In my alternate universe, I have a job that pays $100,000 a year, a spacious house, and the same car I have now (can’t get too crazy with my daydreams). I’m up for a promotion, have someone to plan and prepare all of my meals for me, and on occasion my family comes to visit me on the weekend.
Aside from my car, none of these alternate universe realities are close to matching my current reality, including my family coming to visit. Remember when I mentioned my small apartment? That wasn’t a joke. We don’t have room for anyone else. We did try to have company over once and the place was CROWDED! though gave me good incentive to leave the house more.
If only there was some way to magically add on a room and maybe a bathroom for a couple of days when people come to visit me.
As property owners and managers, you can’t go in and add on a lean-to for your residents when they have guests, but when it comes to tenant amenities there is something else you could consider - guest rentals. With the existence of hotels and airbnb it isn’t that odd of a consideration.
Positives of Guest Rentals
Can charge a higher rate per day than for your standard apartments
The space is already built into the units you have, since it is one
If you have that one apartment that has high turnover, this would be a good way to utilize it
Another amenity you can add to the list when you market to potential residents
It will be the closest residents can get to having guests stay in their own apartment, since they’re only a minute away, as opposed to if guests stayed in a hotel
Be able to keep track of who is coming and going on your properties
Of course you will need to consider how often this amenity would be utilized. Ask residents if they would like the option of a guest rental, if they would use a guest rental for those who come to visit, and how often. If no one is going to use it you’ll be losing money. If there’s a lot of interest and you already have residents booking days, I say go for it.
