When you peruse listings for furnished corporate apartments, you’re likely going to notice that a lot of them include details about the view you get from the apartment. Seeing a lot of instances of this, if you’re shopping around for investment properties to purchase or considering converting one of your properties to corporate short-term apartments, you’ll probably wonder if it really matters. Sure, a good view is always a great feature for any apartment, but how much does it count for furnished corporate apartments?
The View Matters – But Not That Much
Basically, if you have a great view from your apartment, there’s no reason not to use this selling point. People love waking up to gorgeous skylines and beautiful landscapes, and they’ll sometimes pay more in rent for furnished corporate apartments with an excellent view. However, if you have a great property in a safe neighborhood with lots of privacy and plenty of space that’s within five to ten minutes of a large commercial district, you don’t need a view to rent that apartment.
Just like most other features of furnished corporate apartments, the view matters but is not a deal breaker if it’s not spectacular. You can more than make up for a mediocre view with updated appliances, comfortable and stylish furniture, and an apartment with plenty of space to spread out and relax.
Setting Your Rental Rates With Your View in Mind
Just like any other feature, when you set the rental rates for your short-term apartments, you’ll need to keep the view in mind. If you have a stunning view, you can probably charge a little bit more. If your view looks out over an alley and some dumpsters, you might want to give your tenants a bit of a break on rent.
Basically, when you consider what you’ll be charging for rent, you have to look at comparable furnished corporate apartments in the area. Check out listings in your neighborhood, and you’ll be able to see who’s charging what. This will tell you if you need to give a deeper discount for your dumpster view or if you can go a bit higher on your skyline view.
Choosing Investment Properties Based on the View
If you’re still in the purchasing phase or you’re looking for a new property to invest in, you should consider how the view affects your buying price and your rental price. If the seller is asking $5000 more for a unit with a great view, consider how much more you can charge in rent for that unit. If you can charge an additional $500 in rent each month, you’ll have your view paid for in 10 months, but almost no view in the world is worth an extra $500 to most corporate tenants. That example may be a bit far-fetched as far as the numbers go, but you get the idea.
Basically, if you can afford to pay a bit more for the unit, and you can justify it with higher rent, you may want to go for it. At the same time, if the seller is asking a lot more money for an apartment with a view, you might want to go with a unit that’s not quite as impressive but will rent at a more reasonable rate while still giving you a sizeable return on your investment.
Should You Compromise for a Great View?
Along the same lines, if you’re looking for a great investment, you might find yourself stuck between a smaller apartment with an amazing view and a larger, better-appointed one without much in the way of a view at all. Before you make your decision, consider where you’ll be making compromises if you go with the apartment with a view. Is it much smaller? Does it lack other features like a community rooftop pool or a hot tub?
When weighing one against the other, list all of the tenant-attracting features of each and then compare them. This will give you the information you need to see which of the two will make a better short-term apartment for corporate tenants. Then you can decide whether the view is worth the compromise or not.
When all is said and done, corporate tenants care about being close to work, living in a quality neighborhood where they can get a good night’s sleep on a regular basis, and having all of the amenities they’re used to at home. Other features, like a good view, a pool, or a fitness center, will come in second to accessibility to work, grocery shopping, and other essentials. Don’t let a pretty view lure you into buying a unit that won’t make a great furnished corporate apartment, but do remember that the right view can improve your rental rates, which can mean more money in your pocket each month.
- A Better Option Than a Security Deposit for a Furnished Apartment
- Five Things to Look for While Searching for a Corporate Apartments
- 5 Real Estate Marketing Ideas Cooked to Thanksgiving Perfection
- Corporate Housing By Owner Has Completed Its 9th Annual Corporate Housing Real Estate Survey
- Tired of Daily and Weekly Corporate Apartment Rentals?