A furnished rental is a rental unit that comes pre-supplied with the furniture and appliances that its tenants will require. With a fully-furnished rental unit, the renter won’t have to supply anything and can have a much easier time moving in and moving out. Furnished rentals can usually charge a higher rent than non-furnished rental units.
There areseveral categoriesof furnished apartments: semi-furnished, furnished, fully-furnished, and turnkey apartments.Much like buy boxes, this categorization is subjective and there are no defined rules for determining the level of furnishing in your rental unit. A fully-furnished apartment would include more furniture than a semi-furnished rental.
What is Included in a Furnished Apartment?
There is no definitive list of what to expect to find in a furnished apartment, but it should come with the basic necessities. What’s included is usually dictated by the type of apartment it is. A fully-furnished apartment should come with a few extras above the bare minimum.
Furnished apartments often come with all the essentials, such as kitchen appliances, furniture, electronics, linens, and even cleaning supplies.
Benefits for the Renter
There are many benefits that a renter gets by renting a furnished apartment. Here are some of the top benefits:
- Everything is already in the rental unit, making move-in and move-out much simpler for the renter.
- Without the need to shop for their new space, renters save a lot of stress, and potentially money too.
- Furnished apartments are an excellent option for those who are looking for a short-term lease. This can be a great way to save money and still have a comfortable living place.
Benefits for the Landlord
As a landlord, offering furnished apartments to your tenants comes with many benefits. By doing so, you can:
- Increase your rental income: Tenants are often willing to pay more for a furnished apartment, as it saves them the hassle and expense of having to furnish the unit themselves.
- Make your property more attractive to tenants: In a competitive rental market, a furnished apartment can be a major selling point for potential tenants.
- Reduce turnover: Tenants who are happy with their furnished apartment are less likely to move, which can save you money in terms of lost rent and the costs of marketing the unit and screening new tenants.
Drawbacks of a Furnished Rental
There are a fewpotential drawbacksto offering a furnished rental to your tenants. Here are a few things to consider before deciding to furnish your rental property:
Cost
Furnishing a rental unit can be a significant upfront cost. You will need to purchase furniture, appliances, and other household items to make the unit livable for your tenants.
Maintenance
Once you have furnished a rental unit, you will be responsible for maintaining the furniture and appliances. This can be an additional cost and hassle for you as the landlord.
Tenant Preference
Not all tenants will want to live in a furnished rental unit. Some tenants may prefer to furnish their unit or may not need or want the additional furniture and appliances. They may also not have the same design preferences as you.
