As a rental property owner your main goal is to provide a safe, comfortable living environment for your tenants, along with ensuring that your monthly revenue exceeds your expenses. But with property values as high as they are, it is becoming harder and harder for investors to see the upside of their hard work.
One way to substantially increase monthly rental income is to convert your unfurnished long-term rental unit into either a long-term furnished rental, or a short-term furnished vacation rental. In fact, a furnished rental will often rent for 20 to 40 per cent more than an unfurnished rental.
Along with higher rents, furnished rentals also attract a higher-quality tenant. Instead of hard-partying students, you’ll likely be interviewing professionals working on short-term contracts or individuals saving up for a down payment on a home.
A furnished rental unit normally includes all of the items that a person would require to live a comfortable life.
- The living room should come with a sofa, side table, lamp, coffee table and bookshelf.
- The dining area should have a table and chairs and the kitchen should include appliances as well as the utensils, dishware, glasses, pots and pans required to make a meal.
- In the bathroom there should be a wastebasket, shower curtain and a bathroom mat.
- The bedroom should be fitted with a comfortable bed, side table, lamp and a dresser.
- It’s a nice touch to include dish soap, hand soap, toilet paper and other toiletries from the get-got, but after they are initially used, the tenant will be responsible for purchasing them.
A semi-furnished unit should include big-ticket items such as appliances, a bed, dresser, sofa, table and chairs, but does not need to include smaller items such as kitchen utensils and dishware.
One of the downsides of managing a furnished rental is that over time, your furniture will undergo wear and tear. However, if you are using AMY Inspired’s furniture rental service where items are available for leases of 12 to 42 months, you can swap out furniture before it starts to look worn and tired. We also offer a warranty that covers damages resulting from regular use.
Are you interested in furnishing your rental unit using AMY Inspired? Learn more here.