If you are a real estate investor in Long Beach, CA, you've likely come across luxury rentals as an investment opportunity. Luxury rentals are only a tiny part of the overall rental market, and while they have a higher initial investment cost, they are often exclusive properties with the potential for a high return on investment (ROI)
Luxury comes in various avenues and isn't limited to just one thing. Aspects of luxury rentals include the neighborhood, the property's condition, the architecture, and other features. Today we’ll review a list of desirable property features your luxury rental should have to generate more passive income.
Many luxury homes often include an expansive outdoor area. In Long Beach, they’ll typically provide areas for gatherings, entertainment, and cooking. It's not uncommon to see luxury rentals with swimming pools and other water features with dedicated maintenance companies to ensure they always work in good order. Large gathering areas such as gazebos, large BBQ areas, and patio furniture essentially welcome the tenants to have get-togethers. Some luxury rentals even have pizza ovens for more variety. Landlords will provide these items in luxury rentals to warrant a higher asking price for rent.
Many rentals nowadays include a number of appliances, such as an in-unit washer and dryer, to help the property stand out. When looking at luxury homes, you’ll often have higher-end appliance packages such as Miele, Thermador, or Thor. These often include refrigerators, stoves, dishwashers, hoods, etc. Not only will tenants at a luxury rental expect the highest quality appliances, but they’ll likely also expect every item to match in brand and aesthetic. This is why buying package deals makes the most sense.
Appliances for luxury homes don’t end in the kitchen either, and with luxury rentals, it’s recommended to provide as many appliances as possible for your tenant. This includes air conditioning, heating, televisions, built-in speakers, and other electronics.
Alongside many amenities provided in luxury homes, there are some nuanced items to consider. These are typically items to help make things easier for the tenant and help them feel more secure. High-speed wireless internet throughout the home is usually required for any luxury rental. With it, providing smart home features in the rental is much easier. Modern smart home features allow your tenant to control many aspects of the home through their phones, such as the speaker volume, climate controls, doors, lighting, security cameras, and window blinds. This allows tenants to keep the rental to their ideal conditions while being able to access security cameras can help them feel safe if they’re ever out of town.
An additional feature many luxury rentals provide now includes EV chargers. Recently, more and more people are going electric, providing a convenient way to charge their vehicle at home without needing to drive out to a charging station.
Many people treat pets like family and will be searching for specifically pet-friendly homes. While allowing pets in luxury rentals may seem counterintuitive, not doing so can limit the pool of potential tenants. There is always a risk to allowing pets. There are ways of vetting pets, much like there are for tenants. This can lower the risk of property damage caused by the pet though it cannot guarantee any damage. Many investors, however, believe the risk is worth the reward as many potential tenants for luxury rentals wouldn’t part ways with their “fur babies.”
A luxury property being a considerable investment shouldn't be a deterrent. Luxury rentals are an amazing investment opportunity. If you are interested in luxury rentals or need help managing your Long Beach rental properties, we invite you to call us today at (562) 888-0247 or fill out our
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