There are different types of rental properties in the property management industry. When stepping into the property management business, one needs to understand the uses and types of rental properties a person can buy or rent out. There are four main categories of properties: commercial, industrial, residential and retail.
Residential rental properties consists of apartment buildings, multi unit rental properties, and single family houses.
The first type of rental property in property management is apartment buildings. Large apartment buildings are rental properties which can house the most tenants. They have many rental units that a tenant can rent and investors are usually investing in these types of buildings. Small apartments buildings are smaller that larger apartment buildings and they might offer basic amenities to all the tenants such as swimming pools, laundry rooms, etc.
The next type of rental properties in property management is multi unit rental properties. Multi unit properties contain 2 to 4 units which are known as duplexes, triplexes or four-plexes. Some people might buy one unit and rent out another one to generate source of income from them.
The last type of property in property management is single family houses. These rental properties can house only a single family and it is more private as it is not attached to other buildings such as a duplex.
Landlords, property management companies and property managers should study the types of rental properties when involved in property management. You will have better understanding of how each type of rental property works and can invest that suits your ability to handle.