Good rental properties have similar qualities and provide what people need in certain areas. Location is always one of the biggest determining factors when buying or building multifamily housing, and should be carefully considered. Today's renter also wants modern amenities, quality appliances, and definitely wants as much livable area as they can get for their hard earned dollar. Lots of storage space is also a big concern for future renters. Be sure to check on ability to get internet, cable, and phone connections hooked up; and look for any special characteristics that might set one property apart from another. The millennials, or generation Y, are the new market focus and investors would be wise to follow their interests and needs.
For example, there are many new additions and innovations to housing which have not existed in the past, but that newer generations find extremely valuable. Electric car charging stations are becoming more popular in urban and student housing situations. This can be a great way to contribute to the environment while creating a new revenue stream, as owners get a share of the profits generated from each unit. Also consider new green building materials and Energy Star appliances that keep utility bills down for your would be tenants.
If you are thinking of investing in some type of multifamily housing, be it an apartment building, a set of condominiums, or a community of shared homes, you will also want to consider how you will maintain your property or properties. It is important to have a plan and personnel in place to make necessary repairs and maintain the grounds surrounding your investment. There are property management companies out there if you do not want to handle these matters on your own. Whether you're buying real estate in Boulder or Boise, make sure you have a course of action for maintaining your property.
Most importantly, consider the people in your desired market and cater to their needs. Amenities always matter and can be quite crucial when trying to find your place in a competitive market. Access to a bus line, a workout facility, community pool, or nearby shopping and dining could all be deciding factors in a renter's decision of where to rent. Ask the friendly team at StartPackingIdaho.com about potential multifamily housing investment opportunities throughout Idaho, they are quite knowledgeable and can point you in the right direction!