One of the dilemmas you may face as a landlord is whether to
rent your property as furnished or unfurnished. There's an argument for both
approaches but there's no doubt furnished properties are more attractive to
certain tenants. But not all furnished properties are the same. The quality of
furniture and appliances can vary wildly. Those landlords who perhaps put cost
ahead of quality may be missing a trick. Furniture can have a big impact when
you're looking to attract tenants.
There's a large segment of the private rental market which prefers
furnished
accommodation. If your property is furnished it's likely you're looking for
tenants in one of these sectors:
·
Young professionals. Young people
probably just out of university who have moved to a new city for work. They
want a turnkey home. Somewhere they can rent without having to worry about the
time and expense of buying furniture and appliances. Convenience is top of the
list when young professionals are looking for a rental home.
·
Company lets. When businesses
rent a property for their employees, they're looking for furnished
accommodation. Those who occupy the property are likely to be on short-term
assignments and are often from overseas. Furnishing their own accommodation
isn't an option.
·
Short-term renters. Many tenants prefer
short-term contracts. They enjoy the freedom of being able to move around. They
don't have, or want, their own furniture.
·
Student accommodation. The obvious market
for a furnished property. No student (or their parents) wants to drag furniture
around the country at the start and end of every academic year.
Each of those groups will have different expectations and
demands. But within each sector the quality of furniture and fittings is
important. Crucially it can be the deciding factor when choosing between two similar
priced properties.
Certainly, company lets and young professionals will be
looking for higher end furniture. Cheap furnishings may prove to be a false
economy. Tenants in all sectors are paying a higher proportion of their income
in rent than ever before. They want value for money. If your furnished property
doesn't offer good standard furniture they will look elsewhere.
Good-quality and well-maintained furniture and fittings can
help you rent out your property faster and attract tenants more easily.
When you're marketing your property, good photos can make
your ad stand out from the crowd. And one way to make your photos pop is by
using your furniture as props. If you've no eye for design ask a partner or
better yet use a professional
photographer to take staged photos using the best furniture or appliances
in your property. You'll be amazed at the difference well-staged photos can
make to your ad. And how they'll help you attract tenants.
A well-furnished property will appeal to renters across all
the sectors we discussed above. Obviously the more in demand your property is
the more choice you have when it comes to choosing your tenant.
The better the furniture and fittings the more likely it is
you can charge a higher rent for your property. This is especially true if you
let to professionals or so-called 'lifestyle renters' who want the best.
Private landlords can find tenants fast by listing their property
with MakeUrMove the online letting platform bringing landlords and tenants
together.
One of the fundamental questions a tenant has to answer when looking for a property is whether they should choose a furnished or unfurnished rental. It's not always a straightforward decision. There are a few factors to take into account, the cost of rent and personal circumstances the most important.
