There are many reasons for you to furnish your Trophy Club rental house. You can usually charge a higher rent for a furnished property and you can lease to a greater variety of tenants as well. Owning a furnished rental would still not be ideal for every location or property investor, so you have to consider the pros and cons before you shop for furniture and décor.
Think about the kind of tenants you would want for your Trophy Club rental property based on its location and proximity to amenities. Let us say your property is near a popular vacation spot or a bustling city center that brings in new business professionals. Offering furnished rentals would be a good call for you to tap into this renter base.
Furnished rentals can be long- or short-term depending on whether your tenant is an executive, investor, project manager, or other business professional needing to be near a job site for months at a time. There are also other demographics who look for furnished rentals, so it is important to study your location and market well to find out who your rental property is suited for.
Here are other advantages to furnishing a rental house. In financial terms, furnished rentals often rent between 15% and 30% more than unfurnished ones. If you have good furnishings, you can rent the property easily since renters usually find an attractive furnished space more appealing than an empty one.
On the flip side of these benefits, there are also a few challenges to furnishing a rental house. The biggest issue owners of furnished properties face is the potential damage to furniture. Natural aging and wear will necessitate the replacement of these furnishings. However, tenants may not be as careful with your rental’s furnishings since these are not their own. Choosing durable items will help them last longer but you should still plan and budget for the cost of replacement.
Another common problem with furnishings is 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 can be hard to track every item in a rental house. This is especially important if you are trying to get compensation for missing or broken items. Having clear documentation of every item will be very helpful. You can go over this with your tenant before they move in and do an inventory again when they move out.
You also have to remember that the more things you have in your rental house, the more time it will require for maintenance, cleaning, and general upkeep. Tenants who are looking for a furnished rental will want the items in the house to be in good condition. Anything less, and you may start losing tenants. If tenants dislike the way you have furnished the place or if they find the furnishings, not to their liking, they can decide to forego renting your property on that fact alone. Some tenants may also ask you to remove some furnishings. This means you will have to find a place to store these items. Situations like this will incur additional costs that you have to prepare for.
Ultimately, deciding on whether to furnish your Trophy Club rental is up to you. Just make sure you have a very good understanding of your ideal tenant and local rental market so you can make confident choices for your properties.
If you would like an expert in both property management and the Trophy Club area to weigh in on the question of furnishing your rental property, contact the team at Real Property Management Five Star 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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