In recent years, rented
apartments have been at the forefront of many property investors’
portfolios. This is due to a number of factors, although it is mostly
because many people simply cannot afford to buy or even rent a home,
and therefore find apartments much more appealing.
If you’re planning to invest your savings into a buy-to-let property, then an apartment could be the perfect solution. If you’re not entirely convinced that apartments are the right choice for you, read the following benefits to help you understand the advantages of choosing this type of property.
Due to the decrease in
homeownership, apartments have become more popular, especially with
millennials who generally struggle to obtain the finances for a home
deposit. Their next best option is to rent, and with more of the
younger generation wishing to be near the city centre due to job
opportunities, apartments are their best bet.
All of these factors have
resulted in a demand increase, which has called for further
apartments to be built in major cities such as Manchester and
Liverpool. These destinations are popular with Generation Y, which
includes both students and young professionals who are looking to be
close to places of work and study. To find some of the best
apartments in these locations, you should consult with property
investment experts like RW
Invest, who have plenty of student
and residential apartments available in the north-west.
It may seem as though an
apartment is just a short-term investment, as students and young
professionals will come and go. However, due to high demand, there is
always someone looking to rent an apartment, resulting in consistent
Apartments are also an
flexible property, as they can
start as student accommodation but end up being used as a retirement
complex. So even in the unlikely event of student property decline,
there are always other options that will ensure your investment
Increased rental rates
Due to the increase in
apartment buildings, a surge in rental rates has become apparent.
This may seem like a negative attribute, as it may be off-putting to
tenants. However, it is actually a positive for you as the landlord,
especially if your property is located in a prime postcode.
is key, so you must make sure you
find apartments which offer high rental yields and a variety of
benefits for your tenants. This includes finding apartment blocks
near central locations or close to transport links, as well as
offering them additional perks, which will allow you to charge a
Easier to maintain
One of the most
off-putting factors of becoming a landlord is the property
maintenance duties, which could include anything from renovation to
repairs and more. While you will still have to keep up some basic
responsibilities, it will be much easier to manage apartments, as
they are usually new-builds. Therefore, fewer repairs will need to be
made, and you will have much less space to cover during any
less maintenance you need to complete will result in reduced
outgoings. However, it is important that you protect yourself and
your tenant by mentioning any maintenance tasks within the tenancy
agreement. You can also include any maintenance fees which are
usually included within the rent, although this must be agreed with
your tenant before they move in.