If you’ve decided to rent your property either partially or fully furnished, you’ve made a good choice. Furnished rentals command higher monthly rent, and it doesn’t take long to recover the cost of the furniture. They’re also in high demand.
In 2023, research found that 77% of people would search for a furnished apartment if they had to move. That’s a big deal, considering just 25% of people felt the same way in 2021. Times are changing, and people want to make life easier. However, if you’re going to rent a furnished property, the furniture and décor you choose can either draw people in or push them away. Here’s how to get it right.
1. Hire a property management company
The best way to handle any and all of your rental needs is by hiring a property manager. It’s a lot of work to source furniture for a furnished rental, and even if you hire a professional company, you have to trust that they know what they’re doing. Professional property managers can get the task done for you fast. They not only know what appeals to tenants, but they already have professional connections to reputable companies for just about every service you can imagine.
For example, Green Residential is a Spring, Texas property management company that manages everything for their investor clients, from marketing and fielding applications to background checks and rent collection. If any of their clients want to rent furnished units, they’ll find the right company and make it happen.
2. Don’t choose a theme
Furnishing your rental property with a specific theme will almost always backfire. It’s next to impossible to choose a theme that will attract more people than it will repel. Neutrality is the only way to go here. Solid colors are better than patterns, but don’t make them too bold. Simple colors, like beige, black, white, brown, and natural wood are ideal.
No matter how cool you think the space might look with vintage velvet furniture, loud polka dots, or modern-style décor, that’s going to work against you when you start showing your property. Remember, you’re simply furnishing the home to make life easier for your renters, not to be an interior decorator. If the furnishings and décor are off-putting, a tenant either won’t stay long or won’t rent at all.
3. Consider installing space-saving furniture
When a tenant isn’t the one to decide what furniture they bring into their home, there could be a problem with space. For example, some people like open spaces and don’t want a large coffee table in the living room. Others don’t like furniture in the hallway or entryway, and prefer to have a single night stand over one on each side of their bed.
Since furnished rentals tend to be small spaces, maximizing available space is crucial. Space-saving furniture can help. One of the best examples is the murphy bed. It’s a bed built into the wall that can be pulled down and used, and then tucked away during the day. These are ideal for studio apartments, but people appreciate them in one bedroom spaces, too. It makes it easy for people to have full access to a living area and they can turn their bedroom into an office during the day by moving their bed out of the way.
4. Choose mid-priced furniture
Obviously, you don’t want to buy the most expensive furniture, but don’t go for the cheapest items that will fall apart within a year of regular use. Buy furniture that will last for at least several years under normal circumstances. There’s a chance you’ll need to repair or replace items between tenants, but if you price your rent right, you’ll still come out ahead.
5. Don’t go overboard
Don’t overwhelm your unit with too much furniture or the space will feel cluttered. Stick to the important pieces of furniture, like a bed, dresser, couch, coffee table, kitchen table and chairs, and maybe an armchair if there’s room. You could also provide a wall-mounted flat screen TV, but keep in mind that damage to a good TV will set you back financially, so it’s okay to go cheap there. If your tenant has their own television, you can just take yours off the mount and let them use their own.
Furnished rentals are in high demand
Furnished properties are a great idea – they tend to attract long-term renters and boost monthly revenue, which is excellent for business. Creating a profitable furnished rental unit is easy when you stick to good design principles and keep it simple.