If you’re renting a property in Bellevue then furnishing is a big issue. Deciding whether or not to will likely completely change your tenant base, for the better or worse. Furnishing can be expensive, especially if you have a multi-family unit or condo where you have to furnish dozens of rooms, but it does have a lot of benefits, especially in Bellevue. The following Bellevue property management tips can help you decide whether you should or should not furnish.
Furnishing an apartment or home allows you to appeal to a number of potential tenants, plus, it usually helps you rent more quickly. In Bellevue, you also get the benefit of advertising directly to people moving into the area to work for large tech companies like Microsoft or Amazon. These people typically move across country to work for a large company and can’t bring their own furniture with them. A furnished apartment is an easy decision, and they are much more likely to rent it than one where they have to purchase all of their own furniture.
A furnished apartment also has a higher psychological value, because tenants are able to easily picture themselves in the apartment, which makes decision making easier. This means that you will rent the unit out more quickly.
Why Not Furnish?
Furnishing is expensive, and the more units you have, the more it will cost. You will also be responsible for the wear and tear, condition, repairs, and any damage to the furniture, especially appliances. However, you can get insurance on these items to help reduce costs as much as possible.
Some tenants also come looking for apartments that are not yet furnished, mainly because they already have their own furniture.
Single Family Homes – Many people moving into single family homes already have their own furniture, or at least some of their own furniture. This means that you often do not have to fully furnish them, as most families come with their own beds, mattresses, and couches. However, this isn’t always true.
Single Tenants – Single tenants are more likely to want, appreciate, and look for fully furnished apartments, especially if they’ve just moved, just gotten out of a relationship, or are getting their first apartment. Because a fully furnished apartments means that they can use better quality furniture and appliances than they would on their own, they are more likely to pay a premium for a furnished apartment.
What if the Tenant Already Has Furniture?
If you’ve fully furnished your apartment or home, you can easily move furniture into another unit or into storage when they move in. This allows you to attract as many types of tenants as you want, without having to accept the first tenant who comes along without their own furniture.
There are a lot of pros and cons to choosing whether to offer a furnished apartment or an unfurnished one, but furnished apartments typically rent out more quickly, while unfurnished apartments are more affordable to rent out.
The discussion herein is of a general nature only and is not to be construed as specific legal advice, which requires the establishment of an attorney-client relationship and fee agreement. SJA Property Management does not provide legal services.