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.

Share this post

By Dustin Edwards November 18, 2024
Be aware of these 3 common issues when the rainy season arrives at your rental property.
Cold weather can come fast and strong so it's best to ensure your property is ready for this climate
By Dustin Edwards November 12, 2024
It's important to prepare your rental properties for the colder weather. Although we don’t need to prepare for snow and freezing temperatures, we do need to prepare for the cold and rain. By ensuring your rental is cozy inside and prepared for the fall season , you can not only reduce energy costs for your tenant but also maintain your rental property value. Today, we’ll go over three signs your property is ready for this upcoming cold weather.  Sign #1 Proper Weatherproofing During the colder seasons, it's much easier for a tenant to notice any cold spots in your rental. Well-insulated doors and windows can not only help maintain the warm temperature but also prevent it from lowering. It can also prevent cold spots and drafts, which can help with tenant satisfaction . Doors and windows should be properly sealed and insulated to prevent drafts and maintain proper temperatures. A visual inspection of the weatherstripping around doors and windows to ensure they’re intact is a great place to start. If damaged, consider replacing them, as trying to seal gaps can be tricky and rarely lasts. Other seals should also be checked, as well as any areas that need to be caulked in order to keep cold air out. Insulation during the summer helps keep the cool air in, and during the winter, insulation in the halls and attics helps retain desired heat. Hot air rises, and if there isn't adequate insulation in the ceiling, heat will continually be lost. Luckily, adding insulation to an attic is not uncommon and typically only requires a day or two for installation. Sign #2 Energy Efficiency Measures During the winter, it's not just the cold you need to keep in mind. As days are much shorter, there is less sunlight to keep the rental warm and more hours of darkness. For this reason, it's a good idea to keep energy efficiency in mind when preparing for the cold weather. Energy-efficient lighting or smart lighting helps reduce overall costs since your tenant will likely use electricity to keep warm. Ensure your outdoor lighting is rated for external use, as this can provide crucial illumination during longer nights. Draft guards on doors and windows help reduce the load on your rental’s HVAC system which can significantly improve its lifespan. This is also a great time to replace filters and clean the ductwork in your rental to improve energy efficiency. Additionally, consider installing an insulative film on older windows, which helps retain heat and keep rooms warmer without the need for extra heating. If your rental has a programmable thermostat, ensure it’s in working order, as this can help tenants manage an energy-efficient heating schedule more easily. Sign #3 Property Exterior Southern California is a great place to settle down, and while we don't need to worry about snowfall or deep freezes, ensuring the exterior of your rental property is ready for the cold weather is important. With our cold season mainly bringing with it rain, inspect your rental property’s rain gutter system . Remove debris from drains and check for leaks or signs of wear and tear. Walkways should be clear of debris and well-lit. This may require you to prune and trim trees and bushes that may leave behind leaves. When combined with rainfall, a single wet leaf can cause someone to slip and hurt themselves. Consider adding non-slip mats or tape to areas where people may have tripped in the past. Much like during the hotter weather, it's important for your rental to be ready for fall and winter. By keeping your property ready for any weather Southern California has to offer, you ensure your rental property and tenants will provide steady rental income every month. If you need help preparing your rental for the cold weather or if you need help 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 November 4, 2024
Owning a rental property in a beach city like Long Beach, CA , offers a number of advantages, like great weather and a strong real estate market. However, the cold ocean breezes can pose some challenges for landlords and tenants, making it convenient for property managers . Although the weather is generally great, these ocean breezes can sometimes make properties drafty and uncomfortable during the fall and winter seasons. Today we’ll go over four measures that can improve tenant comfort and protect your investment from the cold ocean breezes. Weatherproofing Againsts Drafts Drafts are caused by gaps between doors and windows which can make a rental feel colder than it is. This leads to unnecessary energy use and tenant discomfort. Sealing these gaps is not difficult and quite doable for a landlord who doesn’t mind getting their hands dirty. Replacing worn weatherstripping and adding fresh caulking to seal minor gaps blocks air from permeating the property. For additional protection from drafts, you can provide your tenant with inexpensive door sweeps. Improve Heating Efficiency Having efficient heating is crucial to countering the cooler ocean breezes while keeping costs low. Schedule regular maintenance for your HVAC system , such as replacing filters, cleaning vents, and cleaning the compressor to keep it running smoothly. This not only provides more efficient heating, it also extends the life of your HVAC system. Installing a smart thermostat is another way for tenants to adjust heating schedules efficiently. Protect Outdoor Spaces Outdoor areas such as patios, balconies, and even porches can oftentimes be exposed to the coastal breezes. This can be an issue in the long run, especially for rentals next to the beach , as the wind can carry sand and salt, which can accelerate the deterioration of metals, wood, and paint. This can be mitigated by adding windbreaks to the property, such as lattice panels or outdoor curtains, to create a more comfortable and functional outdoor space. Exterior finishes will require more frequent maintenance. This includes resealing wood and metal surfaces. As well as repainting is important to protect against wear from salt, sand, and moisture. Wind Mitigating Landscaping Much like with the curtains and lattice previously talked about, the landscaping can also be used as a windbreak. For example, planting wind-resistant shrubs or trees alongside exposed areas creates a natural barrier. This helps reduce the impact of the gusts of wind hitting the property. Many native plants thrive in coastal climates while also requiring minimal maintenance. While expensive, the results can greatly improve your rental’s longevity and curb appeal. Alternatively, you can strategically place planters to provide protection. Durable Furniture Furniture and fixtures exposed to the cold coastal breezes need to be able to withstand that wear and tear. Choose resilient materials such as treated wood, powder-coated metals, and outdoor-rated plastics. These are less prone to being damaged by the salt or wind. Furniture that is lightweight should be secured or anchored in place to prevent it from being blown away. By investing in durable furnishing, you can provide tenants with a comfortable and functional outdoor space for years to come. Protecting your beach city property from the cold ocean breeze doesn't necessarily require extensive renovations or investments. Try to focus on any relevant feedback from your tenant, this can help you pinpoint what part of your rental needs attention. If you need additional help protecting your rental property from the cold ocean breezes or if you need help managing Beach City rental property, we invite you to call us today at (562) 888-0247 or complete our Owner Application online .
Show More
Share by: