Property Types That Are Easy To Turn Into Rental Units - Home & Texture
Homeownership Properties To Flip

These Are the Best Types of Properties To Convert Into Rental Space

For budgets of all types.

By
July 8, 2024 at 7:32 AM PST
Homeownership Properties To Flip

These Are the Best Types of Properties To Convert Into Rental Space

For budgets of all types.

By
July 8, 2024 at 7:32 AM PST

Thinking about investing but not sure where to start? Converting properties into rental units can be a really nice way to make money. You might think to pick an old home or abandoned apartment complex to turn into rental units, but there are a lot of other more unconventional property types that you may be overlooking. And these properties don’t just add a unique character, they cater to a variety of tenants looking for something a little different.

If you want to learn which of these unsuspecting property types are actually hidden gems, take a look at the best places to convert to rental units.

The inside of an empty warehouse
Photo credit: Kevin Chuang 

Warehouses

If you like industrial design styles, you can easily convert a warehouse into a super hip loft. For the most part, warehouses already have a lot of open space, high ceilings, and natural light — just like lofts do. Bonus points if you can find a warehouse space with those cool, exposed brick walls.

Another reason why they work is because they’re typically located in urban or metropolitan areas, making them extra convenient for people who prefer to rent near the city. Plus, if you have a view, it can be really special to see the cityscape from up above.

Schools

If you’re really about that rental life, former schools are another fabulous option. They’re really, really spacious so you can fit multiple units inside the property. But they can cost quite a bit, plus with more room to manage, you definitely want to be extra careful with upkeep and maintenance.

And just like churches, schools often have unique architectural features that can add character to your living space. And depending on the location of the school, it can also be conveniently located near public transportation or other amenities.

The exterior of an old church
Photo credit: Eric Prouzet

Churches

Abandoned churches might look creepy on the outside, but actually, they’re an ideal type of property to convert into a rental unit.

Depending on the building, you can probably get a place with a spacious interior and high ceilings — perfect for adding a bed, table, a couple of chairs, and even a couch. Plus, a lot of the older churches are decked out with really cool architectural features like stained glass windows, ornate woodwork, or intricate ceiling details, which can be pretty cool to keep for bedroom decor.

Barns

For the people who like the country life, a barn can be the perfect rental unit. If you had a farm growing up or know someone who did, you can turn it into a nice way to earn extra money each month. Living in a renovated barn surrounded by peaceful fields is an absolute dream for a lot of people. And because of that, for a quiet, country retreat away from the city, you can definitely make a pretty penny in rent.

A shipping container converted into a cozy home
Photo credit: ANGELOXWU 

Shipping Containers

Ever thought of living in a shipping container? You might be shocked to learn how many people do. They’re perfect for renters who need an affordable place to live because due to their size, they’re typically pretty cheap to rent. But that doesn’t count as a loss on your end — if anything, they’re one of the more cheaper properties to buy, so you can rent out a couple or more and make quite a bit of money in the long run.

Because they’re small, you don’t have a lot of room to work with when it comes to decorating. And keep in mind that any structural modifications you add might make it more costly. But after you get your units up and running, you’ll find that they attract a lot of people looking for modern yet affordable housing, making it a worthwhile investment.



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