There are many reasons for you to furnish your Cheney 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, you have to consider what type of tenants you will attract to your Cheney rental with your current location and proximity to amenities. For example, your rental is near a popular vacation spot or a city center that has many business professionals. You will realize that offering furnished rentals is a good way to serve this rental base.
Furnished rentals can be long- or short-term depending on whether your tenant is an executive, investor, project manager, or other business professional needing to be near a job site for months at a time. Furnished rentals can also be for other demographics so it is good to know your location and market well to help you decide on the best suitability 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. Do a good job with your furnishings and you can rent the property more easily as an attractive furnished space that will hold more appeal for renters than an empty one.
On the flip side of these benefits, there are also a few challenges to furnishing a rental house. The biggest issue most owners face is the potential damage and wear and tear on furniture and other items on the property. Natural aging and wear will necessitate the replacement of these furnishings. But tenants may not be very careful with your rental’s furnishings as you would like. 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 is 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 can be hard to track every item in a rental house. This is important especially when you try to get compensation for missing or broken items. It helps to have clear documentation of every item in your property before your tenant moves in and to do a complete inventory once they move out.
Having more things in your rental house will also mean more maintenance, cleaning, and general upkeep. Tenants looking for furnished rentals will expect things inside 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. Others might ask you to remove some furnishings and you will have to find storage for these items. Situations like this could bring additional costs that you should be prepared for.
Ultimately, deciding on whether to furnish your Cheney rental is up to you. 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 Cheney area to weigh in on the question of furnishing your rental property, contact the team at Real Property Management Spokane County 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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