In a recent article, we discussed why luxury apartments make such great rental properties, with a focus on why these homes are so appealing to tenants and investors alike. However, to truly get the best out of an investment in the luxury apartment market, it's vital to understand exactly what renters are looking for when considering what properties are available.
Aside from the basics such as a prime location and access to world-class amenities, there are a few other elements that go into attracting as many potential tenants as possible. In this article, we'll take a closer look at two of these – the property's interior design and the reputation of the development itself.
Decorating a luxury apartment can be a tricky process, particularly if you'll be offering the property to tenants fully or partially furnished.
The interior design
Decorating a luxury apartment can be a tricky process, particularly if you'll be offering the property to tenants fully or partially furnished. The temptation is often to go a little bit overboard, filling the apartment with furniture, art and other knick-knacks that create a sense of 'home.' While this might appeal to some tenants – particularly those without many possessions, the vast majority prefer to decorate their own living spaces.
While this doesn't necessarily mean you should allow renters to put holes in the walls to hang pictures everywhere, providing a blank canvas with only the essentials is often a better approach than cluttering the property. Not only will this make the apartment look more spacious, it will allow tenants to imagine themselves in the space when they view it, rather than having to deal with decor which they may not like.
For tenants who are interested in a luxury apartment, the reputation of the building's developer can carry enormous weight. Nobody wants to live in a complex with problems such as delayed repairs, and a recognisable, respected name helps to provide peace of mind that this won't be the case.
Crown Group is one of these names, and our track record of meeting the expectations of property investors, as well as tenants, showcases our commitment to providing the best possible living experience in Sydney. We've also received industry recognition for many of our developments, receiving accolades from the likes of the International Property Awards and the Housing Industry of Australia (HIA).
For more information on the latest developments by Crown Group, get in touch today.