There are multiple solid reasons why you might consider furnishing your Jacksonville rental house. Not only can you charge a higher rent for a furnished property, but certainly you may be able to effectively keep your rental leased to a large variety of tenants. But even if this is true, owning a furnished rental isn’t good for every location or property investor, so it’s crucial to assess the pros and cons before you start shopping for furniture and décor.
The first thing you should give serious thought to is what type of tenants you will attract to your Jacksonville rental property based largely on its location and proximity to amenities. Suppose your rental is near a popular vacation spot or an obviously growing city center bringing in new business professionals. In this case, you may see clearly that offering furnished rentals are one beneficial manner to tap into this renter base.
Furnished rentals can be both short- and long-term, whether your tenant is an executive moving across the country or an investor, project manager, or some business professionals needing to be near job sites for months at a time. Other demographics are looking out for furnished rentals, similarly, so it’s necessary for you to clearly understand your location and market well before deciding who your rental property is best suited for.
On top of attracting a new group of potential tenants, there are also particular advantages to furnishing a rental house. In financial terms, furnished rentals commonly rent between 15% and 30% more than unfurnished ones. If you’ve completed a fantastic job with your furnishings, it can even assist you to rent the property more easily taking into account that an attractively furnished space will more likely hold more appeal for renters than an empty one.
But at the same time, together with the clear benefits, there are also clear disadvantages to furnishing a rental house. Likely the most crucial challenge that owners of provided properties face is potential damage and wear and tear on furniture and other items. There is no question that furnishings will need to be refurbished as they begin to show signs of age and wear. But sadly, tenants may not be as careful with a rental’s furnishings as they would with their own. Choosing good quality, durable items can help make certain they last longer, but don’t forget, the cost of replacement is something you’ll need to plan for in your budget.
Another more common problem with furnishings is that those small items are easily broken, lost, or even stolen. Remote controls, bed linens, lamps, and small appliances may quickly break down or disappear. It is tedious to keep track of every single item in a rental house, which will result in more effort for you as you try to do that. This is precisely needed if you attempt to get compensation for missing or broken items. You will have to see to it to prepare clear documentation of every item in your rental property just before your tenant moves in and then afterward, you need to complete inventory again when they move out.
It’s further critical to keep in mind that the more things there are in your rental house, the more time and effort you’ll spend on maintenance, cleaning, and general upkeep. Tenants inquiring for a furnished rental will hope to see every item in the house to be spotless and in good condition. Anything less than what they hope, and you may start losing tenants. If prospective tenants don’t like at all how you’ve furnished the place or find the furnishings in less-than-ideal conditions, they may decide not to rent your property on that fact alone. They may, in the same vein, request you to remove some of the furnishings, urging you to find someplace else to store the unwanted items. Any of these situations could result in additional costs that will absolutely hurt your monthly cash flows.
At the end of the day, the question of whether you should furnish your Jacksonville rental is one only you can find answers to. However, as long as your decision is based on an in-depth understanding of your ideal tenant and local rental market, you can feel confident that the choice you make is the best one for you and your properties.
If you would like an expert in both property management and the Jacksonville area to weigh in on the question of furnishing your rental property, contact the team at Real Property Management Champion today. Our property management experts can help you determine whether furnishing your rental house is the right move for your situation and goals.
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