their financial goals on the rental market. 

But is owning a rental home worth it for you in 2024? This will depend on your personal circumstances, but to help you decide, this article will dig into the pros and cons of becoming a landlord. We’ll also take a look at how you can avoid or reduce some of the risks involved. 

There are many financial and tax benefits to owning a rental property, particularly if you lock in reliable long-term residents who can care for the home while it appreciates and generates equity and passive income.



Renting out a home can be a great financial opportunity for many homeowners, not just real estate investors. This is particularly true if you have inherited a home or have locked in a record-low interest rate but need to move. 



There are risks to owning rental property, many of which can be mitigated by choosing the right residents and partner to help you navigate the challenges such as unpaid rent, unexpected costs and high workload. 

Pros: 7 benefits of owning rental property

There’s a lot of reasons why you might have your sights set on owning an investment property for the rental market in 2024. Many see it as a way of achieving financial security. For others it’s an option for a home you don’t need to live in right now — such as an inheritance or when moving for work to rent elsewhere. Whatever your motivation, let’s start with the perks by looking at seven benefits of owning a rental home with long-term tenants.

1. Single-family rentals provide a strong investment with lower volatility  

Roofstock reports that single-family rentals (SFRs) have provided nearly identical returns to the stock market — but with far less volatility. This makes owning a rental property an attractive investment option to build or diversify your portfolio. 2024 is an election year, which does make some investors nervous, but historical research from Investopedia suggests that these fears could be unfounded, with positive returns recorded in the majority of election years. 

2. There are tax benefits to owning a rental home

A major perk of owning a rental property is that you can claim many of the home’s expenses as tax deductions. Mortgage interest, insurance costs, repairs and essential maintenance, property management or Belong fees are all common deductions. 

There are other tax strategies that landlords can take advantage of, too. Ask your accountant about eligible expenses, offsetting income with depreciation of the home, and deferring capital gains. 

3. Rental properties can earn passive income

Who doesn’t love the idea of earning money for no work? If you can rent out your home for more than it costs to run it, you will achieve positive cash flow and passive income. 

How easy is it to achieve passive income on a home relies on a few factors. For starters, how much equity you own in the home and the strength of the local rental market. If for example you have inherited a home or purchased the home 20 years ago and have considerable equity, you’re likely to achieve positive cash flow quite easily.

If you bought a home more recently or have a large mortgage and rising interest rates, you will need to look more closely at the math to determine if you can achieve passive income. 

4. Rental properties can appreciate over time 

Recent house prices have skyrocketed and many experts predict some softening of the market in 2024. This talk can make it tempting to cash-in and sell your house. But once you've sold, you stop benefiting from any future appreciation. And there is no one 'housing market', so this may not ring true for your location based on local factors. Renting out your home can be a great way to buy you time to watch the housing market and decide when it's the right time to sell for your area.

5. Renting out your home gives you flexibility to return 

When opportunity knocks, sometimes you need to leave a home you love. Job relocations, spending a year or two abroad, inheriting the family home — you may not be able to live in a home you own now, but that doesn’t mean you never will.  

2024 will see a continued rise in what's known as ‘accidental landlords’. That is, people who need to put their home on the rental market unexpectedly. Particularly if you locked in a record-low interest rate but need to move, you may choose to hold onto your home and continue building equity rather than selling up and fighting for a new home in a market with low inventory and high competition. 

If you can see yourself back in the home as your primary residence someday, renting to great tenants will give you the flexibility and time to decide what you want to do long-term. 

6. A well-loved rental is a well-kept home

Homes are made to be lived in. If you have reliable long term residents in place, they will keep the house clean and well-kept. Having the home occupied also means there is someone there to report any issues like leaks or storm damage and deter squatters or vandals from entering the home. 

Even if you can afford to leave your home vacant, remember that renting to good people lets you take advantage of the perks already mentioned (tax benefits, passive income) while having someone caring for and maintaining your home. 

This is why Belong goes above and beyond when it comes to finding and screening the right residents, placing people that will treat your home like their own. 

