High End Vs Traditional Rental Property – What’s The Difference?
Do you own a Beaverton Oregon home that you’re thinking of renting but you’re not sure if you should list it as a high-end rental property?
Even though you may have thought of your property as high end in the past, the reality is that there are several features that renters look for when they are thinking of renting high end properties.
High end rental properties are typically located in desirable locations that are close to shops, stores, restaurants and things to do in the area.
A high-end rental property usually has excellent size for the renters needs including plenty of closet space plus storage for additional items that the renter may have so that they don’t have to store those items off site.
High End Finishes
A high-end rental property also is commonly known for high end finishes like granite counter tops, stainless steel appliances and hardwood floors.
Most high-end rental properties these days are also energy efficient and contain the latest optimized technology to help the property conserve energy and have a low carbon footprint.
Last of all, most high-end rental properties typically have great amenities like a pool and spa on site, laundry facility and in case of multifamily properties, a fitness center that can be used 24-7.
Best Rental Property Amenities
- Washer and Dryer
If your rental property has hookups, this may be the single best investment you can make for your property’s image.
If you want to buy the appliances yourself, make sure you get high-efficiency ones to cut down on the water bill.
When a new washer and dryer is not in the budget, consider checking out a rent-to-own store and working out a rental agreement.
There’s no reason that you can’t take the rental fee for a washer and dryer and build that into the rent. If your rental property doesn’t have hookups, it all depends on the property’s layout, plumbing and more to see if it’s feasible to do the remodel. However, some property owners are surprised at how affordable it can be.
- Air Conditioning
This amenity is especially desirable in hot and humid climates, so if your rental property doesn’t include air conditioning, it could be that adding it might separate the good applicants from the great ones.
Of course, you’ll need to consult with an HVAC specialist to get air conditioning installed properly and you can also explore other options, like a window unit in the bedroom or something similar like a swamp cooler.
Either way, being able to include AC in your vacancy ad is sure to bring in more interested parties.
- Washer/Dryer Hookups
If a unit doesn’t come with a washer and dryer, most tenants are perfectly willing to either buy or rent their own in order to avoid spending time at the laundromat.
If your rental property includes hookups, make sure to mention it in your advertising and when giving tours, you can provide info on nearby rental companies.
If you don’t have hookups but want to see what it would cost, check with a licensed plumber or contractor about what it would take to upgrade.
Many people who are just starting out in life don’t have the means to buy a bunch of nice, comfortable furniture. When it comes to renting a place with no furniture and having to scrounge around yard sales and thrift stores, many renters want to eliminate the hassle and look for a place that comes furnished.
Especially attractive for young singles or couples, furnished apartments can mean the difference in them having pride in their home and making do with old stuff. If buying furniture isn’t in your budget, check out a rent-to-own company to see what it would take to offer a furnished rental property.
Many property owners forget about including the outside space when advertising or showing a property. When there is a nice outdoor area like a patio, porch or balcony, it can increase what the renter feels is livable space as long as the weather is nice.
For single-family homes, adding a patio, pergola, porch area or similar outdoor nook isn’t all that expensive and may really boost the quality of applicants you get.
Even if you don’t have funds to create a proper patio, there are many ways to create a usable outdoor space that is cozy and inviting, like setting up a patio set in a shady spot, building a fire pit area or installing an awning.
- Hardwood Floors
Few people will argue that the look and feel of hardwood floors are superior to just about anything.
The warmth and durability that wood flooring brings are second to none and if you can advertise that your rental property has wood floors, then you are ahead of the competition.
While pure hardwood flooring is costly, there are all kinds of affordable wood laminates that give the look, feel and durability of true hardwood. Another more affordable option is to put in wood flooring in key areas, like an entryway, kitchen or bedroom.
It’s hard to imagine a rental property that doesn’t include a dishwasher because these are so much a part of daily life that it’s no wonder that renters will avoid places that don’t include one.
If your rental property doesn’t have a dishwasher, it’s not difficult or too costly to get that setup. You can consult with a contractor to see if there is some lower cabinet space to take out to fit one in and get pipes in place.
Or, there are dishwashers that can be stored nearby, then rolled into place and hooked up to the sink to run. When kitchen spaces are simply too small to accommodate one, consider including a compact, portable dishwasher that fits right onto the countertop.
There’s something cozy and inviting about a fireplace in your living space, and renters across the country have put this amenity in the top 10 of features they’d like in a rental property.
Efficient fireplaces can really cut down on heating costs during cold weather, and there are a range of options, from true fireplaces to gas varieties and wood-burning stoves.
While putting in most of these options may be out of reach for you, gas fireplace units are surprisingly affordable in many instances and are worth checking out.
Traditional Rental Properties
In 2022, most tenants are typically renting traditional rental properties that have 1-2 bedrooms / bathrooms and 800-2000 square feet.
Yes, high end rental properties are always in demand but during times of economic recessions in the economy, it’s not uncommon for renters to opt for properties that have less amenities and high-end features so they can save money.
Contact Rent Portland Homes – Professionals
At Rent Portland Homes – Professionals, we specialize in managing high end and traditional rental properties in Beaverton and Portland.
To learn more about the services we can offer you, contact us today by calling (503) 447-7735 or click here to connect with us online.