An Investment condo in South Pasadena, FL is a great option for anybody looking to invest in real estate, and many Buyers interested in Investment Properties in the South Pasadena, FL area have the goal to maximize the rental income: "How much rent can I get for this condo?" is one of the most frequently asked questions I hear from Investors.
There are many factors affecting how much rent a Landlord can ask for, and what Tenants are willing to pay for a condo or house.
One of the lesser known, yet very powerful factors affecting the vacancy rate and income potential of an investment property are the deed restrictions pertaining to pets. It makes a big difference if Tenants are allowed to bring their furry family member or not!
This does not affect the single family rental market much, most Investors owning single family homes can decide based on their individual preference if they wish to rent to pet owners or not. Tenants with a pet that are looking to rent a house are often able to find a selection of homes to pick from.
Not so Tenants looking to rent a condo. The majority of condominium complexes have deed restrictions that exclude pets for Tenants, many associations phrase it very eloquently that ‘The privilege of pet ownership is reserved for Owners, Tenants and Guests may not bring their pets.” Then there are condo associations that do not allow pets at all, as well as many apartment complexes where pets are prohibited.
Since condo rentals that do allow pets for tenants are scarce, a Landlord who is able and willing to rent to Tenants with pets is typically looking at a very low vacancy rate, and can possibly even command above-average rent. Additional pet deposit and mandatory, non-refundable cleaning fees are often paid for by appreciative Tenants, who are excited to have found a great place to live.
Any Investor looking to buy a condo or townhouse with the intent to rent it out should carefully review the properties for sale in the area, and their specific deed restrictions. There are some additional risks in renting to Tenants with pets, no doubt about it, but the financial exposure can be somewhat limited with an additional pet deposit. Many upscale, good Tenants with excellent credit, who own a cat or dog, are struggling to find appealing housing they even wish to rent.
A smart investor who recognizes this need for classy rental housing could capitalize on this niche, and have a very low vacancy rate combined with good rent prices over the lifetime of the investment.
If you are considering buying any investment property in the South Pasadena, FL area and have any questions, or would like to learn more about things to consider when buying and renting out your property, please call me at 727-480-4155 or contact me via ReachTanja@gmail.com! I would be happy to give you a private tour of properties for sale in our area.
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