I want to talk about furnished vs. unfurnished rentals. Which is best for you as a landlord? Well, it depends on what you're looking to get out of the rental. Let's talk about furnished rentals first.
First of all, what is a furnished rental? It's a rental property with furniture. It can be fully furnished or partially furnished. You can leave the basics behind, couches, beds, and a dining table. Or you can just take your clothes, food and personal items and leave everything else behind. What you can typically expect from furnished rentals are short-term renters, anywhere from 1 - 6 months. What does that mean for you? Higher turnover. There will be costs associated with placing a tenant each time. Additionally, there will be more turnover work including cleaning, and touch-up painting. The most costly thing, however, will be the vacancy periods. With each turnover, there will be a time the property is vacant. The more vacancy's you have, the more you're losing.
Looking at unfurnished rentals, these are the most common. You clear everything out of the home and secure a 12 - 24 month lease. With this option, you know you are locked into that 1 - 2 year contract. With the long-term leases, there is less placement cost and less vacancy time. You are also not worrying about wear on the furniture.
Now, if you've listed it as a furnished rental and you're getting a lot of feedback for unfurnished, or you have someone ready to go if you remove the furniture, you'll need to sell it or find storage.
Any time you are making a decision of this magnitude, you need to run the numbers. Find out what makes the most financial sense for your situation.
If you need help in determining which option is best for you or you need help in determining how much each option would bring, click on our blue, "Get A Free Quote" button and let us do the work.
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