The real estate market slump is behind us. Higher prices and more demand are back in most big cities around the world. Also, investing money in the property industry has always made sense. Investors looking for nice passive income will want to rent out their property to get monthly rent. Whether you are considering condos for sale in Toronto or any other major city, renter’s demands must be met.
It is important for investors to analyze what renters are looking for and buy the right property to get maximum rental payments. Of course, the fit and finish of the property can be worked on later as well. However, location and some fixed characteristics are harder to change, no matter how much attention you are willing to provide. Here are some features renters are looking for in 2024:
Space Is Versatility
In the property industry, space is the key. The more of it you have, the better it will be. Larger condos and properties fetch higher rents. However, a lot could be done with smaller apartments and limited spaces as well. You need to manage the space most efficiently to get the most out of the property. Also, modern condos are getting smaller as the price of space rises. So, invest in a property that has the best space management plan, highlighting key areas significantly. An open floor plan works nicely for modern apartments, with large open windows letting in maximum daylight.
Workspace at Home Is Key
In recent years, the focus has shifted to working from home in many business industries. Especially with e-commerce gaining ground, office spaces at home have become more important. So, focus on investment properties that have work-from-home space availability. These can be separate rooms or spaces managed within rooms as well. However, condos with workspaces have historically received higher rental payments, proving their worth. This trend is also expected to rise in the coming years.
The More Outdoor Spaces, The Better
Modern condos are very well designed. More outdoor spaces are being offered to improve the quality of life. Open balcony plans and additional terraces improve the value of any property. Also, condos are smaller, tighter homes that are in need of outdoor spaces. So, if you can find a property with well-managed outdoor spaces, it will fetch higher rents. However, it is important not to compromise on other aspects and features. Many condo developments that focus greatly on outdoor spaces will have tighter, smaller rooms. This is something that you don’t want when looking to maximize rental payments.
Subtle Elegance
Properties with subtle, elegant designs are winning out in terms of their ability to fetch more rent. Also, such properties are easier to rent as well. From interior designs to the exterior look, less is more. Big windows that look simple but functional provide a better, improved view of the surroundings. So, instead of investing in overly saturated properties, look for ones that look elegant, minimalistic, and attractive. Also, subtle paint schemes in lighter tones provide a much more expanded feeling, making the property look bigger. This is a winner when renting out the property.
Clean, Neat, and Clutter-Free Interiors
Many properties are rented while fully furnished. However, clutter-free furnishing is very much the modern trend. Instead of cramping up rooms and spaces with too much furniture and other items, focus on clean and clutter-free interiors. Everything should be arranged in a way that there should be hazard-free walking spaces in all rooms and areas. For smaller condo properties, focus on functional, smaller furniture sizes. Also, make sure everything is done tastefully to invite renters more efficiently. Getting professional treatment is often the best option for investment condo properties.
More Focus on Design
Good designs never get old. In the property industry, properties that are designed tastefully get better rents. Also, designs go beyond the regular coat of paint and other aspects of the property. Bedrooms, kitchens, bathrooms, balconies, and all other parts of the property need attention to detail. Focus on properties that have modern design plans. Woodwork is very important and will play a vital role in the eventual rental agreement. Renters will pay more attention to elegant designs and tasteful treatments. Modern tiles and art pieces go a long way toward improving the outlook of the property.
Hidden, Functional Storage
Storage is very important in smaller spaces. Renters pay great attention to the amount and quality of storage available. Condos with hidden storage fetch higher rents and are much easier to rent out as well. Under-bed storage is a great option, along with storage units under the stairs (if available). Also, properties with well-managed storage spaces provide the option to keep them clutter-free. Many condo developers pay great attention to offering the maximum storage compartments. Whether looking at condos for sale in Scarborough or any other major city, look for ones with neat storage solutions.
Bottom Line
Investing in a condo for passive income is a great option. Not only will you get a monthly passive income, but the property price will also rise in any big city. So, investing makes sense as long as you find the right property. Space is key, along with outdoor spaces. Also, home workspaces are becoming more popular.
There is a great focus on design and functional minimalism. Properties with more storage fetch higher rents as well. However, the biggest factor remains the location of the property. Professional consultation with an experienced real estate agent is key to successful investments.
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