Finding a rental home that can accommodate your family’s demands can be a difficult undertaking. from features that are kid-friendly, safety issues, to accessibility to parks and schools. We’ll go over the top 7 family-friendly qualities to search for in rental homes in this blog post. Together, we can streamline the process and assist you in finding your loved ones the ideal home.

These pointers will assist you in navigating the rental market with assurance and comfort, regardless of whether you are a parent of small children or the guardian of furry pets.

1. Safety and Security

The first family-friendly feature to look for in rental properties should be safety, and rental homes should provide that peace of mind. Secure windows and locks, well-lit entryways, the existence of security systems, and gated communities are some characteristics to look for. These precautions offer a sense of security that is priceless in any living circumstance, in addition to protecting your loved ones.

2. Proximity to Schools and Parks

The second family-friendly feature to look for in rental properties is proximity to schools and parks. The daily existence of families with school-age children can be greatly impacted by their closeness to high-quality schools and parks. Think about renting an apartment that’s close to respectable schools and has easy access to parks, playgrounds, and other leisure locations. In order to ensure that your family can enjoy outdoor activities without traveling too far from home, safe walking or bicycle trails are also important.

3. Space and Layout

The third family-friendly feature to look for in rental properties is Space and Layout. Families need plenty of living space in their rental property in order to prosper. Seek residences with an open floor layout that facilitates simple child supervision, as well as a number of bedrooms and bathrooms. Toys and other family items need to have enough storage space, which will help prevent clutter and preserve a neat living area.

4. Child-Friendly Amenities

The fourth family-friendly feature to look for in rental properties is child-friendly amenities. Take into account kid-friendly features while assessing rental houses. Look for amenities like play spaces or playgrounds on the property, pools with covers or gates for safety, and childproof outlets and cabinets. These features help to create a secure and pleasurable living environment for your family in addition to improving the property’s overall appeal.

5. Pet-Friendly Policies

The fifth family-friendly feature to look for in rental properties is pet-friendly policies. Since pets are frequently seen as members of the family, it’s critical to locate rental homes that embrace four-legged guests. Seek out pet-friendly regulations that let you live with your cherished friends and family. In order to guarantee that your family members with four legs can enjoy outdoor activities on par with their human counterparts, you should also take into account properties that have access to neighboring pet-friendly parks or trails.

6. Community and Neighborhood

The sixth family-friendly feature to look for in rental properties is community and neighborhood. Your rental experience can be greatly enhanced by a neighborhood that is welcoming and supportive of families. Look for communities that have other families and kids living there, as well as family-friendly events and activities. Having access to family-friendly facilities like community centers or libraries can help improve your quality of life and present chances for interaction and socialization with people in your neighborhood.

7. Affordability and Budget

Last but certainly not least, a family-friendly feature to look for in rental properties is affordability and budget. For families looking for rental properties, affordability is a key factor. Make sure to assess rental properties within your financial limits, factors such as long-term affordability, maintenance fees, and utility bills. You should also think about the possibility of negotiating or being flexible with the rental arrangements. Make sure you get a home that suits your family’s needs without going over budget. 

Read Also: The Benefits of Renting a Pet-friendly Property

A number of factors need to be carefully considered while looking for the ideal rental property for your family.These seven family-friendly characteristics of rental properties should have a big impact on your search for the perfect house. They include ensuring security and safety as well as seeking for locations near parks and educational institutions.

Factors to Choosing the Right Rental Property Location

Are you thinking about making a rental property investment but are unsure about where to put it? You should be aware that the location of the rental property is the most important factor in determining its performance and financial success when you’re looking to buy one.

When searching for a rental property, you need to determine if the location:

• Has low supply and high demand.
• Is close to amenities such as schools, hospitals, grocery stores, parks, and transit.
• Is safe with low crime.
• Has appreciating property values.
• Has reasonable taxes. 
• Has a big enough population to maintain a steady stream of tenants.

Here are nine essential factors to keep in mind when choosing the right location for your local rental property investment:

