Blog Post

Luxury Rentals, It’s More Than Just the Property

Dustin Edwards • June 15, 2023

You’ve come across luxury rentals in your search for investment properties. Many times inexperienced and seasoned investors turn away from them due to the initial investment. Luxury rentals will command higher rental rates and attract higher-income tenants. This can result in a higher rental income when compared to nonluxury rentals.


Below we’ll review a few key elements to consider when looking for luxury rentals as investment properties.


Neighborhood

A luxury rental is more than just the property itself. The location of the luxury property is a crucial factor to consider when investing in luxury investment properties. For example, neighborhoods like Alamitos Heights, Rancho Estates, and Naples are considered luxury neighborhoods in Long Beach. Luxury apartments and condos in Long Beach include ocean center, Beverly Plaza Apartments, and Volta on Pine.


What makes a neighborhood a “luxury” neighborhood usually means the property is located near desirable locations such as shopping centers, restaurants, and other entertainment options like proximity to the beach. Highly desirable locations will often attract well-off tenants with stable jobs.


Look for properties in prime areas with high demand and proximity to amenities like shopping centers, restaurants, and entertainment options. A desirable location will attract affluent tenants willing to pay a premium for luxury accommodations, maximizing your rental income potential.


Amenities

Amenities in the property can play a significant role in how successful a luxury rental is. While standard in-unit amenities should be upgraded regularly, items such as appliances, keyless entry, and wifi should be expected to be modern and up-to-date. For luxury rentals, there is no such thing as enough amenities. Ideally, your tenants shouldn't need to leave their homes to get chores and errands done that they don't want to do. Onsite amenities that all tenants can use are often desirable. Often the onsite amenities can include laundry/dry cleaning services, a commons area for tenants, office space, and even restaurants.


Other amenities that can be desirable include upscale finishes, an open concept, a gym, swimming pools, as well as dedicated and secure parking. These amenities can differentiate your property from the others on the market. They can also attract tenants willing to pay a premium for a luxurious living experience.


Maintenance

Like many investment properties, it's important to keep up with maintenance. However, with luxury rentals, you’ll typically require specialized management to maintain the higher standards of a luxury property. It's also likely that you’ll need to cater to the specific needs of the tenants. It's important to ensure the property management company you hire to maintain these properties has adequate experience.


Not only should they be skilled in managing tenant requests, maintenance needs, and inspections to ensure the property is up to date and well maintained. This way, the property can operate smoothly, and tenants remain happy. A happy tenant results in fewer vacancies in your properties and fewer complications with tenants. A high-quality and competent property management company can help you to protect your investment, ensure a positive rental experience for your tenants and give you the freedom to spend your time however you wish.


Entering the luxury real estate business can seem daunting because of the investment cost. Nevertheless, the opportunity to substantially improve your profits is there as well. If you believe you’re ready to invest in luxury rental properties or need a property management company to help manage a luxury property you own, we invite you to call us today at (562) 888-0247 or fill out our
Owner Application online.

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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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