Must-Have Features to Look For in a Nashville Rental Property

Nashville rental property investment has gained immense popularity recently among both casual individuals and large corporations. Considering the city’s low cost of living at 4.8% and better job prospects with national compamnies being set up fast, investing in Nashville rental property is a smart choice.

Residences here serve double-time when it comes to investment value as they can either be used for long-term family rentals or lucrative vacation rentals, making good rental earnings every month with a faster return on investment.

The cherry on the top is Nashville’s surrounding areas, like Bellevue, Brentwood, and Antioch, which rank among the hottest property markets in the US right now. Not to mention, the city’s recent surge in population has further contributed to a  12.8% increase in average rental rates due to a rise in the number of renters. But before you choose a Nashville rental home to invest in, here are a few must-have features to look for:

1. The Curb Appeal Is Important

Curb appeal of the home, both internal and external, matters. While it is a good idea to go through the property interiors, like flooring and walls, the outside of the home should also look well-maintained. Go for properties with hardwood floors or new carpets with fabric that does not get stained over time and can easily hold all kinds of odors. Even hardwood floors make a great choice as they can be cleaned very easily.

Coming to the home exterior, ensure the walls are clean and well-maintained and feature a bit of extra landscaping. Here again, make sure a Nashville rental property features maintenance-free landscaping options. Further, the lawn must be perfectly trimmed with edging, so you need not worry about planting flowers or going for a few extravagant decorations.

2. Look for Small Rental Homes in Nice Neighborhoods

Nashville has no dearth of high-priced neighborhoods where even the smallest rental properties make smart investments. Always look for properties near transit arteries and schools while ensuring they are available within an affordable range. Even more important than judging the fixtures and floors is ensuring you do not encounter any maintenance surprises, like a collapsing roof or foundation.

These big-ticket expenses often remain hidden or are sold forward in Nashville’s high-demand market. Therefore, thoroughly review these features before investing in a rental property in Nashville.

3. Pay Attention to Security Measures

It’s not that the residential areas in Nashville are not prone to crimes. Car break-ins and porch pirates are hard to avoid in the city. Therefore, going through the security systems installed in a rental home properly makes sense. Examine the systems to be in good working condition so you remain more secure as a future tenant. Besides considering properties with convenient digital security options, focus on less technological features like fences that can eventually deter potential thieves while making you more comfortable in your new home.

And for a hassle-free tenant experience, go for rental homes where the landlords use digital platforms to collect rent and other bills. This way, you can pay your rent conveniently and set reminders for timely bill payment.

4. Choose Rental Homes Available on Smart Lease

Any responsible landlord will have a lease or legal document outlining the rental terms between him and the tenant. Ensure your smart lease includes important terms, like your name and the names of the other occupants, tenancy period, rental due date, rental rate, fees, security deposit, occupancy restrictions, maintenance and repair policies, and right-to-entry terms.

Ensure you understand the lease terms thoroughly so you are well aware of your rights and responsibilities as a tenant. Ask as many questions as possible about unclear clauses or regarding specific issues not addressed in the lease. Also, go through the property pet policy, if available.

5. Affordable Rental Price

Probably an essential thing to consider when considering Nashville rental properties is the price. If you are thinking of buying a home to let on rent, ensure the property you are going for offers a good return on investment. You can easily calculate the return by keeping 1% of the property purchasing cost as your estimated monthly income. You can also invest in vacation rentals to make huge future earnings but remember they require better maintenance over time.

6. Look for a Tenant Care Team in Place

Landlords generally do not like tenants moving out of their homes for reasons like ignored repairs and lack of proper maintenance. Hence, they have tenant care teams to handle all tenant issues promptly. Always consider Nashville rental properties under the supervision of such teams, so you need not worry about property management. The team must include appliance repair experts, roofing professionals, painters, HVAC technicians, and plumbers for your convenience.

However, having this team in place does not mean that the landlord must not be reachable or available when required. Focus on effective communication with the landlord establishes trust and improves satisfaction. Always look for landlords who can handle tenant emergencies and concerns without wasting much time.

7. Simple, Love-In-Ready Innovations

Suppose you find a rental home in Nashville that strokes your preference but requires a bit of renovation. What next? If the home needs renovation, assess what renovations are required to make the investment move-in ready for the renters.

Conclusion

Finding a suitable rental property in Nashville takes careful decision-making, considering the city’s hot real estate market. Though you may be eager to invest in the city’s rental properties for their lack of state income tax and great lifestyle offerings, look for the features above to maximize your rental property investment.