Are you wondering whether it’s a good idea to offer an Albuquerque rental property that’s completely furnished? There might be some good reasons to do it. If you’re renting out a vacation home or a short-term rental, you’ll absolutely need to provide beds, sofas, dining tables, chairs, and even kitchen utensils and appliances such as toasters, coffee makers, and plates.
You might also want to furnish your property if you’re hoping to attract corporate relocation tenants, or renters who will be in place for just a few months. Students renting your home might prefer having the basics in place.
Whether or not you offer your rental home as a furnished unit really depends on what types of tenants you’re looking for. There are several pros and cons to a furnished Albuquerque rental property, and we’re sharing those with you today.
Pros: Furnished Homes Increase Rents and Attract Short-Term Tenants
Some good reasons to furnish your Albuquerque rental property:
- You can charge more rent. Your tenants are paying not only to live in the home but also to use the furniture.
- You’ll attract tenants who don’t want to buy new furniture or move their own furniture. This will be especially good for tenants who are relocating from out of state or only renting for a few months. Students might also be attracted to a furnished rental property.
- You can maintain control over the aesthetic of the property.
You can collect more rent when you’re providing furniture in addition to a home.
If you want to rent for weeks or months at a time, you should keep your furniture in place and provide household essentials such as plates, linens, and cooking utensils.
Cons: You Actually Have to Provide Furniture
One of the major drawbacks to providing a furnished rental is that you will lose potential tenants who want to move their own furniture into their home. Everyone has different tastes, so the sofa and the dining set you leave behind might not be what your tenants want to live with for the entire lease period.
Additional points on the con list include:
- You’ll have to buy the furniture. Unless you have it already, you’ll pay to furnish a property for someone else.
- More maintenance may be required. When a dining room table collapses or a sofa no longer works, you’ll have to make repairs and replacements.
- There’s a higher potential for tenant damage.
Turnover processes may be longer and more expensive. There will be additional cleaning and repairs. Replacing beds, dressers, and patio furniture can be costly. But, if you provide it when someone moves in, you have to provide it for the entire time that they’re in place unless your lease agreement or rental contract says otherwise.
Ultimately, deciding to furnish your Albuquerque investment property will depend on who you’re trying to attract and what kind of rental period you’re imagining. We’re happy to continue talking through the advantages and challenges of furnished properties. Please contact us at Bruni Karr Agency with any questions about the Albuquerque rental market.
