One of the best ways to maximize your rental property’s earning potential is by making upgrades to convert it to what would be considered a luxury rental. There are a few key things that renters look for when shopping around for a luxury property. A luxury rental should feel like an elevated experience which means amenities in the property should go beyond just the basic elements and services. The property itself should feel luxurious, with beautiful finishes and well-thought-out décor. The rental should also be a private, secure location that renters can feel comfortable relaxing in. Upgrading your rental property to a luxury rental requires some planning but it can be simpler than you think! Luxury rental management requires forethought so that you can meet the expectations of your ideal tenant and attract a higher end clientele.
Choosing your Location
One of the key factors in setting your rental apart from the rest is location. Having your luxury apartments or homes in a highly sought-after location helps to up their desirability. First you need to know who your ideal tenant is. A favourable location will differ depending on who you are wanting to target. Affluent business people will want to stay in a different area than a family looking for an upscale vacation rental, for example. Choose a property that is in close proximity to upscale, trendy parts of town or that is near popular attractions like the beach. When selecting a location, you’ll also want to keep privacy in mind. No matter the location, your renters will want to feel that they have privacy to relax and unwind. Having appropriate security measures in place will also up the value of your property as your tenants may have expensive items that they want to feel are protected. Installing security systems, cameras or safes can be great ways to ensure your property’s security is up to par.
Creating a Standout Rental
One of the best ways to place your rental in the luxury market is by outfitting it with upscale finishes and décor. Making sure your property is in tip-top condition is paramount. You’ll want your appliances to be top of the line and your décor to be tastefully chosen in a style that appeals to your ideal tenant. It’s important to stay up to date with interior décor trends and keep them in mind when outfitting your rental. You’ll want to avoid dated finishes and out of style décor to keep your property looking as elegant and intentional as possible. Another thing to consider when outfitting your property is to anticipate your ideal tenant’s wishes. What items would your ideal tenant most like to see in the property? What touches would be especially thoughtful? These are key questions to answer when designing the interior (and exterior) of your property. Sometimes something as simple as a top-of-the-line espresso machine or heated bathroom floors can be that luxury element that makes someone decide to pay a higher price. By investing extra money into upgrading your property, you can increase your rental rates accordingly.
Including High-end Services
Maintenance services can be another way to upgrade your property’s appeal. For longer term stays, being proactive with maintenance and keeping the property in pristine condition will up its value. Services like garden maintenance, grass cutting, and housekeeping can all be great ways to take charge of maintaining the property. Luxury services could even include laundry and cooking for a much more elevated stay. These types of services are especially great for shorter-term rentals since it allows the tenants to relax and really enjoy their vacation. Having a dedicated representative who is available 24/7, whether it’s you as a landlord or a property manager, can also make your tenants feel like they are taken care of round the clock.
Appealing to the luxury market gives you an opportunity to maximize your rental property’s income. Whether it’s for long-term tenants or short-term renters, luxury properties attract a higher-end clientele that are paying higher-end prices. Luxury property management is all about anticipating your tenants needs and ensuring your property will accommodate them. Flex is an Ottawa property management company that manages many properties in the luxury market. If you’re looking for someone to help set you up for success in your first foray to the luxury market, reach out to us.