There is a massive difference between a regular East Providence rental property and a high-end luxury home. Do you know what makes a rental home qualify as a luxury home? And how do you guarantee that your property is considered “high-end”? We’ll go over some of the features that make a rental home luxurious and tips for creating and managing high-end rental properties in this blog post.
Luxury Rentals Defined
Luxury rental homes are residences that offer premium amenities and finishes. These properties are mostly stationed in desirable neighborhoods and mostly 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 mostly found in attractive neighborhoods. This could mean that the property is situated in a prime location for work or play, or that it is in a safe and quiet neighborhood.
- Size: Luxury homes are commonly huger than your average rental property. For that reason, there is more space for tenants to enjoy, as well as more room for storage and amenities.
- High-end finishes: Luxury homes regularly go along with high-end finishes like hardwood floors, granite countertops, and stainless steel appliances.
- Upgraded fixtures: Checking the fixtures is another approach to tell a luxury rental apart from a regular rental. High-end rentals will have upgraded light fixtures, plumbing fixtures, and door hardware.
- High-quality construction: Luxury homes are often produced with high-quality materials and construction methods. As a consequence, the rental is both beautiful and well-made.
- Energy efficiency: Various luxury rentals are designed with energy efficiency in mind. This shows that the house will contain features like double-paned windows and energy-efficient appliances.
- Smart home technology: Luxury homes typically consist of the latest in smart home technology. Nest thermostats, keyless entry, and smart lighting are examples of this.
- Amenities: Finally, luxury rentals often feature premium amenities that are not typically found in a regular rental. These can consist of things such as 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 handful of factors you need to take into account. You should first choose the right location. Look for a desirable neighborhood that will appeal to luxury renters. After that, you’ll need to make sure that your property is well-constructed and features high-end finishes. Lastly, you’ll need to incorporate 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 enticing factors.
Managing a High-End Rental Property
If you have the good fortune to own a high-end rental property, there are a few things you should do to keep it in top condition. You should first screen your tenants carefully. Luxury renters will expect a higher level of service, so you need to be sure that your tenants are respectful and considerate. Then, you’ll need to maintain the property meticulously. This entails regularly inspecting the property and conducting any needed repairs or improvements. Lastly, you’ll need to be proactive about marketing your rental. Luxury renters have many choices, so you’ll need to make certain that your property is top of mind.
If you are new to the luxury rental home market, it is even more imperative that you talk to someone with experience managing this exclusive property type. Due to this, you should try contacting one of our professional East Providence 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 401-272-3300.
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