Blog Post

Luxury Rentals, It’s More Than Just the Property

Dustin Edwards • Jun 15, 2023

You’ve come across luxury rentals in your search for investment properties. Many times inexperienced and seasoned investors turn away from them due to the initial investment. Luxury rentals will command higher rental rates and attract higher-income tenants. This can result in a higher rental income when compared to nonluxury rentals.


Below we’ll review a few key elements to consider when looking for luxury rentals as investment properties.


Neighborhood

A luxury rental is more than just the property itself. The location of the luxury property is a crucial factor to consider when investing in luxury investment properties. For example, neighborhoods like Alamitos Heights, Rancho Estates, and Naples are considered luxury neighborhoods in Long Beach. Luxury apartments and condos in Long Beach include ocean center, Beverly Plaza Apartments, and Volta on Pine.


What makes a neighborhood a “luxury” neighborhood usually means the property is located near desirable locations such as shopping centers, restaurants, and other entertainment options like proximity to the beach. Highly desirable locations will often attract well-off tenants with stable jobs.


Look for properties in prime areas with high demand and proximity to amenities like shopping centers, restaurants, and entertainment options. A desirable location will attract affluent tenants willing to pay a premium for luxury accommodations, maximizing your rental income potential.


Amenities

Amenities in the property can play a significant role in how successful a luxury rental is. While standard in-unit amenities should be upgraded regularly, items such as appliances, keyless entry, and wifi should be expected to be modern and up-to-date. For luxury rentals, there is no such thing as enough amenities. Ideally, your tenants shouldn't need to leave their homes to get chores and errands done that they don't want to do. Onsite amenities that all tenants can use are often desirable. Often the onsite amenities can include laundry/dry cleaning services, a commons area for tenants, office space, and even restaurants.


Other amenities that can be desirable include upscale finishes, an open concept, a gym, swimming pools, as well as dedicated and secure parking. These amenities can differentiate your property from the others on the market. They can also attract tenants willing to pay a premium for a luxurious living experience.


Maintenance

Like many investment properties, it's important to keep up with maintenance. However, with luxury rentals, you’ll typically require specialized management to maintain the higher standards of a luxury property. It's also likely that you’ll need to cater to the specific needs of the tenants. It's important to ensure the property management company you hire to maintain these properties has adequate experience.


Not only should they be skilled in managing tenant requests, maintenance needs, and inspections to ensure the property is up to date and well maintained. This way, the property can operate smoothly, and tenants remain happy. A happy tenant results in fewer vacancies in your properties and fewer complications with tenants. A high-quality and competent property management company can help you to protect your investment, ensure a positive rental experience for your tenants and give you the freedom to spend your time however you wish.


Entering the luxury real estate business can seem daunting because of the investment cost. Nevertheless, the opportunity to substantially improve your profits is there as well. If you believe you’re ready to invest in luxury rental properties or need a property management company to help manage a luxury property you own, we invite you to call us today at (562) 888-0247 or fill out our
Owner Application online.

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By Dustin Edwards 01 May, 2024
Everyone wants to feel safe in their homes. As an investment property owner, it's up to you to decide whether or not to include security measures in your property. Many of the costs associated with the security measures can be included in the rent, meaning not only can you keep your property safe, but you can earn more income in the long run. However, you would still want your tenants to have renters insurance to protect their assets. Today, we’ll discuss the top five security measures you can add to your property and why they're beneficial to you and your tenant. Security Cameras Cameras are probably one of the first security measures people think about when asked about security. Cameras provide more benefits than just surveillance. They provide an extra level of security for the safety of the tenants and their belongings. Additionally, security cameras can be useful when repairs are required. Cameras can aid in supervising repairs and maintenance to ensure you’re receiving the agreed-upon work. During vacancies when the property is empty, security cameras can help keep the property safe from potential intruders. Doorbell cameras are incredibly popular now. They provide the aforementioned safety of a camera that can be accessed remotely, as well as the ability to communicate with visitors. Although one must be careful never to say you're not home, just say you're unavailable to strangers. Security Lights Security lights with motion detectors are another effective tool when adding security measures to your property. These lights brightly if a potential intruder attempts to get near your home. They can provide enough illumination to see the intruder or, at the very least, scare them off. Nowadays, you can find a combination of security cameras and motion-activated security lights, such as the floodlight cam wired plus from Ring . Additionally, because these lights only turn on when motion is detected, they’re more cost-effective than traditional lights with a switch. Illuminate the Property Light generally deters intruders as it's more difficult to hide. Adding lighting to the landscaping can increase the security of the property while creating a relaxing atmosphere. Lights can also be used in other areas of the property to accent features such as trees, benches, or artwork. This can help your property stand out while giving your tenants an additional feeling of safety. Keyless Entry Keyless entry is seen as both a convenience feature and a security feature. They usually use an electronic passcode, biometric data, or grant access through a smartphone app. Physical keys can be lost, stolen, or duplicated. You reduce the risk of unauthorized entry by eliminating the need for a physical key to enter the property. Many keyless entry systems include several features, such as remote locking and monitoring. Although keyless entry is a great new technology for keeping your tenants and properties safe, they’re best used with other security systems. Security Company Nothing beats having an extra pair of eyes on your property for security. This is where security companies like ADT and SimpliSafe come in. While companies may deal with security in varying ways, they aim to protect your investment. While safety is the primary role of a security company, remember that many tenants may be willing to pay more for a premium amenity like a home security company. Keeping your property and tenants safe is incredibly important to the longevity of an investment property. If you’re looking to improve the security of your Long Beach rental property or need help managing your beach city rental property, we invite you to call us today at (562) 888-0247 or fill out our Owner Application online .
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