There is a substantial difference between a regular University City rental property and a high-end luxury home. Do you know what makes a rental home qualify as a luxury home? Also, how can you say that your property is considered “high-end”? In this blog post, we will address some of the features that make a rental home luxurious and tips for creating and managing high-end rental properties.
Luxury Rentals Defined
Luxury rental homes are residences that offer premium amenities and finishes. These properties are typically found in desirable neighborhoods and usually have a higher price tag than your average rental. So, what sets luxury rentals apart from the rest? Here are some of the most important features of a luxury home:
- Location: Luxury homes are commonly situated in high-end neighborhoods. This could mean that the property is in a prime location for work or play, or that it is in a safe and comfortable neighborhood.
- Size: Luxury homes are significantly bigger than your average rental property. Therefore, there is more space for tenants to enjoy, as well as more room for storage and amenities.
- High-end finishes: Luxury homes usually feature high-end finishes like hardwood floors, granite countertops, and stainless steel appliances.
- Upgraded fixtures: Another way to tell a luxury rental apart from a regular rental is by examining the fixtures. High-end rentals will have upgraded light fixtures, plumbing fixtures, and door hardware.
- High-quality construction: Luxury homes are typically built with high-quality materials and construction methods. This leads to a rental that is both beautiful and long-lasting.
- Energy efficiency: Multiple luxury rentals are designed with energy efficiency in mind. It demonstrates that the house will have features like double-paned windows and energy-efficient appliances.
- Smart home technology: Luxury homes mainly offer the latest in smart home technology. This can include features like Nest thermostats, keyless entry, and smart lighting.
- Amenities: In the end, luxury rentals typically provide premium amenities that are not usually seen in a regular rental. These can include services like a private pool, a fitness center, or a concierge service.
Creating a High-End Rental Property
If you’re interested in upgrading your rental property into a high-end rental property, there are a few factors you should think about. To start with, you’ll need to choose the right location. Try to find a desirable neighborhood that will appeal to luxury renters. Following that, you’ll need to check if your property is well-constructed and features high-end finishes. In the end, you’ll need to add some luxurious amenities to set your rental apart. You could consider adding some concierge services, like yard maintenance or a weekly cleaning service. Or highlight local amenities like good schools, performing arts, or other appealing features.
Managing a High-End Rental Property
If you can afford to own a high-end rental property, there are a lot of things you need to do to keep it in top condition. First, you’ll need to screen your tenants carefully. Luxury renters will expect a higher level of service, so you need to guarantee that your tenants are respectful and considerate. Secondly, you’ll need to maintain the property meticulously. This means regularly inspecting the property and providing any necessary repairs or improvements. At last, you’ll need to be proactive about marketing your rental. Luxury renters have numerous choices, so you must ensure that your property is top of mind.
If you are new to the luxury rental home market, it is even more important that you talk to someone with experience managing this exclusive property type. This is why you need to consider contacting one of our professional University City property managers. Our team has the experience and expertise to help you upgrade your rental property and navigate the world of managing high-end rentals. Contact us online or call 314-931-0300.
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