Furnished properties attract higher rents – Know what your tenants prefer
According to reports, tenants today are more ready to pay higher rates if their new residences are fully furnished. Studies show furnished rental homes will not only raise your chances of finding a renter but it can also increase your monthly rental yields. Over a quarter of UK tenants (26%) would be more likely to examine a rental if it was already furnished. Furthermore, 26% said they would choose to rent a furnished house over an unfurnished one.
According to a poll of 1,174 tenants, up to 66% would be ready to pay more per month for a well-furnished rental property, but an even larger amount insisted on high-quality furniture to justify the cost. According to experts, including Sittingbourne letting agents a furnished rental home will always appeal to a larger number of tenants. The money saved on furnishings while moving into a rental house, which is already a costly period once deposits and initial rent payments are made, is a major one. Furthermore, it provides a significantly greater level of convenience, which is something that the modern-day tenant appreciates since it eliminates the need to spend a day or more moving huge furniture from one house to another.
Inclusions in a furnished property
When it comes to furnishing a rental, things are a little different and subject to interpretation. While unfurnished homes have a general framework of what the minimum criteria should be, when it comes to furnishing a rental, things are a bit different and up to interpretation.
Although one landlord may provide more than another, a reasonable rule of thumb is to provide what a person requires to live comfortably. As a result, the inclusions list would look like this:
Everything that comes with a furnished property
- Armchairs and/or sofas
- Table and chairs for dining
- Chest of drawers/wardrobes
Which is the most advantageous for landlords?
As one might imagine, there are shades of grey in this seemingly black-and-white issue. The renter should always be the first consideration for landlords; what they want is far more important than what you desire, and this is where you’ll get the perfect answer to this question. After all, the most important thing a landlord wants from a rental property is returns, which you won’t receive if it’s left empty! Personal circumstances may play a role, but the focus should always be on the tenant.
Find out where the land is in your region for the type of property you want to let by speaking with a reputable, local letting agent. A flat in East London, for example, will attract a different type of tenant than a house in the outskirts of the capital therefore you’ll want to display the property appropriately.
The advantages of renting a furnished home
Your tenants will save money on expensive purchases.
If the house is already furnished, you’ll save money on moving costs because the furnishings can be reused once the tenancy is over.
Tax deductions will be available for a portion of the cost of replacing and disposing of obsolete items.
If you rent your property furnished, you may be able to get a better fee.
If the market in your area finds furnished properties appealing, demand may be higher.
Types of tenants
While it’s critical to seek guidance from local experts on the current state of the market in your area, you can make some assumptions about the types of tenants who will be drawn to either a furnished or unfurnished property:
Rentals that are fully furnished are sought after by
- People looking for a place to stay for a brief period of time
- Those who want to be closer to their place of employment during the week
- Corporate tenants who need a place to put their employees or clients
- Tenants from other countries
- Young professionals interested in living in high-priced areas
The advantages of renting a furnished home for tenants
Less pricey – Shopping for expensive furniture and other items can be tedious at the best of times, let alone when you’ve just moved in! Renting a furnished apartment will help you save money.
Greater flexibility – Renting a completely furnished flat makes sense whether you’re between homes or merely need a place to stay for business on a temporary basis.
Highly convenient – Fully equipped properties provide the most convenience. This is especially true if it’s your first rental, you’re moving from a furnished home, or you’re looking for a place you can walk into with only a suitcase.