Holiday apartment rental offers an excellent choice for property investment. Smaller than villas and free-standing houses, apartments cater to a diverse range of travel markets. Smaller spaces are often a lot easier to maintain compared to larger properties, while security is often provided in the form of lift access, front desk security and under-cover parking. Popular amongst leisure and corporate travellers, as well as couples, honeymooners, single travellers and small groups, apartments offer the perfect lock-up-and-go accommodation.
What do you need to know about holiday apartment rental as a property investor? Today, we’re taking a look at how you can maximise your success with this type of short term property rental.
Holiday Apartment Rental Advice
First, let’s take a close look at holiday apartment rental to see exactly what this property type is all about. Similar to residential apartments, holiday apartments are typically found in complexes. Urban areas, such as the sought-after Cape Town CBD, are home to a large number of apartments. You will also often find compact apartments in areas such as the Atlantic Seaboard. Unlike villas or freestanding properties, many apartments have shared gardens. While a number have communal facilities such as fitness centres and swimming pools, others have private patios, balconies or even roof-top swimming pools and decks. Don’t assume that apartments are any less luxurious than free-standing properties either. The majority of apartments in the Totalstay Private Collection offer all the luxury of a first-rate hotel, with the convenience and flexibility of self-catering.
Some tips to keep in mind to get the most from holiday apartment rental include the following:
- Make sure that you have permission from all relevant parties. As apartment units form part of a larger complex, certain regulations are often required. You will need permission from body corporate, even if you have been given the go-ahead by the council. You will also need to ensure that your guests can access communal facilities. It is essential to create specific house rules that will apply to guests during their stay, in order to protect residents who live in the complex.
- Get the all-clear on any renovations that may be required, too. Are you permitted to make renovations in your apartment as a property owner? Many apartment complexes have specific rules in place when it comes to remodelling. You may be allowed to make certain changes, but not others. Always be 100% sure of what upgrades are permitted before you make plans to add an extra bathroom or bedroom. If structural changes are not permitted, consider other ways that you can prepare your property for guests that do not require major work.
- Consider your parking situation. Most residential apartment complexes allocate one to two spaces per apartment. Some buildings offer underground parking, while others offer secure parking in a gated parking area. Not all apartments provide parking however. Make sure that you know exactly what is available within your complex, and find out from body corporate whether guest parking is available.
- Be upfront about space limitations. If your holiday apartment rental is a small studio, make sure that this is clear in your listings. Studios are a good choice for guests who want a compact, fuss-free space. Instead of trying to hide the fact that the apartment is small, focus on the benefits. The amazing city views. The location. The contemporary style. Find your unique selling point and use that to your advantage. Trying to make the apartment sound bigger will only lead to disappointment and annoyance when guests arrive.
- Beef up your security. Hopefully, the building already has a front desk, lift access and other security features. Even if it does, make sure that your apartment is secure for your visitors. Even on a 10th floor penthouse, keypad access, alarm systems and security gates will go a long way in making your guests feel safe.
Working with an experienced vacation rental property manager is the best way to provide your guests with a secure, rewarding stay. In addition to actively marketing your apartment across major booking platforms and channels, Totalstay provides comprehensive property management solutions. From concierge services to welcome packs, 24/7 support and bookings calendar management, we help you get the most from your holiday apartment rental. To learn more about what we offer, contact us today to arrange an evaluation of your apartment.