There are a lot of good reasons for furnishing your Owasso rental house. In addition to charging a higher rent for your furnished property, you can also open your rental to a wider tenant base. But before you go shopping for furniture and décor, you must remember that furnishing a rental is not always the best option for every location or property investor.
First and foremost is to think about the type of tenants your Owasso rental property will attract based on its location and proximity to amenities. For example, your property is situated near a popular vacation spot or maybe a booming city center. You will see that offering furnished rentals is a good way to cater to this rental base.
Furnished rentals are suitable for tenants like executives, investors, project managers, or other business professionals who need to be near job sites for months at a time. Other demographics are also beginning to consider furnished rentals so it is important to establish your market and location so you can market your rental property the best way.
Aside from attracting new potential tenants, there are other advantages to furnishing a rental house. In financial terms, furnished rentals often rent between 15% and 30% more than unfurnished ones. Great furnishings help you rent the property more easily. Renters find attractively furnished spaces to have more appeal versus empty ones.
Given these benefits, there are also some downsides to furnishing a rental house. Potential damage to furniture is probably the biggest issue property owners face. Furnishings will need to be replaced as they begin to wear out. But tenants might not be as careful with your rental’s furnishings as you would want them to be. Choosing sturdy items will help them last longer but you still need to plan for the cost of replacement in your budget.
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. Tracking every single item in a rental house takes so much work. This is especially important if you are trying to get compensation for missing or broken items. Clear documentation of the inventory of items in your rental house will help a lot as you can go over this with your tenant before they move in and check it again when they move out.
You also have to bear in mind that more things in your rental house will mean more time for maintenance, cleaning, and general upkeep. Tenants who look for furnished rentals will expect the furnishings to be at least in good condition. Anything less, and you may start losing tenants. Prospective tenants may make their decision simply based on how you have furnished your property or if the furnishings fall below their expectations. Some may also want you to remove some of the furnishings, meaning you will have to find storage space for these. These can all result in additional costs that will affect your cash flows.
The question of whether or not to furnish your Owasso rental is still up to you. As long as you understand your ideal tenant and local rental market, you can make a confident choice for the best use of your properties.
If you would like an expert in both property management and the Owasso area to weigh in on the question of furnishing your rental property, contact the team at Real Property Management Tulsa 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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