In real estate investment, demand for maisonette-style rental properties has been rising in recent years. This article explains, from an owner’s perspective, the investment advantages, disadvantages, and success factors of maisonette apartments, which can create differentiation while keeping construction costs under control.
What Is a Maisonette Rental Property?
A maisonette is a rental property in which a single unit spans two levels. It offers a living experience closer to that of a detached house, and because residents can live with less concern about noise between floors, it is especially popular with families and couples.
What Are the Advantages of Operating Maisonette Rental Properties?
1. Construction Costs Can Be Reduced
Because exterior staircases are unnecessary and the number of units is smaller, construction costs are often lower than those of a standard apartment building. This can also help reduce maintenance and management costs for shared corridors and shared staircases.
2. Differentiation From Competing Properties Is Possible
The supply of maisonette-type units is limited, and their rarity tends to reduce competition. They are more likely to attract applications from couples and families looking for stylish rental housing, making them effective as a differentiation strategy.
What Are the Disadvantages of Operating Maisonette Rental Properties?
1. Profitability Tends to Be Lower Than That of Studio Apartments on the Same Footprint
Because maisonette properties have fewer units, their total rental income is often lower than that of studio apartments even on the same lot size. For example, four maisonette units renting at 100,000 yen each generate monthly income of 400,000 yen, whereas eight studio units on the same land renting at 70,000 yen each generate 560,000 yen.
2. Vacancies Have a Larger Impact
Because the number of units is small, a single vacancy has a significant impact on revenue. Since the target tenant segment is narrower, owners should also account for the risk that it may take longer to find tenants.
Key Success Factors for Maisonette Rental Management
A Design That Creates a Detached-House Feel
Providing a private garden and dedicated parking, and adopting specifications that feel like a detached house, can improve tenant acquisition rates. Attention to an exterior and interior with a designer-apartment feel can also be effective, but overly distinctive designs may miss market needs.
Under-Stair Storage and Soundproofing Measures
Ample storage space is directly linked to tenant satisfaction. It is also necessary to strengthen wall soundproofing against horizontal noise from neighboring units; neglecting this can lead to disputes.
What Kind of Owner Is Suited to Maisonette Management?
- Owners who want to keep construction costs down and run a highly cost-effective operation
- Owners who have land in areas with many families and few detached rental houses
- Owners in areas with strong child-rearing environments, such as neighborhoods near schools and parks
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Frequently Asked Questions (FAQ)
- Q. What is a maisonette rental property?
- A. It is a rental property in which a single unit spans two levels. It offers a living feel closer to that of a detached house and is popular with families and couples.
- Q. Do maisonette rental properties offer higher returns than standard apartment buildings?
- A. In general, because they have fewer units than studio apartments on the same footprint, total rental income is lower. The lower construction cost is what helps offset that difference.
- Q. What kinds of locations are suitable for maisonette rental properties?
- A. Demand is easiest to expect in areas with many families, in neighborhoods near schools and parks, and in regions with few detached rental houses.
- Q. How should vacancy risk be managed?
- A. It is effective to increase family-oriented added value, such as private gardens and parking, and to build a marketing strategy tailored to the target tenant segment.
- Q. What is the most important point in soundproofing a maisonette rental property?
- A. Noise between floors is relatively limited by the layout, but the most important measure is stronger soundproofing for the shared side wall with the neighboring unit. This should be clearly specified to the builder at the design stage.
