Property Owner's Guide To Furnishing a Rental

Property Owner's Guide to Furnishing a Rental

Whether you are a first-time landlord or building your investment portfolio, getting the furnishings and décor right in a rental property can make or break your business. These kinds of homes must meet specific living standards, economic considerations, and popular demand. For this reason, here, business-mindedness and a solid strategy rule the roost. Naturally, a little bit of creativity and a flair for design won’t hurt, either. So, to help you craft a perfect home for your renters, we’ve put all of these things together into a single property owner’s guide to furnishing a rental.
 

Furnishing a rental – is it worth it?

Over 118 million U.S. citizens are renters. People relocate for new jobs and better work opportunities, or to be closer to their nearest and dearest or a good school every day. And being able to move from one place to another seamlessly is key to making every transition more manageable. And let’s face it: packing your whole life into a bunch of cardboard boxes and disassembling robust furniture is no fun. You have to clean everything, take some pieces apart, and lug everything into a new home—no wonder the need for furnished housing drastically increases year by year.

But owners and property managers benefit from furnished rentals, too. Of course, there’s an initial expense to bear, but furnished rentals have the potential of earning between 15–50 percent more than unfurnished rentals. The precise number, of course, depends on the location, tenant’s length of stay, and quality furniture.
 

Make a budget

“A few dollars difference here or there” mindset and occasional splurges – you wouldn’t believe how easy it is to overdo it. And, in the twinkling of an eye, you’re up to your waist in expenses – unnecessary ones, if we may add. When maintaining your budget, try reminding yourself that it’s not your home but an investment property. Your goal is to conserve the funds and profit. Luckily, furnishing your space doesn’t require you to break the bank. For instance, you can always check out the local thrift shops and look for treasures, shop discount stores, hand-me-downs that look as good as new or revamp an item or two.

…but don’t choose low price over quality

Of course, you should always try to choose quality over a low price. For starters, it’s an investment that pays off in the long run. High-quality furniture is more durable than low-cost alternatives. Second, it would make the rental property more attractive, and you’ll be able to set a high level of rent. Hiring a property manager may actually help you get the most bang for your buck. They’ll help you with regular maintenance and upkeep, thus ensuring the property stays in tip-top condition as long as possible.
 

Cover the essentials

When furnishing a rental, you need to make sure that you cover all the essentials and minimum requirements of a furnished property. This includes:
 

• White goods (washing machine, fridge, freezer, cooker);

• A sofa;

• A dining table and chairs;

• A bed and bedroom furniture (wardrobe, chest of drawers).
   

…but go the extra mile

Want to start on the right foot with your new tenant? Provide other furniture pieces, such as a TV stand or a coffee table. It will make your property much more appealing. Also, it’s always a nice idea to throw some kitchen and bathroom necessities and supply closet basics in there. Consider a vacuum cleaner, a dustpan and brush, some crockery, cutlery, a microwave, a TV, and perhaps a toaster or a kettle.
 

Prioritize functionality

When considering how to furnish your home rental, it's essential to keep in mind all the practical requirements of your guests. Particularly in smaller rentals or apartments, providing plenty of storage solutions will significantly help your listing stand out. For instance, ensure your tenants have enough closet and cupboard space, enough room for the TV, etc. But your tenant needs more room than you'd anticipated. In this case, the experts at Zippy Shell Columbus suggest you leave them a list of reputable self-storage providers while putting together that standard list of the best neighborhood shops, restaurants, providers, and services in the area.
 

…but don’t forgo style

Practicality matters when it comes to deciding how to furnish your property. By no means, however, should you neglect style. The décor you choose to go with should appeal to a broad audience, so steer away from anything too outlandish. Since less is often more, a neutral tonal palette is often the safest choice for flooring and walls. Keeping it simple offers the flexibility to be more creative with the furnishings and decoration without overwhelming prospective tenants with overly bold design choices.

Put some effort into creating a slight wow factor for when a potential tenant walks through the door. For instance, you can quickly grab their attention by swapping your dining chairs for an urban bench. It’s a subtle yet tasteful and stylish statement. Consider metal frame coffee and side tables if you’re going for a more industrial or rustic vibe. These never fail to give the space some real character and make an impression on those who come to view the property. The important thing is to define a style and then go from there.
 

Finishing touches make a huge difference

If you're going to be furnishing a rental, why not do it properly? Finishing touches, without a doubt, make a real difference to the space. So, spend some time picking out accessories and soft furnishings to go with the property's setup and style. These little knick-knacks hold all the power to transform the overall look and feel of any space completely. Invest in stylish cushions, area rugs, and throws to make the room cozier and more inviting. Then, artfully accessorize. Get some chic pieces to make everything feel more like a home and elevate the rental home a notch above the rest. Include statement wall mirrors or a beautiful art piece to create a focal point of the room. Then, complete the look with faux plants and scented candles.
 

Final thoughts

As you can see, furnishing a rental isn’t that complex. But, if you are on the fence about whether to do it or not sure where to start, your property manager is the best person to talk to. They’re always up to date when it comes to the market, the demand for furnished properties, and the demographics of the renters in your area. And let’s face it – you need to know your market and audience to make your property as appealing as possible.

 

Photos used:

https://www.pexels.com/photo/apartment-comfort-contemporary-couch-260046/

https://www.pexels.com/photo/gray-fabric-sofa-placed-indoor-1571468/

https://www.pexels.com/photo/composition-of-calculator-with-paper-money-and-notebook-with-pen-4386341/

https://unsplash.com/photos/jn7uVeCdf6U