There are so many reasons that favor furnishing your West Ashley rental house. You can usually charge a higher rent for a furnished property and you can lease to a greater variety of tenants as well. However, before you go and shop for furniture and décor, bear in mind that owning a furnished rental isn’t always for every location or property investor.
Think about the kind of tenants you would want for your West Ashley rental property based on its location and proximity to amenities. Your property might be near a popular vacation spot or city center You may find that offering furnished rentals is beneficial for this setup and can cater to 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. Many other demographics are also now considering furnished rentals so this is also one thing to bear in mind as you study your market and location to make the best decision for your rental property.
Here 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 can help you rent the property more easily since an attractively furnished space will be more appealing for renters than an empty one.
On the flip side of these benefits, there are also a few challenges to furnishing a rental house. Probably the biggest issue that property owners face is the potential damage to furniture and other items. It is not really a question of willingness to replace worn furnishings. But tenants might not be as careful with your rental’s furnishings as you would want them to be. The quality items you have chosen may last longer but you still need to plan and prepare a budget for the cost of replacement.
Another common problem with furnishings are the small items that are easily broken, lost, or even stolen. Remote controls, bed linens, lamps, and small appliances may quickly break down or disappear. It is very hard to keep track of each and every item in a rental house. This is especially true when you try to get compensation for missing or broken items. Keep clear documentation of every item in your property before your tenant moves in and do a complete inventory when they move out.
Remember that the more things you keep in your rental house, the more effort you’ll have to spend on maintenance, cleaning, and general upkeep. Tenants expect furnished rentals to be spotless and in good condition. Anything less, and you may start losing tenants. Prospective tenants may make their decision simply based on how you have furnished your property or if the furnishings fall below their expectations. Some might also ask you to remove some furnishings which you will then need to find a place elsewhere for. These situations could result in additional costs that can affect your monthly cash flows.
At the end of the day, the decision to furnish your West Ashley rental will be wholly up to you. 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 West Ashley area to weigh in on the question of furnishing your rental property, contact the team at Real Property Management Distinguished Care 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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