Jacksonville Property Management Blog
Furnished vs. Unfurnished Rentals: What to Consider as a Landlord
Every landlord has a dilemma about whether to rent their property furnished or unfurnished. Depending on your choice, you'll enter the market and attract a specific group of tenants. So, if you're still fighting that furnished vs. unfurnished rentals battle in your mind as a landlord - here are some things to consider.
The key difference: furnished vs. unfurnished rentals
We'll get into the question of whether or not landlords need to provide everything. But, we first need to have a look at the fundamental distinctions between the two types of housing arrangements. At first look, the distinction between a furnished and unfurnished space may seem to be self-evident. Nevertheless, that is not always so! For starters - unfurnished does not always imply being empty of all belongings (many first-time landlords have a misconception that it does).
Even if you are renting out a house in its unfurnished form, you should still make sure to include at least the following items in the rental agreement:
- a stove,
- a washing machine
- fixtures for the bathroom
- the carpeting
- a choice of drapes or shades
Which one is preferable for property owners?
The answer to this question seems to be either black or white. But, it's not quite as straightforward as it may first appear. What the renter wants is much more essential than what you want. If you focus on what they want, you'll always make the right decision as a landlord. After all, the most important thing a landlord wants from a rental property is returns. And you won't receive any if you let your home sit empty for too long!
So, talk to a respected local letting agency to find out where the land sits in your specific location for the sort of property you desire to rent. You will want to showcase the property in a way that is appropriate for the sort of renter that will be living there.
Moving out is easier
If you used to live in a property you're now renting, the moving process would be easier if you decide to go for a furnished rental. You won't have to do the heavy lifting and worry about where to put all the furniture. However, if you choose to rent unfurnished, you'll need to take out most of your stuff. In that case, it's better to seek reliable moving services to get all the help you need and have a stress-free experience.
The deposit is higher for furnished properties
For instance, in certain jurisdictions, landlords are only allowed to ask for a maximum deposit of a particular amount for unfurnished apartments. At the same time, they may ask for a larger maximum amount for furnished apartments. This safeguards the landlord from the financial burden of having to purchase new or repaired furnishings if they are destroyed.
If you invest more, the returns will be greater. Many people who rent their homes believe that it is money well spent since they are spared the expense of buying furnishings. Sometimes, it doesn't pay off for a tenant to buy their own furniture. According to the experience of experts at promoversmiami.com, the variation in the price will be rather substantial from one location to the next. Also, in many instances, the lease terms for furnished apartments are shorter than those for unfurnished apartments. This is because most individuals searching for an apartment that is already furnished are doing so to find temporary lodging.
It is not unusual for the monthly rent for a furnished apartment to be 20–40 percent more than the cost for an apartment with furniture. The figure will become much higher for stays of less than one month, which are considered short-term.
Different target tenants
Every landlord wants to attract a quality tenant who is responsible and who'll take good care of the property. Because furnished apartments cost more, they naturally attract renters who can afford that. Typically, these tenants are young professionals or young families. Also, some students haven't gathered their belongings. If the rental property is located in a college town or a more urban region, there are probably lots of possible renters seeking such a rental. As a landlord, you might gain from catering to this market. It's good to make the rental more appealing to students and those who live in metropolitan areas.
A damage possibility
Unfortunately, sometimes renters do not take good care of the property and the furnishings. In that case, the landlord will be forced to shoulder a more significant financial burden. The risk of damage increases when an apartment includes furniture. When renting out a furnished property, landlords are more responsible for maintenance and repair. They need to be on the lookout for actual damages as well as stay ahead of usual wear and tear. It's crucial to do a thorough investigation of who you're renting your property to if you want to prevent tenant damages.
Prices paid for storage
If the furniture cannot remain in the rental property, the landlord is responsible for getting it rent-ready. This means it's your responsibility to storage arrangements for it. For instance, if the landlord gives permission and the renters wish to use their mattresses and bedframe, it is the owner's responsibility to relocate the current bed and find a place to store it. The tenants are responsible for paying any associated costs. In a similar vein, maybe you wish to re-carpet or paint the apartment in between tenants. In that case, you are responsible for making arrangements for the furniture to be moved and/or stored so that the work crews may complete their tasks.
Having a wholly furnished rental seems nice, but it has its pros and cons, just like renting an unfurnished property. There are a lot of things to consider and think about as a landlord. In the everlasting battle of furnished vs. unfurnished rentals, it's important to consider all the factors. Apply them to your situation and then make an informed decision.
Meta description: There is an everlasting battle in real estate, including furnished vs. unfurnished rentals. So, consider these things before you decide.
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