Luxury Rentals Defined
Luxury rental homes are residences that offer premium amenities and finishes. These properties are generally placed in desirable neighborhoods and mainly come with a higher price tag than your average rental. So, what sets luxury rentals apart from the rest? The following are a couple of the most important features of a luxury home:
- Location: Luxury homes are commonly seen in desirable neighborhoods. This could indicate that the property is placed in a prime location for work or play, or that it is in a safe and pleasant neighborhood.
- Size: Luxury homes are usually broader than your average rental property. That’s why there is more space for tenants to enjoy, as well as more room for storage and amenities.
- High-end finishes: Luxury homes regularly contain high-end finishes like hardwood floors, granite countertops, and stainless steel appliances.
- Upgraded fixtures: Another option to tell a luxury rental apart from a regular rental is by observing the fixtures. High-end rentals will have upgraded light fixtures, plumbing fixtures, and door hardware.
- High-quality construction: Luxury homes commonly utilize high-quality materials and construction methods. That is why the rental is both beautiful and long-lasting.
- Energy efficiency: Many luxury rentals are designed with energy efficiency in mind. This signifies that the home will have features like double-paned windows and energy-efficient appliances.
- Smart home technology: Luxury homes usually incorporate the latest in smart home technology. This can include things such as Nest thermostats, keyless entry, and smart lighting.
- Amenities: Ultimately, luxury rentals commonly showcase premium amenities that are not normally seen in a regular rental. These can include features like a private pool, a fitness center, or a concierge service.
Creating a High-End Rental Property
If you’re thinking about upgrading your rental property into a high-end rental property, there are several factors you need to remember. First, you will have to choose the right location. Find a desirable neighborhood that will appeal to luxury renters. Afterward, you will need to ensure that your property is well-constructed and features high-end finishes. Lastly, you’ll need to include 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 interesting features.
Managing a High-End Rental Property
If you can afford to own a high-end rental property, there are a few things you need to do to keep it in top condition. Initially, you’ll need to screen your tenants carefully. Luxury renters will expect a higher level of service, so it’s advisable to check if your tenants are respectful and considerate. Secondly, you’ll need to maintain the property meticulously. This suggests regularly inspecting the property and doing any necessary repairs or improvements. Ultimately, you’ll need to be proactive about marketing your rental. Luxury renters have a lot of choices, so you’ll need to guarantee that your property is top of mind.
If you are new to the luxury rental home market, it is even more useful for you to talk to someone with experience managing this exclusive property type. For this reason, you should consider contacting one of our professional Piedmont 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 510-900-4544.