As a landlord, you should always be considering ways to draw more customers to your rental properties. One of the best ways you can do this is by furnishing your property before renting it out. The added expense may seem like a burden now, but the benefits of furnished rentals make it worthwhile.
Read on as we explain how renting out a furnished property can be a great strategy to bring you more money.
Benefits of Furnished Rentals
The following are some benefits that make furnishing your rental property a smart decision:
Attracts More Tenants
One of the major benefits of furnished rentals is that they attract a wider range of tenant types. The already-placed furniture and appliances save tenants the inconvenience and hassle of picking out their own stuff.
The arrangement is especially great for people studying away from home or relocating for work. In addition, furnished homes serve as great short-term rentals, and they are pretty popular right now among tourists.
More Money for You
Furnishing your home is basically a rental premium that adds to the value of your property. So, it’s completely justified to increase the rent of the previously unfurnished home. It’s also normal for you to ask for a higher security deposit to protect your furniture and appliances.
However, note that the rent and deposit will be dependent on the quality of the furnishings. The better the furniture and appliances, the more tenants will be convinced to spend the extra bucks. The good thing, though, is that you can claim tax reductions on the depreciation of these rental furnishings.
Low Vacancy Periods
Furnished apartments are very popular among the masses right now, especially as short-term vacation rentals. In fact, by 2029, the projected market value of vacation rentals is 24.78 billion U.S. dollars. This is because these rentals are hardly vacant and hence are always generating money.
They’re mainly the preferred option among tourists because they are cheaper than hotels. Plus, they provide a sense of home, making tenants feel more comfortable.
Less Property Damage
One of the phases that can cause a lot of damage to your home is the initial moving process. When unfurnished, tenants have to drag in their own furniture and install their own appliances. This often causes scratches on the floor, accidentally chipping off paint, etc.
Plus, some installations may even require hammering nails into your walls. All this can be a hassle to fix, even with a security deposit. The benefits of furnished rentals allow you to skip this dreadful process.
Conclusion
Furnished homes are a top choice among tenants like students, tourists, and professionals who are relocating. With their popularity rapidly increasing, you’re bound to get a return on investment as soon as possible.
If you’re unsure about how to manage a furnished rental, we’ve got your back. Contact us at Home Team, and we’ll have you enjoying the benefits of furnished rentals in no time. From tenant hunting to negotiating the best rent, our property management experts have got your back.
