Blog Post

A Luxury Rental, What Does That Mean?

Dustin Edwards • February 14, 2023

Luxury Comes In Many Ways

Suppose you are an experienced investor expanding your real estate portfolio or a new investor trying to figure out your way in the industry. In that case, you’ve undoubtedly come across a luxury investment property. However, luxury rentals can seem intimidating due to the initial investment needed.


Luxury rentals are a subset of the overall rental market. Luxury rentals are often exclusive properties with unique features, luxurious amenities, and premium materials located in a great neighborhood. Today we’ll go over a few aspects of what a luxury rental means.


Neighborhoods

Luxury rentals will typically only exist in specific neighborhoods. Long Beach, CA Neighborhoods include Naples, Belmont Shore, and Belmont Heights. These neighborhoods will often have a high standard of security.


The surrounding homes will often be modern, higher-end, or older, well-maintained historic homes. The roads and streets are regularly taken care of, and the community works together to keep their neighborhood safe and well-maintained, often through a homeowners association.


Condition of Property

To get rent consistent with a luxury property, the property has to be on trend. Whether it's a home or condominium, the property needs top-rate finishes such as granite, quartzite, and marble. Beautiful and well-kept flooring made of natural stone, exotic hardwood, and ceramic tile. The investment property should have little to no blemishes.


Though it cannot be seen, sound can affect the residents. While most condos have some soundproofing, the quietest is the best. Acoustic insulation and soundproof windows are a large part of the rental. Modern appliances such as Viking, Wolf, and Cove need to be included.


Amenities

Luxury rentals need to provide everything the tenant may need and then some. In luxury condominiums and apartments, tenants expect pet-friendly amenities, outdoor kitchens and dining areas, and EV charging stations. Some of the best luxury buildings have on-site staff to provide services to the residents, such as delivery personnel, dog walking, and valet parking.


In-unit amenities should include
smart home systems to allow the tenant to control the rental through their phone. High-speed wireless internet throughout the property ensures your residents can stay connected while visiting the common areas or gym. This allows them to stream, download and work regardless of their location in the luxury rental.


Architecture

Although the tenant's preference determines the “ideal” luxury rental, many modern luxury buildings have unique architectural features, such as 400 W Ocean Blvd. Though it can also be a well-kept, beautiful historical building, a luxury rental should offer its residents a high standard of living. Elegant features such as common areas with natural walkways, poolside sundecks, and community gardens are often used to relax. While having coworking spaces, a fitness center, and a game room can be ideal for tenants with limited time.


Oceanside properties will often have an amazing view over the beach. Depending on the season, a fascinating view can be nearly impossible to put a price on. A view may not be important for every tenant, but for the tenants who are looking for one, it will be a must-have.


Buying a luxury rental shouldn’t be a daunting task. It’s a great investment opportunity with amazing ROI. If you need help finding the right luxury property to invest in or need help marketing your luxury rental, consider calling 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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Having clear communication with your tenant is essential for maintaining a healthy landlord-tenant relationship. By being transparent in all relevant interactions, landlords can prevent misunderstandings while resolving repairs and disputes efficiently while improving tenant satisfaction. Having good communication with your tenant is beneficial for landlords too. Effective communication also protects your investment property. Remember that while your tenant is living in the property, landlords need to take care of the repairs. Below are the three best things to do during tenant communications. Prompt Responses Addressing tenant concerns quickly is essential for building trust and maintaining a positive relationship. Tenants feel valued when landlords respond quickly, knowing that their needs are being prioritized. Building this trust not only enhances your tenant’s satisfaction it lowers the possibility of conflicts or misunderstandings to arise. This ultimately creates a healthy and successful rental experience for you and your tenant. Some of the most common inquiries will oftentimes include repair requests, among others. As an example; if your tenant reports a leak under their faucet and the repair is delayed, this can be damaging to your landlord-tenant relationship, as well as your property. If left ignored, that leak can result in hundreds of dollars in water damage and a vacancy . Which can further affect our bottom line negatively. For landlords with multiple properties, this can become difficult to keep track of. A property manager can help with scheduling repairs and communicating with your tenant on your behalf. Document Everything Keeping a detailed record of all interactions with your tenant is an important element when managing a property. There are many choices for documentation including email, text, or written notices. Although many property management companies and landlords have opted to use apps or dedicated tenant portals to log communications. A great example, for instance, a tenant may claim they’d reported a repair issue that was never addressed, if everything is to be documented, both you and the tenant would have a copy of the request. Maintaining transparency with tenants. Having thorough documentation ensures agreements and requests between all parties are clearly tracked. Documenting communications with your tenant provides landlords with a foundation for addressing misunderstandings, or disputes if and when they arise. Provide Regular Updates Regular updates show tenants that their landlord is organized and has an attentive approach to managing their property. Giving tenants ample time for maintenance, inspections or policy changes is a simple way to build trust with your tenants while showing your professionalism. Giving tenants advanced notices reassures them that you’re aware of how changes can affect them and you understand that time might be needed in order to adjust. Surprises are best kept for birthday parties. Proactively notifying tenants of changes helps clear the communication channels and minimizes disruptions which helps tenants feel valued and satisfied. These small yet consistent efforts can contribute to a positive tenant stay, which can encourage lease renewals and long-term tenancy. Additionally, having a good relationship with your tenants can give you a great reputation which can provide you with leads when looking to fill a vacancy . It cannot be understated the importance of communication for a healthy landlord-tenant relationship. Even if your tenant may not agree with some of the decisions a landlord needs to make, by giving your tenants ample time to process the change tenants generally are more accepting of said change. If you’re having trouble communicating with your tenants or if you need help managing Beach City rental property, we invite you to call us today at (562) 888-0247 or complete our Owner Application online .
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