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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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By Dustin Edwards December 19, 2024
If you're properties are suffering from lack of heating this winter, these 3 common issues could be the cause.
By Dustin Edwards December 12, 2024
Although Southern California’s winters are typically mild when compared to other parts of the country, tenants still value a warm home during the cooler months. Taking steps to maintain a comfortable living environment shows your tenants that their needs are being prioritized. This is crucial for tenant satisfaction, especially during the holidays. Below are three methods to help keep tenants warm during the winter season. Maintain Heating System It's required for landlords to provide rentals with a working heating system, however, it's not uncommon for these to fall into disrepair either because of lack of maintenance or negligence. Scheduling regular inspections and maintenance before the coldest weather can help to ensure the heating is reliable and efficient. Cleaning air filters, and checking for cold spots, or irregular noises can help prevent small issues from escalating into expensive repairs. Preventative maintenance can help to reduce the chances of inconvenient calls for emergency repairs. Being proactive with your maintenance can also help you protect your investment while earning goodwill from your tenant. Another factor that can affect your heating system is drafts around windows and doors. These drafts can cause your heating system to overwork which makes the system less efficient, and reliable and ultimately reduces the lifespan of your heating system. You can address this by inspecting the seals around doors and windows for gaps or cold spots. Replace worn-out seals and caulking where it's needed. Offer Smart Thermostats Consider providing your tenants with a smart thermostat for energy-efficient heating. This can not only give tenants control over their comfort, but it's also a great tool to reduce energy usage. By providing this upgrade to your tenant, you show a commitment to your tenant’s satisfaction which can in turn result in a long-term tenant. These kinds of devices definitely benefit your tenants, though they can also contribute to the longevity of your rental property as well. Additionally, you can give your tenant a smart thermostat as a holiday gift . This can show your tenant that you’re not simply collecting rent while protecting your investment. Reverse Ceiling Fans The direction in which a ceiling fan rotates is oftentimes overlooked, and it can have a great effect on the temperature of a home. A ceiling fan is typically seen as a way to cool down a home during the hotter seasons without using the air conditioning . Reversing the spin of a ceiling fan can help to circulate warm air more efficiently during the cold season . This is because warm air rises, and a fan rotating clockwise will push the warm air back down helping maintain warm temperatures. Most fans have a switch on the motor and it is easily accessible for most people with a step ladder. This easy adjustment helps reduce the need for your tenant to use the heating system. Tenants will notice a more consistent and comfortable temperature indoors. This should also help reduce costs on their energy bill. Reversing the rotation of the ceiling fans also takes some of the strain off of the heating system. This helps to ensure it operates efficiently for years by reducing the wear and tear on it. Taking proactive steps this winter season to ensure your tenant’s comfort demonstrates a landlord’s commitment to their tenant’s comfort. A comfortable tenant is a satisfied tenant , which can lead to a long-term tenant and steady rental income. Consider it a small investment for long-term success. If you need help keeping your rental warm or managing Beach City rental property, we invite you to call us today at (562) 888-0247 or complete our Owner Application online .
By Dustin Edwards December 5, 2024
Discover 3 Gift Ideas for your tenants this holiday season.
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