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In response to the rise of “accidental landlords” the property management software provider Hemlane has launched a free version geared towards landlords.
The launch comes as approximately 45.2 million Americans rent out their homes, according to the National Association of Realtors.
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“Hemlane has done incredibly well with our software, showing a strong appetite by landlords and property managers for our powerful software and technology-enabled services,” said Dana Dunford, co-founder and CEO of Hemlane. “Adding a free version gives more rental owners and managers the opportunity to try Hemlane. Giving people a taste of Hemlane will change the way rentals are managed in the future. We’re thrilled to introduce this free level and watch our following grow.”
The landlord-focused software helps users list their properties for rent, pre-screen prospective tenants, track their property income and expenses, and provides a centralized dashboard for multiple properties, according to a press release.
The rise in “accidental landlords” has been concurrent with the rise in mortgage interest rates, which topped 7 percent during April, as property owners with low-interest mortgages find it more fruitful to rent their homes out than sell them and lose their lower-interest rate when they move to a new house, as detailed by an Investopedia report.
At the same time mortgage rates have surged, rents have grown steadily as well, especially for single-family properties, which have seen 30 percent rent growth since the pandemic started, according to CoreLogic.
“Real estate ownership is a powerful tool for financial growth, even for the average person. It’s a path to financial independence that many overlook due to the perceived challenges of managing rental properties,” Michael Zuber, CEO of One Rental at a Time said in Hemlane’s statement announcing its free version. “Hemlane’s latest offering is a game changer, breaking down the barriers of owning rental properties and achieving financial freedom.”
