Harbourside South Pasadena | What factors affect the rental income
There are some main factors that will affect how much rent a Harbourside owner can get:
- Property Condition: If furnished, the furniture in a desirable rental is in appealing condition and well coordinated. The entire property needs to be well maintained and safe (no exposed wires, lose stair railings, trip hazards, etc) and appliances have to work. It has to be clean enough for any mother to feel comfortable letting her baby crawl around on the floor.
- Location: Some locations rent better than others. If you haven’t purchased property yet, I can show you where the most requested areas are. The most significant preference I observe is that most seasonal tenants like to enjoy the sun while in Florida, so “sunny side is best” for them.
- Size: 2 bedroom units can ask for a higher rent than 1 bedroom units. It isn’t just about number of beds and pull-out sofas though. If you have more beds, the dining and living area have to accommodate a larger group, offer sitting areas to allow everybody to lounge and relax, have dishes for a larger number of people.
- Pets: Many Owners do not wish to rent to Tenants with pets. If a Landlord is “pet friendly” and the deed restrictions allow it (only the case in some Harbourside buildings!!), a higher rent might be attainable!
- Gated: Comparable units in gated versus non-gated communities typically will get a higher rent price. However, the monthly condo association fees are normally also higher in the gated communities, so there is not really a potential for higher net income. The biggest advantage I see for Harbourside owners is that properties in gated communities are perceived as more desirable, and are often easier to fill.
- Age Restrictions: Age restricted translates for less income. Since Harbourside is not age restricted, owners get more rent than condos at Bay Island next door do, although Bay Island is a gated community as well.
If you have any questions or would like to learn more about things to consider when renting out your property, please call me at 727-480-4155 or contact me via ReachTanja@gmail.com! I am also here to help if you are looking to buy an investment property and have not found the right one yet!
Tanja Cisliek|Realtor cell 727-480-4155 fax 727-498-5656 ReachTanja@gmail.com www.RealtorTanja.com South Beaches Real Estate Professionals Inc.