Choosing an apartment rental investment is not always as easy as it sounds. There are many factors to consider, from the location to the type of apartment.
In our holiday apartment rental tips, we shared some ideas on how to get the most from your investment. Today, we’re sharing some advice on how to choose the best apartment rental investment for your needs.
How to Choose the Best Apartment Rental Investment
Things to consider when deciding on an apartment rental investment property include the following:
- The complex. First things first, you will need to consider the complex. What does it have to offer guests? Is it modern and newly developed, or a character block? What unique features does it have to offer guests? Getting an idea of the bigger picture is always useful when looking at apartment investments. When looking at apartments that are for sale, it is, therefore, a good idea to consider the entire complex as well as the actual apartment.
- The size. You will also need to consider the size of the complex, as well as the size of the apartment. Is it a studio apartment with combined living and sleeping space? Ideally, you want to ensure that there is enough space for guests to prepare food, relax and sleep without feeling too cramped. Does it have one bedroom, two bedrooms, three bedrooms or more? Larger apartments can be ideal for corporate travel groups, while compact apartments and studios typically attract solo travellers and couples or small groups.
- The facilities. What sort of facilities does the apartment have? What about the complex? Apartment features that are often in high demand include shared swimming pools, secure underground or gated parking and even additional value-added facilities such as fitness centres. This is once again why it is a good idea to look at both the apartment and the complex, to see what is on offer.
- The type. What type of apartment is it? Studio apartments may not seem like a worthy investment, but, in fact, these can be excellent if you are targeting business travel markets. One bedroom and two bedroom apartments are versatile, catering to couples and small groups in both leisure travel and corporate markets. These can even work for couples traveling with a baby or small child.
- The location. Finally, it is always a good idea to think about your location. A beautiful apartment in a bad part of town will not be a worthwhile investment at all. A simple apartment in a popular area, on the other hand, will be an extremely good investment. The best areas for apartment hunting include Gardens, the CBD, the Bo Kaap, De Waterkant, Tamboerskloof, Woodstock and the Waterfront. On the Atlantic Seaboard, Camps Bay, Bakoven, Bantry Bay, Sea Point and Green Point are excellent for apartments. The Foreshore, Vredehoek, and Oranjezicht are also central areas in the City Bowl that are great for apartments.
To ensure that you get the best return on your apartment purchase, make sure that it is expertly managed. Get in touch with Totalstay to find out how a good short term rental manager takes your apartment rental investment results to the next level.