7. Renting gives you control over your asset 

Homes are a unique investment class because you have a lot more control over them than most investment options. You make the call on who manages your property and the people they place. You can’t discriminate against anyone on the basis of their background or family size, but you can make smart choices with effective screening of your applicants (or letting the professionals like Belong handle it for you). 

You can also make strategic upgrades to your home to attract a higher rental income while also improving the return on your investment when it comes time to sell. 

Cons: 5 risks of owning rental property (and how to mitigate them) 

We’ve shared some of the perks of owning a rental, but what about the risks? Being a landlord is not always glamorous, so let’s dive into the potential pitfalls of owning a rental property and how to best reduce your risk and liability.  

1. Your home is at the mercy of the tenants placed in it

A common fear of first-time landlords is bad tenants. When you put your home on the rental market, it becomes vulnerable to the people that live there. There’s always a risk of getting a tenant that is a drain on your finances and sanity. If they violate the lease or conduct criminal activity, you could face a scenario where you need to evict them. 

The best protection you can have for your home is getting help to find the right fit. Tenant screening services, property managers, or a residential network like Belong can help run background checks on their finances/credit score and rental history to verify that your applicants are as reliable as they say they are. 

If you do face the unfortunate situation of needing to evict someone, this can cost anywhere from $500 to thousands of dollars in legal fees. Belong protects homeowners from costly evictions by providing up to $15,000 in coverage against legal fees for any resident we place. 

2. Tenants can fall behind in their rent payments

A recent US Census pulse survey revealed that around 8 million Americans (or 15% of renters) are behind in their rent. That means just as many landlords are facing a risk of going into negative cash flow or not collecting income on their home.  

As mentioned above, finding reliable residents is a good step towards protecting yourself and your bottom line. But anyone can fall on hard times, as the pandemic showed us all too well. Belong eliminates this risk for homeowners by guaranteeing rent every month for any resident we place, regardless of when they pay. Let us take on the job of collecting rent, while you enjoy predictable rental income.

3. Managing a rental property is hard work

Maximize Your Rental Income in 2024

What real estate markets should you be watching in 2024? We found the top 15 markets to watch, according to an industry survey (and Boise, Idaho isn't on it!)

15 Markets To Watch If You Want To Buy a Rental Home in 2024

When considering real estate as an investment, usually the first question that comes to mind is “where?”. Which cities are the best places to buy a rental property – and is it my home town or further afield? 

“Location, location, location” remains the top three criteria for a good buy, so it’s no wonder real estate professionals focus so much attention on the best places to buy rental property. In the past few years, the biggest trend in real estate has been migration. People keep heading to good weather, more space, and more affordable locations within the US. Cost of living and quality of life are becoming more influential, alongside usual factors such as strong labor markets.

People = demand. So which cities are the best places to buy rental property and search for good deals? And for homeowners considering holding onto property to rent out, are there big opportunities in your city? For clues on where the next emerging markets could be, we took a look through PwC’s latest report, “Emerging Trends in Real Estate 2024”. Here’s what we found. 

15 markets to watch for the best places to buy rental property in 2024

According to a survey of real estate consultants and industry professionals, here are the top 15 markets to watch:

Source: Emerging Trends in Real Estate surveys, compiled by Nelson Economics, Emerging Trends in Real Estate surveys, compiled by Nelson Economics, Emerging Trends in Real Estate surveys, compiled by Nelson Economics, published by PwC in this report. 

Where is everyone moving to in 2024? All eyes remain on the Sun-Belt region where the population is soaring — much like the temperatures they enjoy. But being an attractive prospect for real estate also makes metros in this region fiercely competitive. Affordability may be a challenge, so potential buyers need to do their research on the best localities to find a deal. Migration-magnet cities include Atlanta, Phoenix, San Antonio, Tampa/St. Petersburg, Dallas/Fort Worth, Houston and Miami.

Fastest growing real estate markets in 2024

The fastest growing markets on the list are Austin, Nashville, and Raleigh/Durham. Though the pace of growth is slowing as the cost of living and competition for real estate grows, these metro areas have enjoyed incredible and sustained population growth in recent years. 

