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What to Consider for a Luxury Rental Property

Dustin Edwards • Sep 23, 2022

Considerations Are Different for Luxury Rentals

When looking for any rental property, there are a few items every investor needs to keep in mind. ROI (return on investment) and NOI (net operating income) are 2 that you should always consider; however, when looking for a luxury rental property there is no detail too small.


A simple way to view a luxury rental property is by its services that go above and beyond to satisfy the tenants needs, and wants. Luxury rental will have larger living spaces and rooms, with as many amenities as possible. No amenities are too small to overlook, making sure the property is well maintained and functional is a must.


Below are a few recommendations to keep in mind when evaluating a luxury rental property.


Target Market

It is not uncommon for the clientele to be executives and top-level professionals moving into an area for a short term (i.e. 1 year lease) who are looking to enjoy a neighborhood where they may make a purchase once settled in. Though occasionally they may stay for a few years.


The location of your property is another important factor that needs to be accounted for. Areas such as Belmont Heights, and Naples would be prime locations to draw clientele to your luxury rental property.


One of the best ways to be seen by your target market is to be a presence when they’re searching for luxury apartments. Making sure your rental property is being featured in the most used search engines is required. This will likely require you to pay for advertisements to keep your property at the top of the search engines.


Aesthetic

The rental property needs to look the part. A well taken care of and refined landscaping as well as a maintained building exterior will increase the property’s curb appeal. The landscape may include features like a walkway, bike path, garden or water features like a fountain or a pond.


To give the element of luxury within the units consider stainless steel appliances, granite countertops, hardwood floors and plenty of windows.


Swift Maintenance

Of course maintenance in any investment property is important, but with luxury rentals it's expected to be more responsive to repairs and maintenance. For this reason it’s a good idea to have regularly scheduled preventative maintenance. Be sure to keep multiple contractors and tradesmen available to fulfill any emergency repairs on the property or in the units.


Normally this is an expense many investors try to save money on by going with the lowest bidder. With luxury rental properties, it is better to hire well trained, well dressed, polite and established contractors so tenants feel comfortable letting them into their homes for repairs. 


Amenities 

Typical amenities that would be found in regular rental properties should also be found in luxury rental properties. Such as washer, dryer, dishwasher, private parking, and maybe a pool. Luxury rental properties are expected to go above and beyond what is necessary or expected. 


There should be high end appliances, brands such as
Viking, Thermador, Monogram and Gaggenau to name a few. Some luxury rental properties offer dry cleaning services while also providing in unit washers and dryers.


Although a pool is a nice amenity, having a sauna and hot tub available would be considered above and beyond. Fitness rooms should include modern and well maintained equipment and even personal trainers. Many tenants would appreciate a lounge area with a snack bar, cafe and even some co-working space.


Aside from what should be provided to a tenant, consider that many luxury rental properties not only allow pets, but even have amenities and services specifically designed for pets. This may include a dedicated dog park with dog course equipment.


High Speed internet wiring should be provided for either cable or fiber optic internet. Though its not uncommon for the property to provide high speed internet to each unit as well.


Finding the right investment property requires a little bit of research, if you need help evaluating a property you are looking at feel free to call us at (562) 888-0247 or feel free to fill out our
free rental analysis to see what your rental could yield today.

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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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