South Padre Island is one of the few coastal communities in the U.S. in which rental revenue can still come even close to cash-flowing a rental property. In most areas the property values have risen far above what the rental prospects can sustain. Most smart investors know that the real reward is in the appreciation of the property rather than the seasonal income it may produce. However, the rewards of rental can certainly offset the costs of owning a vacation property. Some properties are superior performers and return an average of 10% of the purchase price. While others are geared to a more specific renter and don't do as well. Every buyer must choose a property that they will enjoy owning and using sometimes. But, there are some similar characteristics among the best rentals. I have spent some time examining what works and have come up with these best bet models.
1. Multiple bedrooms. The difference between a hotel and a good rental condo is number of bedrooms. Families and groups who vacation together save money and enjoy a group vacation in 3 or more bedroom properties. They also enjoy multiple condos rented together or a multi-family building.
2. Beach over bay. The bayside has a specific market group but in general, lucrative summer renters want to be as close to the beach as possible.
3. Beach houses. A classic beach house is still a good rental. People who have been visiting Padre for years still envision the perfect island vacation in a beach house with a big balcony and a grill outback. They also enjoy the idea of a private island oasis without the hassle of secured parking and front desks.
4. Amenities. Complexes like Saida perform well because of all their resort quality amenities. Families enjoy the spacious pools and grounds. It gives all members of the group an activity.
5. Beach Décor. Most properties are now marketed online. Your property has to look outstanding in 300 pixels or less. Beach Décor in bright island colors wins every time.
6. Quality. The rental market is becoming more competitive. The days of "good enough for rental" are done. Remodeled bathrooms, updated kitchens and units in good repair get the repeat business.
These concepts may be basic aspects of rental marketing but, its easy to lose sight of the ultimate rental goal. Consider your target market group when looking to purchase a rental property or when preparing your own rental property for success.
Wendy Hauschildt is a Licensed Realtor® with Coastal Properties GMAC Real Estate, a weekly columnist with the Island Breeze Newspaper, and director of real estate Marketing. She lives and works on South Padre Island at the tropical tip of Texas. Visit http://www.SPIproperty.com for more info.
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