The PwC report also notes that Boise in Idaho is absent from the top 20 list for the first time in two years. After being considered a shooting star in 2022, it’s fallen to 41 in this year’s report. It’s a timely reminder that there’s risk in chasing the same bets as everyone else and some may prefer the stability of more established markets. 

Which brings us to opportunities in mid-size cities. Some buyers feel that focusing on mid-sized areas can be risky compared to major metros like Los Angeles, San Francisco or Seattle. But for those who can’t afford the higher entry cost, a smaller counterpart can be a great place to investigate. There is an opportunity for better returns in fast-growing mid-size markets if you can get in at the right time. 

Sometimes called “18-hour cities”, these cities don’t operate 24/7, but offer similar quality of public services and job opportunities. The report lists Charlotte, Denver, and San Diego as the top mid-sized cities to watch in 2024.  

Discover Belong: With guaranteed rent, 24/7 support and an innovative approach to renting, see why thousands of US homeowners are ditching outdated Property Management in San Francisco, San Diego, Los Angeles, Tampa, Jacksonville, Concord, Berkeley, Orlando and more.

Challenges and opportunities in single-family rentals in 2024

Unlike short-term rentals and the stock market, long-term single-family rentals provide a critical service to the community — a place to call home. For many Americans, home ownership is out of reach for them right now. Or they need to relocate temporarily for work. Or aren’t ready to pull the trigger on a forever home. But everyone needs a place to live.

The report predicts that economic uncertainty, coupled with a shift in lifestyle preferences will continue the trend of more adults delaying homeownership. This will keep up the demand for high quality long-term rentals in desirable neighborhoods. For homeowners looking for stability, locking in great residents for 12 months with guaranteed rent can offer predictable and reliable income. 

The challenges ahead center on the cost of living. Home expenses are rising in every direction. Most landlords have successfully passed on those costs into higher rents, but the skyrocketing growth of years past has slowed. If your rental home is in an area with more housing supply coming into the market, you will need to factor this in before any major hikes send good residents packing. 

The rising cost of insurance is another factor to consider. Many of the listed high-growth markets also happen to be in areas that experience extreme weather conditions. Heatwaves, wildfires, storms, flooding and hurricanes can all send your insurance premiums through the roof. The ongoing cost to protect your asset is worth considering before investing in real estate in a high-risk area. 

Before taking the plunge, it’s important to consider if buying a rental property in your own city might make more sense than investing out of state. After all, you will be more familiar with the local market and what makes a good deal in sought-after neighborhoods. Another common mistake is not factoring in all of the costs associated with owning a rental home out of your home state. There is a higher risk of overpaying or not budgeting accurately, especially as you will need to hire help to manage the home. 

Learn More: How To Manage a Rental Home From Afar

Reach your financial goals with guaranteed rent

Belong is simplifying the rental experience and helping more homeowners reach their financial goals through real estate across the US. Tell us about your rental home now to get started.

You can also visit our homeowner's page to learn more about how our modern, tech-enabled services are helping people ditch property management in the markets mentioned in this article including Austin, San Antonio, Tampa, Raleigh/Durham, Dallas/Fort Worth, Houston, Miami and more. 

Disclaimer: This article should not be considered financial advice. A major city doesn’t represent one 'housing market', but rather many housing markets within every locality. A good buy in Miami isn't necessarily the same as a good buy in Tampa. Some cities have consistent demand, others will go through fluctuations based on supply and demand. It’s important to consult with a professional and consider your personal financial situation, local microeconomic factors and other risk factors before choosing to invest in real estate. 

In 2024, where are the best places to buy rental property? Explore the top 15 markets to watch, as identified by an industry survey of real estate experts

Melanie Kershaw

Mel Kershaw is a Content Lead at Belong. With an extensive background working with technology companies including Eventbrite and Yelp, she’s always looking for ways to create educational and informative articles that simplifies tech and solves problems for her audience.

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