Investing in real estate can be a really great way for you to expand your financial portfolio both as an individual and as a business. One area of real estate that may be worth looking into is apartment rentals. While you can build a traditional apartment, you may want to consider delving into specific types of apartments that have their own unique niches instead.
1. Low-Income Housing
Not everyone can afford a lot of money to put down on rent every month. One type of apartments that you may want to consider getting into is low-income housing. Low-income housing doesn't necessarily mean that it's fully funded by the government, but many of these housing projects do get some grant funding from the government in order to offset the expenses.
If you want to get into this type of housing, you will typically need to meet certain requirements yourself. For instance, many of these types of housing projects are smaller units that are only one or two bedrooms.
2. Disability Access Apartments
Another type of audience that you may want to create apartments for are individuals with disabilities. Depending on the area that you live in and the regulations that they have, you may be required to have some disability accessible apartments in new construction, but that may not be the case.
In order to create an apartment that has disability access, you will want to either have things like a ramp or an elevator that those with wheelchairs can use. Also you will want to have units with extra wide doors to help individuals with disabilities as well.
3. 50+ Communities
Retirement communities or apartments for individuals that are over the age of fifty is another area that may be worth tapping into. With these types of apartments, you will want to have certain accommodations for individuals as they age, which may be similar to those with disability accessibility. For instance, you will want to have ramps for wheelchair access, covered or underground parking, elevators, and safety features in the showers to prevent slipping and falling.
Although the majority of your renters will have to be over the age of 50, you only typically have to keep a percentage of your renters over this age and you can have other people who are younger rent from you as well. For instance, if your regulations say that 80 percent of the people need to be fifty and over, then 20 percent can be younger.
If you want to invest in apartments, consider less obvious choices such as low-income housing, disability access apartments, or 50+ communities.
