If you’re a property owner considering renting out your property, or a new landlord wondering how to make the most money from your rental
unit, have you thought about keeping it furnished? Most landlords think an
unfurnished apartment is the easiest way to go, but in certain markets it could
be beneficial to your bottom line if you offer your rental as a fully furnished
place to live. You could be looking at a higher-end tenant; a professional in
an urban area in particular might find a furnished place appealing. You could
also charge a higher rent – in some areas finding a furnished place is rare
and, as such, in demand.
Landlords who are worried about their furnishings being
damaged should take heart: Security
deposits don’t usually include the value of the furnishings, but in case
anything is damaged or needs to be replaced, your insurance policy should cover
it. (Check with your agent to be sure.)
A few things to keep in mind before scouring Craigslist and
auctions for some nice but inexpensive furnishings are the downsides to renting
out a furnished apartment. For one thing, you’ll need to keep a careful
inventory of everything you’re providing tenants, from large furniture to
kitchen utensils. And that means a
higher chance of having to deal with maintenance and cleaning issues, as you’ll
likely be faced with the occasional need to clean, repair or replace
furnishings that become damaged or go missing.
Also,
people who are looking for furnished apartments are not usually long-term lease
signers. They’re often starting a new job in a new place, starting over in
their personal lives, or in a temporary living situation due to an emergency.
So you have to be OK with that kind of turnover. Just remember that tenant screening is just as important with a short-term tenant as it is with a long-term tenant; perhaps even
more so.
Visit our homepage for more info on our tenant screening services.
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