If you are renting out property as a landlord, you need to weigh up whether to offer furnished accommodation or unfurnished accommodation. Both have their pros and cons. And are likely to appeal to different types of tenants. This post explains the best ways to furnish your rental property.
Why furnish your property?
Furnishing a property involves providing furniture and basic amenities. The bare minimum typically involves a bed (with mattress, but not sheets), nightstand, wardrobe, sofa, TV stand, washing machine, oven and fridge. Some landlords may offer more than this including bedsheets, towels, lamps, a TV, microwave, kettle/coffee maker and an array of kitchenware.
The biggest benefit of furnishing a property is that it can make your property more attractive to certain types of tenants. Primarily students and professionals who may be temporarily relocating for work. These types of tenants don’t want to buy furnishings. This is because they’re not planning to stay in the property long-term. It is therefore convenient for them to have somewhere they can move into that’s already furnished.
Furnished short term rentals are often in demand near colleges or in commercial hubs. You get to choose whether to target students or working professionals. Of course, these are not necessarily the only people who may want to move into a furnished rental. However, having a specific target tenant in mind could make it easier to choose the right furnishings.
Why keep your property unfurnished?
Furnishing a property is an extra cost to consider. Plus you need to be willing to repair or replace any furniture or appliances that break due to wear and tear. You can stipulate that if a tenant breaks or steals any furnishings, money will be removed from their deposit. These are used to pay for repairs or replacements. However, you will still likely need to arrange these repairs/replacements. This could be an extra responsibility to weigh up.
Besides, unfurnished properties are more popular among tenants looking for somewhere long-term to stay – such tenants may already have furniture from a previous property or may be eager to choose their own furnishings. Providing furnishings may put off these types of tenants.
If you’re renting out a house or multi-bedroom apartment near a school or a play park, then you’ll most probably want to keep the property unfurnished. This is to target families who are looking for a home to settle down in and make their own. Unfurnished apartments are also the best option in small towns that don’t get a lot of outsiders moving in – most potential tenants here will be locals looking for a home to personalize rather than somewhere to move in temporarily.
What should you do?
Think about the type of property you’re renting out and the types of people renting in your area. An apartment near to a college or near a major commercial district could be an ideal property to turn into a furnished short-term rental. A house in a family area is safer to leave unfurnished. This will appeal to families who want a home they can freely furnish themselves. You should also consider your budget. And whether you’re willing to take on the extra responsibility of maintaining furniture and appliances.