So, do (Handicap) Accessible Rental Properties bring in more cash? If not more cash, would a tenant stay in the property longer?
Is there a market for accessible rental properties? Are potential ambulatory tenants reluctant to rent an accessible property?
These are the questions I wonder about. If the right property came available that would only require a few extra thousand dollars to convert to "accessible", would it be worth it?
If the property is well suited to making it accessible, then I would. Universal design benefits more people than just those with disabilities, so look into what it would take to convert the property. There's a real need for more units designed to be accessible. Good for those with mobility and sensory disabilities. As we age, it's not uncommon to develop some disabling medical conditions. Many seniors want to age in place and make good long term renters. There's real savings in having fewer turnovers. We don't charge any more for a unit that has accessible features, but it widens the pool of potential renters, so all's good.
If you have a disability or are temporarily able bodied, raise your hand. :-)
@Marcia Maynard I agree that an accessible rental would be great but I’m concerned some potential ambulatory tenants would not want to rent the property long term. Think about it, It happens all the time with hotels...when one goes to check in, they prefer not to stay in an accessible room (though some are doing it to keep the room available for those truely needing it, but many just don’t want to stay in an accessible room). So I’m not sure what issues I’ll have when trying to find a tenant for my accessible rental.
BUT the trade off would be the potential for a long term tenant, thus making my turnovers less and saving me money in the long term.
Does anyone here have experience with this?
@David Hansen I start with a tenant that needs that sort of accessibility then find the house to modify. It doesn't have to be 100% wheel chair accessible. I rent to companies that get paid to take care of folks with disabilities. Google "home and community based services" to find companies that provide those services. They often have housing needs. They do not move out of these properties because they are too hard to find.
In California all multi unit buildings with elevators need all units to be adaptable. It requires larger bathrooms and removable areas under sinks and lavatories and backing but not pre-installation of grab-bars
Most of that stuff except the extra square footage for maneuvering clearance costs very little so I think it is a good idea. Grab bars can be removed when a less able tenant moves out
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing