There are lots of decisions to be made when listing a long-term rental property. Rent rates, lease terms, whether to allow pets or not… One question you may be stuck on is whether to rent your property furnished or unfurnished. There are benefits and drawbacks to both.
Here are a few things to consider when deciding whether or not to leave furniture in your long-term rental:
There are many reasons to list a furnished rental over an unfurnished one. First, a furnished rental may pull a higher rental rate than it would if the same property were listed as unfurnished. Tenants are often willing to pay more for the convenience of having furniture already in the home. This cuts the cost of moving significantly and leads to faster move-ins.
A furnished property is also likely to attract a different type of tenant. Traveling/temporary workers are quite often looking for furnished rentals which can be a huge benefit to you. Company’s may end up using your rental multiple times as temporary housing for its employees rather than finding something new every time.
Home construction delays also create a need for furnished properties. Maybe a seller has already closed on their current home and construction delays are prohibiting them from moving into their new home on time. A furnished rental may be necessary. If only a few months from the move-in date, storing personal belongings rather than moving them into temporary housing may be more ideal.
Unforeseen circumstances can also cause need for furnished homes. Natural disasters such as fires or possible quick relocation would require the use of a furnished property.
There are drawbacks of course as well. Cleaning, repairing or possibly replacing furniture during tenancy or before a new tenant moves in would fall on the shoulders of the landlord. This can become costly. Damage to furnishings is also very possible. If you choose to leave your plush living room suit in your long-term rental, be prepared to accept any damage it may accrue.
Also, leases on furnished rentals tend to be shorter than those of unfurnished homes. This could cause quick turnaround on leases possibly leaving your property unrented for longer periods of time.
There’s also the consideration of taste. Your style may not be in line with other potential renters. Be sure to think about the location of your rental home and the types of renters you would like to attract. An unfurnished rental may perform better in a hip college town rather than a rental furnished with your grandmothers’ hand me downs.
Best of Both Worlds
If attracting those who sign short leases is intimidating but still enticing, you might consider listing your property as unfurnished with an option to furnish. This could attract those seeking longer tenancies while also offering the convenience of a fully furnished home.
However, in this scenario, you would need to be prepared to place and/or remove/store furniture at the turn of each lease as well.
Whether you choose to furnish or leave your property unfurnished, Sea Scape Properties can help. We list your property on top rental websites, such as Trulia and Zillow, to ensure you get the best exposure possible. And we screen every tenant making sure only the most responsible occupy your property.
We’ve been dutifully serving the Wilmington, North Carolina, and surrounding areas for over ten years with our extensive industry expertise. We are dedicated to our clients – homeowners and tenants alike.