When people buy homes for the purpose of renting them out on an ongoing basis – whether for permanent living situations or more Airbnb-style short-term rentals – one of their biggest challenges is determining the features these housing units should have.
Landlords will find it generally important to weigh the cost of installing certain amenities against the long-term return on investment they provide, but the more items they have that are attractive to renters, the better off they are likely to be when it comes to ensuring occupancy with few to no gaps.
Perhaps one of the most important things for homes today to have is a variety of tech options, according to Multi Family Executive. For instance, owners of Airbnb properties would be wise to make sure their rentals have plenty of modern amenities like Wi-Fi, cable with a big-screen HDTV, smart thermostats and so on.
Similarly, it's important for homes intended for long-term or permanent renting today to have robust HVAC systems. No one likes having to lug a window-mounted air conditioner into place, so landlords might be able to get a little more bang for their buck by installing central air. Those whose properties are multi-family might also want to consider the value of shared spaces, like gyms in the basement or porches for grilling, the report said.
Going above and beyond
When landlords are thinking about what their tenants might value, it's often a good idea to consider what's nice to have and not just the necessities, according to Green Residential. For instance, many people looking for an apartment might not think they need lots of closet space, but when homes offer it, that can be seen as a big differentiator. Put another way, if two properties they're considering are relatively similar, the one with big closets is likely to be the standout.
But for both long- and short-term residents, another nice and potentially unexpected feature is a robust home security system, the report said. Smart or connected alarms, video cameras, and more are all relatively inexpensive these days and can likewise help properties stand out in the rental market by offering a little extra peace of mind to renters.
Getting it right
Finally, anyone buying a home for the purpose of renting it out need to make sure every aspect of that space is in great shape on the day those tenants or short-term renters show up, according to My Smart Move. Any of these issues could cause people to have a negative initial experience that results in them being unsatisfied with their renting experience.
Of course, landlords should always strive to ensure the properties they rent out are in tip-top shape on an ongoing basis, not just at move-in, and that includes being attentive to any issues that crop up over time. To best avoid problems with the plumbing, electrical platform and more, it's vital to have those systems inspected by professionals well in advance of actually opening the property to potential tenants.
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