Whether it's to have fun with the kids or just to dip your toes on a hot day, having the option of a pool can help your tenants be happy during the heat. Long Beach has terrific weather most of the year, and with summer quickly approaching, a pool is a must-have commodity.
Below are a few ways
a pool can be an asset and potentially increase your rental income.
Whether a communal pool in an apartment building or a backyard pool in a single-family home, it cannot be denied that a pool is an amenity for your tenants. Like many other amenities, it's not a requirement to find good tenants. However, a pool is unique as many tenants understand that there is an additional cost for the comfort and luxury of a pool. Having a pool allows you to significantly increase the amount charged for rent compared to homes without one. This does depend on how common pools are in the neighborhood. Though in Long Beach, they are generally sought after.
If you plan on building a brand-new pool, it's best to wait for your current tenants to move out, as there are many laws pertaining to how and when you can increase rent. Adding a pool during a vacancy period allows you to market your Long Beach rental property to more people willing to pay a higher rent.
Pools can provide a fun environment for families to spend quality time together. They usually attract tenants willing to pay extra for the commodity. Many times a pool can be used for exercising or relaxing as well. This typically attracts tenants who understand there will be a pool premium and are comfortable paying a little extra.
It's well understood that happy tenants are long-term tenants, and a pool can make that difference. Having a pool nearby can be great for your tenant’s physical and mental health. Happy tenants often treat your property better and rarely have issues paying the rent. Many times good tenants will have a positive relationship with their landlords. This can have an added bonus. Whenever it's time for them to move out, they may be able to either recommend another good tenant, or you’ll be able to ask for their testimonial when looking to fill their vacancy.
While you’ll likely have to pay for either a property with a pool upfront or to have one built, many of the costs can and should be reflected in the rent. This includes the pool itself, subsequent maintenance, and any additional insurance premiums associated with renting with a pool. This means that, in the long run, your tenants will end up paying for the pool. All the while, the value of your property goes up because pools are desirable in Long Beach.
For single-family homes with pools, you can have an addendum in the lease that requires the tenants to take care of the maintenance of the pool. This can help lower the overall rent to attract more tenants, though inspecting the pool regularly is recommended to ensure the tenants are doing their part.
Although a pool can increase your rental income, you must practice proper safety measures. This includes multiple prominently displayed signs with the rules for safe pool use. This can help prevent accidents, injuries and reduce your liability. Many people avoid renting homes with pools due to the perceived liability and costs, which couldn't be further from the truth. If you’re looking for a property management company to help you manage your Long Beach rental with pools or need more information about how pools can be an asset, we invite you to call us today at (562) 888-0247, or you can fill out our
Owner Application online.