Keep an eye out for these rental property features that translate to profits when considering rental real estate.
- A Good Neighborhood
The neighborhood the house is in can impact what kind of tenants you are likely to attract, as well as the vacancy rate you can expect to deal with. A home near a university, for example, is sure to attract a lot of students but is likely to be empty over the summer when they go home. Neighborhood choice can also affect how much red tape and bureaucracy you have to deal with. The excellent neighborhoods are one of the key reasons why Huntsville real estate continues to be so popular.
- Schools
The quality of the schools near the home is important for family-sized homes. While you are no doubt concerned about how much rental income you get, the overall value of the property is important when the time comes to sell. The quality of the schools in the district can affect that property value. It also makes it more attractive to renters in the meantime.
- Crime Rate
Crime rate is an important factor because who wants to live somewhere with a high crime rate? Check with the library or the police to learn more about the crime statistics in the area. That includes finding out whether crime rates are trending up or down and assessing the police presence in the neighborhood. Low crime rate and high police presence is the ideal. The low levels of crime are one of the top reasons why Eden Utah real estate is so highly desired.
- Job Market
Everyone needs job security. Some people even move in the hopes of finding a better job. Areas that have a good or growing job market are great for rental properties. The U.S Bureau of Labor Statistics offers information about the job statistics of an area. The news can help too; if there’s an announcement of a major company opening up shop in an area then it’s going to suddenly become very busy.
- Future Developments
A neighborhood may look appealing right now, but what about in the future? Check with the municipal planning department for information about future developments. Construction is a sign that an area is considered a good growth area. Keep in mind that not all developments are created equal. Some can reduce the price of surrounding property.
- Amenities
Check out the neighborhood and see what amenities are on offer. Look for parks, gyms, movie theaters, restaurants, transportation, and any other amenities renters are looking for. City Hall may offer information about the public amenities too.
Final Thoughts
The key with rental property is to find a good house in a good neighborhood in a good city. It can take some work to find something that matches all three of those, but it is worth it. Take good care of the property and be realistic about your expectations for it. Don’t enter the market until you are secure enough in your finances to take care of yourself until the rental property becomes profitable.