There are many reasons for you to consider furnishing your West Haven rental house. In addition to the opportunity of charging higher rent for a furnished property, you can also lease it out to more tenants. 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.
First of all, you have to consider what kind of tenants you would like to attract to your West Haven rental property based on its location and proximity to amenities. Your property might be near a popular vacation spot or city-center You will realize that offering furnished rentals is a good way to serve this rental base.
Your furnished rental can be leased by tenants ranging from executives to investors, project managers, or other business professionals who need to be near their job site for months at a time. Other demographics are also now preferring furnished rentals so it is vital that you know your location and market well so you can decide who your rental property is best suited for.
There are other advantages to furnishing a rental house. In financial terms, furnished rentals often rent between 15% and 30% more than unfurnished ones. Having great furnishings helps you rent the property more easily because renters naturally find an attractive furnished space more appealing than an empty one.
Along with these benefits, there are also some downsides to furnishing a rental house. Probably the biggest issue that property owners face is the potential damage to furniture and other items. Of course, furnishings will have to be replaced as they show signs of age. But tenants may not be very careful with your rental’s furnishings as you would like. You can choose good quality, durable items, but the cost of replacement is still something you need to plan and budget for.
Another common problem with furnishings is those small items are easily broken, lost, or even stolen. Remote controls, bed linens, lamps, and small appliances may quickly break down or disappear. Keeping track of every item in a rental house is very hard. 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.
Keep in mind also that the more things your rental house has, the more time and effort it will take for general upkeep to maintain and clean them. Tenants expect furnished rentals to be spotless and in good condition. Anything less, and you may start losing tenants. Prospective tenants can decide not to rent your property based only on how you have furnished the place or if they find the furnishings less than ideal. 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.
In the end, you will still be the one to decide whether or not to furnish your West Haven rental. So you have to understand your ideal tenant and local rental market so you can make sound decisions for your properties.
If you would like an expert in both property management and the West Haven area to weigh in on the question of furnishing your rental property, contact the team at Real Property Management Southern Connecticut 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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