It can be difficult to know whether you should rent your property furnished or unfurnished – especially since both can present their own advantages and disadvantages for Toronto landlords. While it’s not necessary for landlords to provide furniture when renting out a property, it can make it a much more attractive prospect for tenants, and can earn you some goodwill that may increase tenant retention and satisfaction. Here’s what Toronto landlords need to know about renting their properties furnished vs. unfurnished.
Renting your property furnished
Furnished properties tend to be most attractive to younger tenants who have not yet had the opportunity to purchase their own furniture – because of this, they’re especially attractive to students. Renting your property furnished adds a great deal of convenience to your listings, making them far more attractive than similarly priced unfurnished rentals. This measure of added convenience also gives you the opportunity to create goodwill with your tenants, which means that they will be more satisfied with the property and all it has to offer. With that said, tenants in furnished properties may be less likely to rent on a long-term basis because it’s less of an investment for them to move without having to worry about their own furniture.
Furnished units don’t have to be fully-furnished either, as partly-furnished units featuring common pieces like major kitchen appliances, a kitchen table, and couches are equally attractive to prospective tenants. This reduces the pressure of having to provide more furniture than necessary, and gives your property a “lived-in” feel without looking too cluttered.
Renting your property unfurnished
The most obvious advantage to renting your property unfurnished is that you will not incur the additional costs associated with providing furniture, nor will you have to deal with maintaining furniture or complaints about provided furniture. Unfurnished units mean that you won’t have to take regular wear and tear of furniture into consideration, nor will you have to insure the contents of the property. The downside is that unfurnished listings tend to move slower and rent for less because they look less attractive to prospective tenants. Renting unfurnished properties tends to be more realistic for inexperienced or first-time landlords, as it’s less expensive and far less complicated than providing furnishings.
Other considerations to take into account
Providing your own furniture for a property allows you to charge higher rent prices, but comes with added inconveniences and costs. When considering whether to rent your property with or without furniture, it’s important to weigh the pros and cons in order to come to a proper decision. Are you looking to rent to families, single tenants, or students? Can you afford to regularly repair/maintain furniture, or to provide new furniture altogether? Are you prepared to deal with the extra complications that may come with providing your own furniture? Will the extra revenue be enough to pay off furniture and repairs? Once you’ve considered these elements, you’ll be able to make an educated decision about whether or not to provide furniture with your property, and the implications that will come with the decision you make.
Highgate Properties has a team of experienced property management experts who know how to approach situations carefully and effectively, allowing you to tend to the things that matter most in your life. For more information about the property management and realty services offered by the experienced team at Highgate Properties, contact us today.