There are many aspects of condo investing that you as an investor should know especially if you plan to use the condo unit to gain rental income. If this is your main purpose in buying a condo, one of the key aspects that you should consider is the needs of your target tenants.
Keep in mind that your condo unit will only generate income if you attract a reliable tenant. And to attract a reliable tenant, you have to give them what they are looking for in a condo unit. Hence, you have to buy a condo unit that can attract a number of tenants.
In light of this, you will have to consider the different types of tenants. You need to select which type of tenant you are targeting with your condo investing to ensure continuous rental income.
1. Seniors and the elderly
There are many elderly who are looking to rent condos as part of their retirement lifestyle. These individuals want to rent in a condo building that has elevators, tight security, in-house laundry, indoor parking, and other amenities designed for their convenience and needs.
2. College students
Most college and university students live in a different city or state than their universities. This is why they opt to rent near where their universities are situated. If you are targeting college students as your tenants, buy condos that are located near universities, colleges, and schools. Also consider the public transportation in the area as this is extremely important to students.
3. Young urban professionals
Another type of condo tenants are young urban professionals. These individuals are known to rent apartments and condo units that are not only near their place of work but also close to many places of arts and entertainments, shopping centers, and public transportation. These young adults are starting to build their careers but they are also young individuals who have different forms of pass times.
4. Small families with children
If you want to target small families with children as your tenant, make sure that the condo unit you buy is near schools, parks, day care centers, and places of work for the parents. These types of tenants are more attracted to townhouses than condo buildings.
When choosing which type of tenants to target in your condo investing venture, you also have to take into consideration some important aspects such as who will be more likely to rent longer, take care of the unit, and pay rent on time.
Investing on a condo unit that will be used to generate rental income should start with choosing which type of tenants to target. The type of tenant that you want to target for your condo unit will basically determine which condo unit to buy and where to buy.
For more condo investing tips, call The Jerry Pinkas Real Estate Experts now.
The Jerry Pinkas Real Estate Experts
604 N. 27th Ave
Myrtle Beach, SC 29577
Your condo investing expert!