There are a lot of good reasons for furnishing your Blaine rental house. In addition to charging a higher rent for your furnished property, you can also open your rental to a wider tenant base. Still. owning a furnished rental isn’t the right option for every location or property investor. It is still best to weigh the pros and cons before you start furniture & décor shopping.
First and foremost is to think about the type of tenants your Blaine rental property will attract based on its location and proximity to amenities. Your property might be near a popular vacation spot or city center If that is the case, offering furnished rentals would be one way to tap into this renter base.
Your furnished rental can serve tenants like executives who are moving across the country or investors, project managers, or business professionals who have to be at a close distance to their job sites for months at a time. There are also other demographics who look for furnished rentals, so it is important to study your location and market well to find out who your rental property is suited for.
In addition to this, there are other advantages to furnishing a rental house. In financial terms, furnished rentals often rent between 15% and 30% more than unfurnished ones. Great furnishings help you rent the property more easily. Renters find attractively furnished spaces to have more appeal versus empty ones.
Aside from these benefits, there are also a few cons to furnishing a rental house. Potential damage to furniture is probably the biggest issue property owners face. Furnishings will need to be replaced as they begin to wear out. But tenants can be less careful with a rental’s furnishings than their own. Choosing sturdy items will help them last longer but you still need to plan for the cost of replacement in your budget.
Another common problem with furnishings is those small items are easily broken, lost, or even stolen. Remote controls, bed linens, lamps, and small appliances may quickly break down or disappear. Keeping track of every item in a rental house will be more work for you. This is especially true when you try to get compensation for missing or broken items. Having clear documentation of every item will be very helpful. You can go over this with your tenant before they move in and do an inventory again when they move out.
Keep in mind also that the more things your rental house has, the more time and effort it will take for general upkeep to maintain and clean them. Tenants who look for furnished rentals will expect the furnishings to be at least in good condition. Anything less, and you may start losing tenants. If tenants dislike the way you have furnished the place or if they find the furnishings, not to their liking, they can decide to forego renting your property on that fact alone. Some might also ask you to remove some furnishings which you will then need to find a place elsewhere for. These can all result in additional costs that will affect your cash flows.
In the end, you will still be the one to decide whether or not to furnish your Blaine rental. Just keep in mind the importance of knowing your ideal tenant and your local rental market so you can choose what is best for your properties.
If you would like an expert in both property management and the Blaine area to weigh in on the question of furnishing your rental property, contact the team at Real Property Management Teyata today. Our property management experts can help you determine whether furnishing your rental house is the right move for your situation and goals.
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