Is Furnishing My Rental Property Worth the Price?
Sep 29, 2022 brooklyn,Brooklyn landlord,brooklyn landlord agent,Brooklyn Landlords,renting in brooklyn
As a landlord, it can be difficult to decide what’s best for your rental space. Some units attract tons of tenants when they’re fully furnished, and others do better when they’re empty. It’s important to choose the maintenance model that works best for you in these circumstances, too. Below, you can find some questions to walk through that will help you make up your mind about your own rental homes.
Questions to Ask If You’re Considering Furnishing Your Rental Unit
If you answer “yes” to a majority of these questions, you may find furnished rentals to be a good fit for you.
- Do you have trendy furniture on hand?
- Are you worried about your furnishings being damaged?
- Do you want to charge a higher rent?
- Are you looking to fill your rental quickly?
- Do you want to focus on short-term tenants?
- Do you need additional tax deductions (like the cost of furnishings)?
- Do you want to protect your walls and flooring from tenants moving their own furniture around?
Questions to Ask If You’re Considering an Unfurnished Rental Unit
And if these questions are more up your alley, unfurnished rentals may be more your style.
- Do you want to have a smaller refresh cost between tenants?
- Do you want to attract long-term renters?
- Do you want to avoid replacing furniture as it becomes outdated or damaged?
- Are you okay with a bit more time in between tenants?
Don’t Forget the Different Types of Furnished Rentals
Did you know that not all furnished rentals come with everything tenants need? You can offer a space for short-term use with couches, beds, and even tableware. But you can also make sure that your rental has the basics, like lamps in dark spaces, fitted window treatments, etc. Your rental can be anywhere in between furnished, semi-furnished, and unfurnished — whatever works best for you.
So, what do you think? Are furnished rentals your thing, or are they a bit too much work to keep up with? There’s definitely a demand for both here in Brooklyn, so there’s no wrong answer. And if you need some help going over the pros and cons in your specific situation, we’d be happy to help you out, too.
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