1. Low supply and high demand – Before deciding on the neighborhood, you want to research the area to determine if an adequate supply of rental property is available. You don’t want to go for a location with many properties available for rent. The ideal is a neighborhood where people want to live but has minimal vacancies. This will take time to watch as you’ll need to pay attention to when vacancies occur and when the properties fill. Throughout the summer, June – August, which is typically the busy season for rentals, you can track when tenants move. 
2. Neighborhood – The neighborhood you choose for your rental property investment determines what types of tenants will be attracted to your property. If you buy in a residential area with access to transportation or interstate access, you could attract a business person who commutes. If your rental is closer to schools and parks, you could attract a family to your property. If you buy near a college, you’re likely to get students who rent only during the school year.
3. Amenities – Long-term tenants prefer good in-city transportation options, close to grocery stores, highly-rated schools, and hospitals. In contrast, month-to-month tenants prefer rentals with access to public transportation, restaurants, and tourist areas.
4. Safety and crime – No one wants to live in a high-crime area. When considering purchasing a rental property, you want to research the location to see what is reported. A tool like AreaVibes will allow you to research an area and compare it to other cities regarding crime rates. Don’t be fooled; an area may have a reputation but no criminal activity. This location may be a diamond in the rough for rental property.
5. Job market and development – Areas with growing employment opportunities attract more tenants. You can check the U.S. Bureau of Labor Statistics (BLS) or visit a local library to see the unemployment rate in the area. Watch for announcements of large employers moving in and needing employees or development plans as building new buildings require builders. Workers searching for a place to live will flock to places with good employment options. This may cause housing prices to go up or down, depending on the type of business involved.
6. Taxes – Property taxes can vary widely throughout the neighborhoods in one city. When you consider purchasing a property, you’ll want to consider the amount you’ll pay in taxes each year. High property taxes may not be an issue if the property has long-term tenants and is in a higher-quality neighborhood. Local county offices have taxes online as public records; you can search for your property to find the current tax rates. 
7. Property appreciation – When searching for properties, you want to look in areas with strong growth in their employment rates, a household income where spending 30% of your earnings on rent is comfortable, or big development projects taking place, such as new transportation. Buying a rental property in these markets can result in large profits on your investment. 
8. Average rents – Cash flow is the lifeblood of any rental property. If the average rent does not cover all of your operating costs and debt service, it’s not worth owning. However, if the average rents cover all costs and leave you with a cushion of net income, you now have a profitable rental. Run a rent estimate report to see the current asking rents. You can then determine if your subject property can earn the same by having a similar layout, amenities, and features, more because of upgrades or updates, or less due to a lack of features.
9. High insurance area – Things outside the owner’s control can also affect the property location, like natural disasters. When considering a rental property location, you need to see if you’ll pay higher insurance premiums due to a history of bad weather. Repeated flooding, tornadoes, and earthquakes can cost you higher insurance premiums and chip away at your earnings.

Depending on whether you want to actively manage the property yourself or employ a property management company, your options for where to put the property may be limited. The location is less of a concern if you intend to work with a property management firm. The property shouldn’t be too close or too far from your home if you plan to manage it on a daily basis. Choose the distance you’re willing to drive to resolve a problem, then search for a property that’s close to your house or place of work.

After you’ve decided the property is worth looking at, it’s time to do a thorough analysis of nearby properties. RentSpree’s rent estimate report will provide you with rental saturation benchmarks, a comprehensive picture of the local market that includes similar property rents, vacancy rate projections, and current rental estimates. Access to maps listings of nearby rentals with property descriptions and rent pricing will help you better understand the neighborhood and decide whether the rental in your selected location is good for you.

Factors to Consider When Buying an Income Property

Do you want to increase the yield on your investment portfolio by buying a residential rental property? If you choose wisely, investing in real estate may be thrilling and extremely lucrative. However, putting income and other benefits aside, real estate investing might be intimidating for a novice.

Real estate is a challenging industry with many land mines that can completely destroy your profits. To be aware of all the benefits and drawbacks of real estate investing, it is crucial to conduct thorough study before making any decisions.

Here are the top characteristics to look for in an income property, along with some extra details to help you narrow down and focus your search.

1. Neighborhood

The neighborhood in which you buy will determine the types of tenants you attract and your vacancy rate. If you buy near a university, chances are that students will dominate your pool of potential tenants and you could struggle to fill vacancies every summer. Be aware that some towns try to discourage rental conversions by imposing exorbitant permit fees and piling on red tape.

2. Property Taxes

Property taxes are one of your costs and they can vary widely across your target area. High property taxes are not always a bad thing—for instance, in a great neighborhood that attracts long-term tenants. But there are unappealing locations that also have high taxes.

A municipality’s assessment office will have all the tax information on file, or you can talk to homeowners in the community. Be sure to find out if property tax increases are probable in the near future. A town in financial distress may hike taxes far beyond what a landlord can realistically charge in rent.

3. Schools 

Consider the quality of the local schools if you’re dealing with family-sized homes. Although you will be mostly concerned with monthly cash flow, the overall value of your rental property comes into play when you eventually want to sell it. If there are no good schools nearby, it can affect the value of your investment.

4. Crime

No one wants to live next door to a hot spot of criminal activity. Online state and municipal sites, the local police, and the public library should have accurate crime statistics for neighborhoods. Check the rates for vandalism and for serious and petty crimes. Don’t forget to note if criminal activity is on the rise or declining. You also might want to ask about the frequency of a police presence in your neighborhood.

5. Job Market 

Locations with growing employment opportunities attract more tenants. To find out how a specific area rates for job availability, check with the U.S. Bureau of Labor Statistics (BLS) or visit a local library.

If you see an announcement about a major company moving to the area, you can be sure that workers in search of a place to live will be interested in rentals. Bear in mind that the type of business involved may cause housing prices to go up or down. You can assume that if you don’t mind having the company in your area, your renters probably won’t either.

6. Amenities

Tour the neighborhood and check out the parks, restaurants, gyms, movie theaters, public transportation links, and all other perks that attract renters. City Hall may have promotional literature that can give you an idea of where the best blend of public amenities and private property can be found.

7. Future Development

The municipal planning department will have information on developments or plans that have already been zoned for the area. If there is a lot of construction going on, it is probably a reliable sign of growth. Watch out for new developments that could hurt the price of surrounding properties. Additional new housing could also compete with your property.

There are good cities in every state, as well as good communities and nice homes in every community. Aligning all three requires a great deal of research and footwork. When you discover the rental home of your dreams, don’t get ahead of yourself. Additionally, make sure your own finances are stable enough to support you until the property begins to bring in money.