Owning a rental property can be a great way to make an income or a little extra spending money. However, not every home is one that you will want to rent out. If you own property in a busy area such as in the heart of the city or in a popular vacation destination, renting out your home for the season can be an excellent way to earn a profitable income. Before attempting to find renters for your property, you will want to determine whether or not your property makes a good rental property. Some things that renters will look for when in search of a rental include the overall location in a good neighborhood, schools in the area, the crime rate, property taxes and amenities located nearby.
Location, Location, Location!
It can not be stressed enough that location is one of the most important things that individuals and families seek in rental properties. Most renters would like to be in a good area with things to do nearby. Those with families may be looking for a neighborhood with a lot of children in the area while retirees may prefer a more laid-back lifestyle. The type of neighborhood that your property is located in will play a major role in the tenants that you get. For example, a rental property located near a University will see a lot of students who are interested in renting it out. Take the location of your property into consideration before determining if it will make a good rental or not.
Schools
If your property is located in an area where the schools are top-rated, it will most likely be very easy to rent. Families are always looking for rental homes and apartments that are in great school districts. Check into the quality of the schools in your area before making an investment into a rental property. Schools with poor reputations in your district can reflect the value of the property poorly, making it not such as good rental space.
Crime Rates
No one wants to live in a neighborhood with a high crime rate. Homeowners and renters alike want to be able to feel safe in their own home with the ability to let their children play outside without having to worry about them 24/7. Look up crime statistics for your neighborhood to determine it is makes a good rental property. Homes and apartments in low crime areas will typically rent for more than properties in high crime areas. Vandalism, petty crimes and serious crimes should all be looked into before investing in a rental property.
Nearby Amenities
If your property is located near many different amenities and attractions, chances are that it will make a good rental property. Look for parks, malls, gyms, recreational facilities, movie theaters, restaurants and public transportation hubs in the area. Properties within walking distance of these types of amenities may rent for a higher price point than those that require driving a distance to find things to do. Cities are typically great places to invest in rental properties as there is plenty to do nearby for all types of individuals.
If you believe that your property will be easy to rent out, it’s time to get started with the process. Simply contact us today to find potential renters interested in your property.
