Looking for a great build to rent opportunity? If there is a high demand for rentals in the neighborhood, a build to rent opportunity can be very beneficial! If you own land in Philadelphia, find out what doing this will mean for you!
With rental properties being in high-demand, right now is a great time to develop and turn unused land into rental properties for people looking for housing in the Philadelphia area. People who currently own land in the area and people are looking to buy land can benefit from building and satisfying the high demand for rentals in Philadelphia!
How Does Build To Rent Investment Work
A build to rent situation is usually facilitated by landowners with many parcels who have partnerships with builders in the area. They will sell off their land along with the contract for the builder to build the house according to pre-determined specs. However, a private landowner, who has been sitting on the property for a while, can also choose to construct a build to rent house in [markat_city].
How To Find The Right Builder
There are contractors in Philadelphia who specialize in building houses specifically to be purchased by local investors and rented to local tenants. The houses will typically be built in a similar fashion to ensure the most efficient process and the lowest building costs. The right builders will understand what is trying to be accomplished, constructing the house with this in mind. Rentals aren’t built at a lower quality, however, some specialized features and treatments may be left out of the construction. Ideally, the process should be done in the most cost-effective manner possible, while still constructing a high-quality house that won’t be susceptible to required repairs.
How To Find The Right Land
It’s important to find the right land, that is in the right location. You might think any piece of dirt will work for building a build to rent property in Philadelphia, but this is not necessarily the case. There are zoning restrictions to consider and well as environmental factors that will limit your ability to build on the land. Some lots have poor soil, making building impossible or very complicated. Other properties have endangered plants or animals nearby, prohibiting any building from taking place anywhere in the vicinity.
The location of your land is one of the most important factors. Are people going to rent a property where you decide to construct your build to rent home in Philadelphia? The location needs to be popular and in high demand with your preferred clientele. Who is renting in the area and what kind of house will they likely be looking for? You will want to find the right location that will meet the needs of the majority of renters in your area. While someone may be interested in your rental that is off the beaten path, you likely won’t have as large of a pool of potential renters for your property.
How To Find A Renter Right Away
If you want to find the right land and create the perfect build to rent home, being able to quickly find potential tenants is key. You will want to generate a buzz for your property, making it more in demand with your potential renters. The more people who are interested, the better the chances of you finding the perfect people to live there. You’ll need to make sure the house is marketed in the right way and that you are highlighting all of the property’s features. Consider marketing the house before the building has been completed in order to generate interest. That way, once it is ready for move-in, you will have people lining up to see it in person.
How To Find The Right Tenants
Even if you have people banging down your door for a chance at your rental, you will need to make sure you have the right people living there as with any other tenant situation. Finding the right tenant will require you to run background checks, speak with references, and do your homework on the person before signing a lease with them. Ideally, you are looking for someone who will stay in the house long term and who will treat the property as if it were their own. Having respectful tenants who pay their rent on time, don’t cause any damage, and who take care of the place are worth their weight in gold. Skipping a background check can be detrimental, Make sure you check everyone, even if they are someone who is already known to you.
Are you interested in learning more about the build to rent process or the demand for rentals in Philadelphia? We are happy to answer all of your questions as well as help you find the right land and facilitate the process! If you have thought about a build to rent investment in Philadelphia, let our team help you with the details!