All Bills Paid Houses: The Growing Trend of Affordable Apartments and Houses in OKC

Today I am covering my ideas on all bills paid for houses in OKC. Over the course of several years, I’ve stumbled upon a decent rental niche in Oklahoma City that is a growing opportunity.

Baby Boomers were born between 1946 and 1964, which makes them between ages 47 and 65 at the time of this writing. In the US, this group is 78 million strong. That’s why the media says our population is getting older. We’ve been told that the Baby Boom generation represents a great concentration of personal wealth – a value equaling 50% of the assets in the US.

What we hear less about in the news media are the larger numbers of Baby Boomers who are on the opposite end of the economic spectrum.

According to the 2008 census, the current poverty rate is 13.2%. This percentage seems to cut across age groups.

According to 2009 Federal poverty guidelines, the poverty level for a single person is $10,830 annual income, and for a couple is $14,570.

You might want to know about Section 8 Housing in OKC

Introduction to All Bills Paid OKC Houses

Let’s talk about this opportunity. In 2004, I bought a small apartment building (11 units) near the Oklahoma City downtown area. It was a run-down older building without separate utility meters. Therefore, I had to rent the units; all bills paid apartments OKC.

After I bought the property, my biggest question was how this would work out from a property management perspective.

Over the last six years, I’ve fixed up each of the units. They include seven 1-bed units, 1 efficiency, and 3 units that share a kitchen, bathroom, and living room. I’ve focused on making the units as energy efficient as possible (weatherizing doors and windows, eliminating windows, and insulating). I added a coin-operated washer and dryer for the convenience of the tenants.

Types of All Bills Paid Houses Available In Oklahoma

Various styles of all-bills-paid houses are presented for lease in Oklahoma City. These houses are designed to include utilities in the rental price, making it convenient for tenants. Some types of all-bills-paid houses include small apartment buildings that have been fixed up to cater to the needs of Baby Boomers on fixed incomes. Because of its moderation, SSI or government-backed retirement beneficiaries habitually live in these homes. For example, Zumper has 8 all bills paid for houses with utilities included for rent in OKC, with prices ranging from $795 to $2,400 and Rent.com has 22 houses with utilities included for rent, with prices ranging from $649 to $3,300. All bills paid options are accessible at various rental homes throughout the city. These units incorporate different highlights and offices, remembering unit clothing, a pool, focal warming, a dishwasher, outside space, and relegated stopping.

Tips for finding all bills paid houses in Oklahoma

You can use the following advice to find all-bills-paid homes in Oklahoma City more efficiently and hassle-free.

Research Online: To find homes in Oklahoma City that give all bills paid other options, visit sites like Condo Locater and different rental posting stages. These sites offer far-reaching insights regarding investment properties that are accessible, including highlights and expenses.
Analyze Nearby Classifieds: While utilizing the web assets, glance through the characterized publicizing in your space’s papers or local area announcement sheets. Through these laid-out channels, property managers sporadically advance their completely paid-for homes.
Talk with Property Management Companies: Ask property executives firms in Oklahoma City about their investment properties that are presently accessible. They can have homes in their portfolio that give prospects with all installments paid.
Join Nearby Housing Firms or Groups: Join virtual entertainment or online conversation discussions about Oklahoma City lodging. These frameworks can offer shrewd investigations, ideas, and insights concerning all bills-paid homes that probably won’t be accessible elsewhere.

An Economic Perspective – All Bills Paid Houses In Oklahoma

The most expensive rent I’ve got in this property is $485 per month, but most are $400 per month. The shared accommodation is as cheap as $200 per month.

Every tenant in the property except one couple is single. Interestingly, only 2 of the tenants are less than 50 years old. Only 2 of the tenants have income from their job. The other tenants get their income from SSI.

The fact is that they can’t afford a higher rent. Our income criteria for all paid utilities including apartment OKC is that the rent cannot be more than 50% of their take-home pay. For a single person at the poverty level of $902 per month, that would be $451 per month. That makes these units affordable for an elderly person in Oklahoma City on a fixed income.

I have written a blog post on the Pros and Cons of apartment utilities including rent. You can visit here to know more about houses for rent OKC all bills paid.

Social Security benefit checks for a single person are generally less than $1,000, so a Social Security recipient can generally afford one of these apartments.

Second, let them talk about this from a property management perspective. I have been following Fair Housing guidelines with this property. I don’t run applicants off because they aren’t old enough. That can land a property manager in big trouble.

What happens is the younger folks generally don’t stay too long. Many of the young ones who are locked into poverty level income have a drug or alcohol addiction. If they do, they generally don’t last too long. I don’t stand for that type of behavior at the property.

The tenants who stay long-term generally don’t have drug and alcohol issues. They want a safe place to stay in which the landlord takes care of the property.

Get to know what are tenants responsibilities for repairs under the tenant-landlord act.

The most important screening criteria for this type of property is a criminal background check. If I can see a pattern of stable, non-criminal behavior for the last several years, they are good as gold as long as they can show me they are getting a check.

There is also a sense of belonging to a community because of their shared generational identity. This is huge because they want to be surrounded by friends. Most of the vacancies we fill are from word-of-mouth referrals to fellow Baby Boomers who need a place.

The City of Oklahoma City has also been a help filling these vacancies as the area is developed. Many of the competing types of properties have been converted to office buildings or upgraded to expensive condominiums. Either way, there are fewer and fewer of these types of buildings for individuals at poverty level income.

I think this type of property (all bills paid homes in OKC) will continue to be a big opportunity as the ranks of the poor and elderly continue to rise. They are going to have to live somewhere. And Oklahoma City property management company can guide you with the perfect cheap apartments in OKC all bills paid. 

Are you looking for the Best Cities to Invest in Real Estate in Oklahoma.

Call us if you have any rental property management queries. Also, OKC Home Realty Services is here to help you with all bills paid houses in Oklahoma.

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