Even though most people prefer owning a home they live in instead of renting it, this isn’t always possible for everyone. That’s why tons of people are still renting homes and making the most of it.
This isn’t always the best way to go, but if you find a place that works perfectly and take some time to decorate it nicely, you won’t have a problem spending as much time as you need in your new rental. Landlords worldwide know well, which is why they’re trying to make their rental properties as appealing and exciting as possible.
When doing so, they always have tenants who are willing to pay good money for their places. If you’re trying to make your rental property more profitable than before, here are a few things you need to focus on.
The Right Neighborhood
When looking for a place to rent, prospective tenants will typically seek out a great neighborhood in one of the top home rental sites.
You may think that the right location and neighborhood are the same things, but that’s not the case. Owning a property in the right neighborhood means being in an area with a favorable vacancy rate – in other words, in a place with tons of people who might be interested in your rental – and that has nothing to do with the location.
Sometimes, you can own a property in a poor neighborhood but still gather lots of attention because it’s spiced up and visually appealing. Other times you can own a place in a community with lots of people looking for rentals and still get no attention because of other factors.
Another thing you should pay attention to is the safety potential of your neighborhood. If you’re looking for properties you can buy in the future, try to stick to protected and considered safe areas by the people living in them. This will make your life a lot easier, and you won’t have a problem finding tenants even if your property isn’t in top shape.
The Right Location
There’s a reason real estate across the globe spend their days repeating this word repeatedly – the right location is an essential feature of a profitable rental property, and that’s something you need to remember as well.
Whether you’re a real estate investor thinking about buying property to rent or a landlord already renting the property you own, making sure it’s located at the right spot is something you can’t put a price on. When buying a rental property, location is paramount.
Unfortunately, if you’re already in the business of renting your property, there’s nothing you can do about the location – if you’re lucky enough to be in a popular area, you’ll always have people wanting to rent your place, and vice versa.
If you’re not happy with the situation, you can hope that it will change for the better in the years to come, and try to make your property exciting and cool despite its poor location.
The Size is Important
The size of your rental is another critical factor that might determine your popularity with potential tenants and whether your investment in it will pay off in the future.
Even though most people think that more prominent properties are easier to rent and more lucrative, this isn’t always the case, and you have to be careful when buying a home you’re planning to rent.
The situation isn’t always easy to explain, and the market constantly fluctuates. Still, some experts promote the idea that homes with two or three bedrooms and two bathrooms are more popular and accessible to rent than others.
The reason for this is quite simple – most families have two or three kids and a pet, which is why two or three bedrooms are perfect for all of them and the parents.
Also, if you have two bathrooms, parents and children won’t have to share them, and that’s always better than having everyone use the same bathroom in the morning.
The 2/2 and 3/2 combinations can be seen in rental properties all across the US, from spacious houses in Washington and Maine to Brownsville apartments you can enjoy in Texas, and that’s why this is an idea you might consider looking into when buying a property you’d like to rent.
If you already own one, consider reorganizing it and turning it into a two- or three-bedroom place that can be appealing to everyone, from young single people to families with kids.
Special Features Worth Noting
If you want to make your rental popular and lucrative, you have to make it stylish, visually appealing, and, above everything else, cozy. This means you’ll have to invest some money in unique features and ensure your future tenants have everything they need to live comfortably and luxuriously.
Spending money on these things might not be your favorite thing in the world, but if you want your rental to gather attention, this is precisely what you’ll have to do if you find a fixer-upper.
Luckily, figuring out which features make the most sense isn’t hard at all, so do your research and start saving money for these upgrades. If you’re offering a house, a pool might be a real game-changer and help you attract more people than ever.
Regarding other outdoor features, well-organized patios, gazebos, and outdoor kitchens can help you more than you can imagine. As for indoor features, there are no strict rules to follow because different tenants go for extra stuff, but most of them prefer smart home devices. Washers, dryers, and beautiful fireplaces are a great way to make your rental more popular with potential tenants.
Finally, in addition to all these things, you have to ensure your rental property is close to public parks, bars, restaurants, bus stations, and schools – if you can, of course. This is the best and easiest way to make your rental more profitable than ever, so pay attention to these amenities and provide your tenants with easy and convenient access to them.
About the author: The above article on the top features of a profitable rental property was written by Emma B. Joyce. Emma is a blogger based in Australia. She is an authentic home decor and DIY fanatic. Emma is interested in music and also is a big reading enthusiast. Finding new designs and patterns is her daily task. She got hooked on home accessories and decorations during her traveling and now cannot stop searching for further inspiration.