- Real Estate
Renting Out Studio Rooms
Renting out studio apartment units or spaces with integrated bedroom, kitchen, living room and bathroom in one nifty arrangement often attract a steady stream income.There is a a big segment of renters looking for this budget spaces. Hence, it is a great business idea that can be quite profitable if one knows the right things to do.
Studio units attract a specific group of renters large segment. It appeals to singles, working people, couples just starting out and students. These people often want a place where they can come and go at any time, not much fuss, just a nice place to live in.
Being in a good location such as near business establishments and schools can add to the profitability of this business venture.
Here are helpful pointers in renting out studio apartment units:
A studio should includes it's own bathroom. Never make a mistake of just putting a single bathroom in one floor if you are cutting on costs. The renting out
Make sure to have a separate entrance for the studio. In the Philippines many are renting a studio unit within homes but do not have a separate entrance. This lessens the attractiveness of your unit. Renters want to have a separate entrance where they can enter and exit their units without any inconvenience to anyone.
Provide closet space as much as possible. A studio apartment often attracts single renters who don't have much belonging to start with but it is good to provide built in closets and small cabinets with it. Since the space is already limited, renters will appreciate the added closet space as these saves them from buying additional furniture that will cramp the place.
Rent rates must be within the range in your area and not too high. Since most renters are single or working people, they might have opted to decide to go for a studio for because they want to save on rent expenses. This will make your studio unit competitive.
Learn about building codes and safety. Make sure your unit has the proper working fire exits in case of fire. This is very important for multi-level studio apartment buildings.
Know about rental laws in your area to prevent problems later on. In the Philippines there is a rental control law in place which puts a ceiling on the increase on rates that can be imposed.