To Furnish or Not to Furnish, That is the Question
“Should I offer my rental as ‘furnished’ ?” is a curious question that a number of landlords have asked me recently, and the answer really depends on what you want to achieve with your property.
A few things to think about are:
What sort of rental lease are you planning to offer?
What sorts of tenants are you marketing to?
If you are wanting to have your property be a short term lease, then furnishing it makes a lot of sense. If you have an apartment in the city that may be appealing to students or business people who are only in town for short stints, then having furniture available for them would absolutely increase the appeal. Similarly if you are wanting to offer your property as a holiday rental or an Air BnB property it would also make a lot of sense to offer the property furnished.
On the other hand, if you are looking for a long term lease, then it may not be as appealing to have your property furnished, both for tenants and yourself. Quite often tenants who are looking for long term leases have their own furniture, they want to keep their own things because it will make the property feel like their home. Think about who the best possible long term tenants will be; you will be wanting someone who ideally has a proven rental history-someone who has shown that they can pay their rent and take care of a property. More often than not that person will have their own furniture.
There is also the issue of maintaining furniture, if you lease a property with everything already there, you will be responsible for replacing things when they stop working, or for repairs needed due to ‘fair wear and tear’. If you lease a property with a fridge or dishwasher, and it stops working, as a landlord you will need to replace or repair them, as your tenants signed the lease in the knowledge that they would be supplied with these appliances.
At the end of the day you are looking to appeal to the largest number of potential tenants in order to find the best option. Keep the options available, find out what the tenant has and if there is anything that they may need, everything is negotiable.