A turnkey rental property is one that is ready to be rented out as soon as you purchase it.

The term “turnkey” comes from the fact that all you have to do is turn the key in the door and tenants will start moving in. It’s a great option for investors who want to get started in real estate with minimal hassle.

What is a Turnkey Rental Property?

Turnkey properties are those that are in great shape – and sometimes, they’re even fully furnished. This can be a great perk for tenants, who can move in and start living right away without having to worry about setting up their own furniture or buying appliances.

Another advantage of turnkey rentals is that they’re often located in prime areas that are already popular with renters. This means you won’t have to spend as much time and money on marketing your property to potential tenants.

Related: 3 big mistakes new REIs make (and how to avoid them)

How Do You Make Sure Your Property is “Turnkey”?

Before you can market a property as a turnkey rental, you need to ensure that it’s up to standard. That means:

  • Making sure the property is in good condition and all repairs have been made
  • Ensuring that the property is clean and presentable
  • Keeping the landscaping neat and well-watered

Do Turnkey Properties Rent for More Money Than Other Properties Do?

The answer to this question is tricky. On the one hand, turnkey properties are often in high-demand areas that can justify higher rents. On the other hand, since turnkey properties are typically move-in ready and don’t require any additional work or investment from the renter, they may not command as high of a premium as other properties that require more work.

Ultimately, it depends on the specific market and property in question. In general, though, turnkey properties do tend to rent for more money than other properties do.

Related: Should you invest in a multifamily property?

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