Income Properties: Want Renters? Go Small!
When getting into income properties as a business, it pays to know what renters are looking for. Choose incorrectly and you could wind up with a property that sits empty for too long and costs you more money than it brings in. Keeping current on the big items on renters’ lists helps you choose an income property that is worth every penny. So what is the biggest thing renters are looking for in today’s market? Renters are all about… small!
If you haven’t noticed the explosion of the tiny home market, living small might be confusing at first. Innovations in design and space-saving construction have captured the imagination of people of all ages. Cable TV shows are springing up, blogs, commercials, social media groups and an entire culture is growing around the tiny living trend. And now, the trend is creeping into the apartment market with developers building more and more “micro-apartments”. Ranging from 300 to 400 sq. ft., micro-apartments first started in more crowded and expensive cities, but are catching on in smaller markets.
Micro-apartments are somewhat like a studio apartment the size of an average bedroom. These units usually rent for about the same price as larger studio or one bedroom apartments in their markets but trade off size for amenities and furnishing. Many micro-apartments come furnished and include multi-purpose appliances for small spaces, a bed that doubles as a couch, a single sink used for both bathroom and kitchen needs, flat screen TV, free internet, all utilities included with rent and some even include maid services. The community spaces offer places for residents to watch movies together and gather for social activities.
As a growing trend, micro-apartments and tiny homes are expected to continue gaining popularity. Forward-thinking renters don’t mind trading space for extra perks and paying the same rates as older, larger apartments in their market. Additionally, more renters are interested in environmentally-sustainable and responsible housing options that are more energy-efficient and produce a much smaller environmental footprint. Living small is the lifestyle of the future. Choosing an income property that is small on space but big on innovation, amenities and special perks puts you at the forefront of this in-demand market. Let the agents at Century 21 Broadhurst help you find your best income property.