Well-furnished flats to rent are often in demand on both a long and short term basis.
For many landlords, whether or not to furnish can pose something of a dilemma, as both time and money is required in order to finish an apartment. Get the furnishing just right, and you maximise the rental income you’re able to generate – go overboard and spend too much, and you end up losing money. So how do you strike the balance?
We’ve compiled a few useful tips that landlords should bear in mind when considering whether to let furnished apartments or houses…
Furnish for your tenants
It’s important to consider your target tenant demographic when choosing to furnish; if you’re going to let to students for example, you may wish to keep the furnishings very basic in nature and include things like sofas or chairs with removable, washable covers. If you are letting to professionals, a chic and simple space may be more inviting, while families want to see space maximised (be sure to declutter before beginning any kitting out!) Set your personal tastes aside, and try and create the most appealing space for your desired occupants to give your property a competitive edge.
Keep it simple
Keeping the furnishings neutral gives you a better chance of having the space appeal to a wider range of people. For example, if you keep the walls a clean, neutral colour such as Magnolia, tenants can always put their own stamp on it and add some colour by way of soft furnishings and rugs. If you have a bright feature wall or something drastic in the way of wallpaper or design, this could be a turn-off for tenants.
Invest for less
This doesn’t mean including less in the way of furnishings, but rather looking for ways to keep costs down. There are many companies that have full sets for landlords that enable you to procure everything you need for a space in one package. You may also want to look for second-hand furnishings, or ask around family and friends to see if anyone has anything going for a deal.
Consider the little things
The idea of furnishing a property is to have a home that is move-in ready, so tenants will need the little things such as utensils, pots and pans, light-bulbs, and other equipment as well. As it’s easier for smaller things to go missing, make sure you keep a strict inventory of everything in your property at the beginning of each tenancy.
There is a demand for furnished houses for rent and furnished apartments, especially in city centres that attract many professionals who rent. Many residents of large cities such as London are priced out of the housing market, but still want their place of accommodation to be comfortable, inviting, and to feel like home. Having all of the furnishings needed for a turnkey rental makes life easier for tenants, which can reduce time between turnovers, and if you buy quality furnishings these should last for many years before needed repairs or replacing.