There are lots of appropriate reasons why you might consider furnishing your Grand Junction rental house. Not only can you charge a higher rent for a furnished property, but at the same time, you may be able to make your rental leased to a greater variety of tenants. But it’s also true that owning a furnished rental isn’t all appropriate for every location or property investor, so it’s essential to look into the pros and cons before you start shopping for furniture and décor.
Among the first things you should think through is what type of tenants you will attract to your Grand Junction rental property depending on its location and proximity to amenities. Suppose your rental is near a popular vacation spot or a developing city center bringing in new business professionals. if that is so, you may discover that offering furnished rentals is one useful way to tap into this renter base.
Furnished rentals can be both short- and long-term, whether your tenant is an executive moving across the country or an investor, project manager, or certain business professionals needing to be near job sites for months at a time. Other demographics are seeking furnished rentals, moreover, so it’s relevant to be aware of and know your location and market well before deciding who your rental property is best suited for.
Apart from attracting a new group of potential tenants, there are different advantages to furnishing a rental house. In financial terms, furnished rentals mostly rent between 15% and 30% more than unfurnished ones. If you’ve done a good job with your furnishings, it can even help you rent the property more easily due to the fact that an attractively furnished space will probably hold more appeal for renters than an empty one.
Sadly, besides the clear benefits, there are also clear disadvantages to furnishing a rental house. Maybe the greatest issue that owners of provided properties face is potential damage and wear and tear on furniture and other items. There is no question that furnishings will have to be routinely replaced as they begin to show signs of age and wear. But actually, tenants may not be as careful with a rental’s furnishings as they would with their own. Choosing good quality, durable items can precisely help them last longer, but certainly, the cost of replacement is one thing you’ll, moreover, need to plan for in your budget.
Another widespread 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 is stressful to trace every single item in a rental house, which will generate more tasks for you as you attempt to undertake this. This is specifically true if you like to get compensation for missing or broken items. You will need clear documentation of every item in your rental property prior to your tenant moving in and then will have to complete inventory again when they move out.
It’s equally significant to keep in mind that the more things there are in your rental house, the more time and effort you’ll spend on maintenance, cleaning, and general upkeep. Tenants on the lookout for a furnished rental will suppose and expect every item in the house to be spotless and in good condition. Anything less than what they anticipate, and you may start losing tenants. If prospective tenants don’t really like how you’ve furnished the place or find the furnishings in less-than-ideal conditions, they may determine not to rent your property on that fact alone. They may as well plead for you to remove some of the furnishings, forcing you to find someplace else to store the unwanted items. Any of these situations could result in additional costs that will definitely hurt your monthly cash flows.
When it comes down to it, the question of whether you should furnish your Grand Junction rental is one only you can address. But don’t worry, as long as your decision is based on an in-depth understanding of your ideal tenant and local rental market, you can feel confident that the choice you make is the best one for you and your properties.
If you would like an expert in both property management and the Grand Junction area to weigh in on the question of furnishing your rental property, contact the team at Real Property Management Now today. Our property management experts can help you determine whether furnishing your rental house is the right move for your situation and goals.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.