For those landlords looking to corner the student rental market, furnished options are an option worth considering. As many students come from out-of-town and most of these students tend to pack light, so offering a furnished rental is a great way to make your rental property more appealing to the student rental market.
Offering furnished apartments is a great option for landlord that has additional furniture, as the rental space is an excellent alternative to expensive storage. However, as tenants are becoming more and more décor savvy, it’s best to leave the outdated couch from the 70’s at the dump. Properties that offer modern décor typically are able to ask for higher rents and higher rents mean more money in the landlord’s pocket.
When considering your rental property as an investment, renting furnished is a smart choice. By making smart furniture purchases, a landlord can ask for upwards of $200 a month or make an additional $2400 in rent a year. So with smart and durable furniture purchase a landlord can be looking at some easy money in the bank.
Now being cheap with furniture may be a landlord’s initial reaction, as it can be difficult to invest money on nicer furniture. However, higher quality, more durable furniture will eliminate the need to replace furniture regularly and can save a landlord money in the long term. The nicer the furniture is means that generally the tenant is more likely to respect the furniture and the rental.
If a landlord is concerned about damage to their furniture investment, a positive tenant/landlord relationship and regular inspection will work in to encourage tenants respectful treatment of your property. A good landlord/tenant relationship will encourage tenants to be honest about possible broken furniture and a resolution can be decided between both parties.