Tips for Starting an Apartment Rental Business for Beginners!
Apartment Rental Business – Towards the holiday season, various accommodation services will generally be fulfilled by travelers. Starting from hotels, resorts, villas and apartments. Choosing accommodation that is safe, comfortable and in a strategic location is the main consideration for tourists.
Talking about comfort, an inn must be able to accommodate all the needs of its guests. Including for guests who come in a small group such as family guests.
Hotel accommodation is considered less able to accommodate the needs of family guests. This is because not all hotels provide family room or family suite type rooms.
However, choosing a villa as accommodation can also be too expensive and too big for a small family. As a solution, apartment accommodation is the right choice. Because, incidentally, the apartment is indeed designed as a family-friendly residence.
In fact, not a few people who choose to rent an apartment rather than paying off the house. The apartment rental business is very promising to try.
Advantages of Apartment Rental Business
To equalize perceptions, according to Oakwood PIK Jakarta, an apartment is a residential unit that is part of one or several residential buildings, or a separate residence in a house with its own entrance, bathroom and kitchen.
That said, an apartment is a type of residence that is in a building and has room facilities like a house.
Interestingly, the apartment was designed as an investment property from the start. This type of property is considered the most promising because apartment prices are generally always rising.
This is because apartment buildings are always in strategic locations and progress over time.
Because of this, the apartment rental business also provides the following benefits:
Located in a Strategic Location
Apartment buildings are always located in strategic locations, both in the city center, near transportation facilities, and even near recreation and entertainment centers.
These conditions have made this property a target for many people, especially millennials.
In addition, this also makes the apartment rental business opportunity even more attractive. Because of its strategic location, many tourists choose to stay in apartments either for tours, staycations, or just transit waiting for departure.
Higher Rental Prices
Properties that are in strategic locations certainly have higher rental prices, this also applies to apartments.
What’s more, apartment units have various types with sizes that are relatively wider than hotel rooms. The facilities in the apartment rooms are also more complete.
These conditions make the apartment rental business more promising with higher rental prices.
Can be Rented Out Even Though it’s Still on Credit
Another advantage of the apartment rental business is that you can rent it out even though your apartment unit has not been paid off.
In fact, you can have additional income from renting an apartment to pay monthly installments. This is one of the reasons why not a few people take apartment loans and immediately rent them out.
Tips for Starting an Apartment Rental Business
Running an apartment rental business is tricky, because there are several things that need attention. The following is a discussion of the tips.
Know the Market Potential
In a way, all apartment buildings are in strategic locations. However, each location has a different designation.
For example, apartments that are near tourist attractions are likely to be more crowded with tourists. Meanwhile, apartments in the city center may be preferred for staycations.Check out these apartments for rent in torrance ca
By knowing the potential differences in each location, you can predict the type of guests who are likely to stay.
Renovation and Upgrading
The apartment unit is the standard version provided by the developer. If you want to start an apartment rental business, there may be some parts of the apartment unit that you need to change.
This is done to adapt apartment units to guest needs. Starting from changing the layout, installing wallpaper, adding room facilities, and so on.
Keep in mind, people who stay in apartments usually want facilities and comforts that are similar to where they come from.
Calculate Rent Costs
The cost of renting an apartment can be influenced by various factors. Starting from operational capital, complete facilities, room size, apartment location, and the average rental price in the area.
By considering the ideal rental costs, you can make a profit while maintaining the purchasing power of apartment tenants.
The next tip for running an apartment business is to advertise smartly. It needs to be underlined, everyone who is looking for lodging will always consider aspects of comfort and safety.
Therefore, apartment promotional materials must also highlight this aspect. Don’t hesitate to display complete photos and videos ranging from building facilities to room interiors.
Describe all the advantages possessed in order to attract tourists and other apartment guests.
Use Online Travel Agents
The final tip is to register an apartment rental business with an online travel agent (OTA). There are several OTAs in Indonesia, such as Tiket.com, Traveloka, Pegipegi, Agoda, Reddoorz, OYO, to Airbnb.
By registering a property with an OTA, you can reach a wider and more potential market.
That’s an explanation of the benefits and tips on running an apartment rental business for beginners. Good luck, huh!