If you’ve ever wondered whether you could get more money from a furnished rental, the short answer is, “yes!” That said, there are a few things to consider if you’re thinking of renting out a furnished apartment.
Furnished Rental Defined
Essentially, there are two types of furnished rentals: long-term and short-term. Long-term rentals are units you rent for several months or more at a time, while short-term rentals are typically rented out for 30 days or less.
Long-term rentals usually AREN’T furnished, although they can be. Short-term rentals – like vacation homes – are usually always furnished, complete with kitchen utensils, linens, and everything you need to live comfortably.
What Kind of Furniture?
A good rule of thumb is if your rental is high-end, the furnishings should be, too. If your rental caters to contract workers, for example, you can furnish it with used furniture still in good condition.
It’s important to remember that expensive items could get stolen. For example, if you supply a top-of-the-line coffee maker or cutlery set, it might go missing, so consider supplying middle-of-the-road furnishings that fill their purpose.
How Much More Can I Get with a Furnished Rental?
On average, you can expect to get 15-20 percent more for a furnished rental. The right people are always willing to pay for the convenience of being able to move right in without having to buy or move furniture.
There’s always a market for furnished rentals, too. For long-term furnished rentals, families looking to move from one state to another find furnished rentals a huge benefit while they make the transition and find a new place to call home.
For short-term rentals like vacation homes, you’ll likely be booked solid on a weekly or monthly basis depending on its location. Also, there is the occasional traveling nurse who stays for weeks at a time and the hospital pays for it.
Larger Security Deposit
Since there are furnishings in the rental and the threat of theft is greater, it’s a good idea to charge more for the security deposit on a furnished rental.
While most landlords charge the equivalent of one month’s rent for a security deposit on an unfurnished rental, charging double that for a furnished rental makes good sense. Just check with your state to determine their limit on security deposit fees.
If you’re considering renting out a furnished apartment, be sure you know everything about doing so beforehand. As for rent, you can certainly charge more money for a furnished rental.