Hi,
One time I lived in a furnished unit for six months. At that time I did not want to buy any furniture. That worked great for me. My question is does furnished unit can be more easily rented out than a rental unit without furniture.
Also does furnished unit can be rented at a higher price
I appreciate any advise on these. Thanks.
There is a regular poster on here who goes by Furnishedowner. Do a search using the search button at the top of your screen for posts by Furnishedowner. There’s even a thread about tips to rent furnished units.
It probably depends on the area.
It seams Furnishedowner, a user on here, has a similar business model that is successful in his areas. Although from some of the general stuff he has posted, its closer to a bed and breakfast or a hotel at times.
However my experience in NYC is different. I actually have one furnished rental here as well and the prices I get and have gotten are comparable to unfurnished places. Looks on craigslist, furnished apartment prices here also seam to pretty much match the unfurnished places. There is also a few agencies that advertise looking for rooms in people’s homes to rerent to foreigners as furnished rentals with breakfast included (by the owner/“landlord”). Compensation received by those “landlords” from the agencies are comparable to a room rental rate. Obviously they have an overhead that must be compensated by the foreigner, but I doubt it is very much. Foreign students tend to be very cheap, their main client base.
Thanks Justin and Sammy for your nice advise. Iam going to search for more information.
Best
Many will advertise the unit avail both ways with state unfurnished cheaper or negotiable. Most tenants do not care and will destory your stuff. Proper screen will help but not always,
if your doing seasonal or short term furnished it a great way to go, but get a damage deposit and take pictures.
Could be either. A rental is a liability if it does not generate a positive cash flow.
Whether you furnish or not is a business decision grounded in the market forces in play for your market. If there is demand for short term rentals, then furnished rentals should do well. If your market demand is for annual rentals only, then your tenants will already have their own furniture and won’t want a furnished unit.
gamaz,
Can a furnished rental unit be rented out easier than unfurnished?
Probably not. The rent is LESS on unfurnished, so more people have the means to rent. Also, most renters have their own furniture and rent homes on a yearly lease. The bulk of renters rent unfurnished units.
Is the rent more on furnished? YES, if you are targeting the right segment of the rental market. You need to target the people who would otherwise stay in hotels, residency inns, and extended stay lodgings: Temporary medical staffers, traveling professionals, executives and transferees, students.
If you do this right, you should get double or triple unfurnished rent. Just stay under the better hotels on their rates. Include utilities, that’s why the rent is so high.
The old boarding house, flop house, SRO (single room occupancy) units advertised as “furnished” had old, mismatched and battered furniture thrown in.
Those are the places that have the same rent as unfurnished. To have quality higher-paying rentals you need to paint, furnish, and market to the right bunch of people.
Furnishedowner
Thanks Dave, yrush2000 furnishedowner for your generous help. I appreciate it. FurnishedOwner you seem to refering to property for somewhat high end value. Otherwise I can see why providing good furniture does not make sense. I have a question here for you. How does one identify property for somewhat high end client. You seem to be expert in those type of deals. Please let me know. Thanks;
gamaz,
I am going to try to answer your question in the “How To” thread that I have going. I have been working really hard and too tired to spend much time on the computer.
Thanks for your interest.
Furnishedowner