A frequent question all Wilmington property owners have in mind is which appliances should be provided to tenants. Due to the fact that situations vary, this decision can be quite challenging. While providing certain appliances might be the right move for some property owners, that is not always the case for every rental property. Still, some comments from tenants show that there is a strong desire for appliances in many markets, and these household items are even expected in some places. You may need to give out appliances just to keep your rental competitive and justify your present (and even future) rental rate. But which appliance? Here’s what the professionals recommend.
Appliances (Not) Included?
While every rental market is not similar, tenants are more compelled to rent a home that comes with at least a few appliances in some parts. There are only a select few tenants who are okay with the cost and inconvenience of buying and then moving in with these large and heavy appliances. A rental home that provides them will be much more attractive. In a lot of rentals, especially among single-family rental properties, tenants do not like using laundromats to do their laundry. Both are expensive and time-consuming. They are something many tenants would pay a higher rent to avoid.
Of course, from a property owner’s point of view, there are cons to the cost of the appliances and repairs and the likelihood of tenants damaging the machines through improper use. However, you can keep both your costs and the likelihood of appliance damage to a minimum by being selective about which appliances you provide.
What Tenants Want
Based on what tenants have to say, the pricey items they want to find in a rental property include the refrigerator, dishwasher, stove, and microwave. Some single-family rental property owners opt to supply just the last three, leaving it up to the tenant to purchase their own fridge. It’s not difficult to see why: refrigerators are one of the top expensive appliances, and they often need to be replaced. Providing some but not all appliances may work in some instances, but there is always a possibility that they can turn potential applicants away from your property due to other areas.
This is also true for the washer and dryer. Due to massive use, these two appliances usually need more maintenance and repairs than all the others mixed together. For this reason, professionals suggest doing some research on your local market before selecting whether to include a washer and dryer in your rental home or not. If all of the rentals in your area have them, you would also need to have them. Otherwise, you may experience more difficulty in renting your property and may even need to adjust your rental rate.
You may want to contemplate where to store appliances that renters do not want to use during their tenancy. Some may have their own appliances; in these instances, having a backup location to place appliances for the next renter should be considered.
One final question that both property owners and tenants often ask is whether the law mandates landlords to give appliances. In general, if you advertise your rental as “unfurnished,” the answer is no. Few, if any, local municipalities require landlords to give appliances.
So the question is not a legal one. But it will help you to maximize your monthly cash flows. Again, being aware of your local market and what the other landlords give out in your area is key. But you should always think of working within the limits of your budget. If buying appliances for your rental property would create extreme difficulty, you should wait until you can do so. For all of these reasons, selecting which appliances to provide in your rental is a choice that only you can make.
Would you like to know more about how to accurately assess your local rental market to set rental rates and make key decisions about your property? Real Property Management Champion can help! Contact us online or call our office to speak with a Wilmington property manager today.
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