Renting out a furnished apartment has its perks: higher rent, more short term rentals, and more respect from your tenants. However, depending on many factors, like location, amenities provided, or the neighborhood’s reputation, the demands may differ, and it may be harder to rent the apartment out.
And of course, there are always risks. Broken furniture, malfunctioning appliances, untrustworthy tenants… But don’t let them scare you. In renting out a furnished and unfurnished apartment, there are always pros and cons, and if you’ve decided on the first option, there are always ways to make it easier. Check out our five tips on how to successfully rent out a furnished apartment.
1. Make Sure It’s Comfortable
First of all, get familiar with your target tenants. In most cases, it’s the people looking for something on a short-term basis: either those who want to be closer to work during weekdays or those who come from other countries. And of course, as they can’ furnish the home themselves, they are looking for convenience. So the main point is to make the apartment as comfortable as possible.
Make sure the furniture and other items in the house are of good quality – tables, wardrobes, and, more importantly, the bed. It’s often one of the deciding factors when renting a furnished apartment, so ensure that the bed feels good to sleep on. If the mattress is not very comfortable, think about replacing it with a better one – but ensure it’s the excellent quality, so read the reviews (for example, a saatva mattress review) before you purchase anything.
Remember that people looking for a furnished apartment don’t want to change a lot of things and often want to move in quickly. Therefore, comfortable and good quality furniture is extremely important. If you impress the possible tenants with your furnishing, it will be a lot easier and quicker to rent your apartment out.
2. Have It Cleaned
Make sure to keep your apartment in a proper state and do some light cleaning before the viewings. This way, no smudges, shoe prints, or dust will impact the possible tenant’s impression. And it is a very common mistake to not clean the house in between the viewings on the same day – but even a light mess or a dirty floor can create a wrong first impression.
When renting an apartment out, make sure to request a cleaning fee and send a cleaner to the house, so your furniture will be extra protected against any wear or damage. However, keep in mind that cleaning fees are not allowed for every type of rented apartment.
3. Set Up the Right Rate
Do your homework beforehand and find out the most common rated for your type’s apartments in your location. Try to make the rate competitive, but don’t go too low – it may make potential tenants suspicious and won’t be fair to other landlords.
If you’re renting out an unfurnished apartment, and the price for storing your items is too high, think about renting the apartment as furnished. This way, you’ll save money on storage, and your tenants won’t have to spend a lot on buying the same items you can offer. And, if anyone asks why the rent is so high, you can always explain that it’s a lot cheaper than buying furniture. (Of course, make sure that the rate is not too high – otherwise, fewer or no people will be interested in your offer).
4. Make Sure You Have Insurance
A furnished apartment has a higher potential for damage, so make sure you have insurance. In several cases, when you start renting out an apartment you were living in, your insurance must be revised. However, getting insurance for a tenanted property can be challenging, and many insurance companies often charge extra, so be prepared for that.
It’s also a good idea to take photos of our furniture and store them online in case something happens. To hire an agent who’ll make a list of everything in your apartment and check it after the tenancy ends is also a common practice.
5. Find The Right Tenant
Whether you’ll have a smooth renting out experience depends on your tenants. Find someone you’re comfortable with, and make sure they fit in the building’s community – many problems may occur if they don’t. Surely follow up the personal references, and check the tenants’ background – this will allow you to make sure you can trust them.
Another important point is to stay in touch with your renter. Email or phone them monthly to make sure everything is okay. This way, you’ll provide the best possible quality of the rental and will be able to keep up with any maintenance issues.
To Sum Up
When you’re thinking about renting a furnished apartment, you should always consider all the pros and cons. And, if you’ve decided on it, make sure to be prepared – get insurance, have the apartment cleaned, set up an appropriate rate, and, most important of all, find the tenant you’re comfortable with. Only then you’ll be able to successfully rent out your apartment and be prepared for any issues that can occur.
