First and foremost is to think about the type of tenants your Gainesville rental property will attract based on its location and proximity to amenities. Let’s suppose you have a property near a popular vacation spot or city center that always brings in new business professionals. Offering furnished rentals would be a good call for you to tap into this renter 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.
In addition, there 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.
Given these benefits, there are also some downsides 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. Furnishings will need to be replaced as they begin to wear out. However, tenants may not be as careful with your rental’s furnishings since these are not their own. Even when you choose quality items, you still have to factor in and plan for cost replacement in your budget.
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. 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. Clear documentation of the inventory of items in your rental house will help a lot as you can go over this with your tenant before they move in and check it again 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 looking for furnished rentals will expect things inside to be spotless and in good condition. Anything less, and you may start losing tenants. If tenants dislike the way you have furnished the place or if they find the furnishings, not to their liking, they can decide to forego renting your property on that fact alone. Others might ask you to remove some furnishings and you will have to find storage for these items. Situations like this will incur additional costs that you have to prepare for.
Ultimately, deciding on whether to furnish your Gainesville rental is up to you. As long as you understand your ideal tenant and local rental market, you can make a confident choice for the best use of your properties.
If you would like an expert in both property management and the Gainesville area to weigh in on the question of furnishing your rental property, contact the team at Real Property Management Stellar today. Our property management experts can help you determine whether furnishing your rental house is the right move for your situation and goals.