For many people, condos are their first residential purchase. Over time, these people find that their condo no longer accommodates their growing family and move on. However, with that comes the hassle of putting the condo on the market and selling it.
If you find yourself in this situation, consider making your condo into a rental instead of selling it. The reliability and affordability of condos make them an ideal and safe choice for first-time landlords looking to begin their rental journey. Furthermore, the reasonable price and various amenities intrigue tenants looking to rent in Long Beach.
If you are curious about the growing interest in renting out Long Beach condos, here are some of the advantages to consider.
Seaside Location
Many Long Beach condos are within walking distance of the ocean. Not only does this provide stunning views of the crystal blue waves, but it also draws tenants looking to swim, surf, or bike at the beach without the added inconvenience of loading up their vehicle and looking for a parking spot.
Additionally, most Long Beach condos provide easy access to popular waterfront shopping and dining destinations. Having multiple stores and restaurants mere steps away from your front door is a convenience that tenants will deeply value, especially if they want to experience Long Beach’s vivid and active social scene.
Best of all, Long Beach condos in such close proximity to the ocean earn a much higher rent than those inland. Thus, not only will the seaside location attract plenty of tenants, but it will also earn you plenty of money.
Ample Living Space
As opposed to small and cramped rentals, Long Beach condos tend to be expansive residences with two or three bedrooms, two bathrooms, and a nice kitchen and dining area. This can be rewarding for you since, generally, the larger the space, the higher the rent.
Having an ample living space can make your Long Beach condo a functional residence for young couples or even small, budding families. Not to mention, it will only increase the number of tenants viewing your property.
Added Amenities
Some Long Beach condos also have added amenities, such as pools and gyms. This can prove very beneficial for tenants that want easy access to exercise and relaxation.
That being said, pools and gyms generally require higher HOA fees. If you are unable to budget those costs into your tenant’s rental agreement, then those added amenities may not be as profitable as they seem.
Parking
One common drawback of condos in a large city like Long Beach is that many of them do not come with designated parking. Though your tenants might take the bus or Metro to navigate the city, many people still drive cars.
Therefore, snagging a Long Beach condo with one (or, even better, two) parking spots will be extremely helpful in attracting tenants, especially for two or three-bedroom condos.
While there are many positives to
renting out a Long Beach condo, it is certainly a slightly different experience than managing a typical rental. Finding a property management company that you feel comfortable with can make understanding these nuances easier and ensure you get the most out of your investment. If you would like assistance with buying a Long Beach condo to rent, we invite you to call us today at (562) 888-0247 or fill out our online
Rental Analysis.
