Testing furnished units in a mostly student apartment bldg

[Hayes Freeman]

Hi,

We have an apartment building next door to a big university.  

My property manager was describing the crazy event that happens every summer, when she has to schedule one move in per day, because we don't have good parking/access for the Uhaul trucks that people move in with.  

Instinctively, I thought that offering at least some furnished units would lighten this yearly problem.  Also, I figured that we could get a good return on investment by charging a significant markup on furnished units.  We already provide all utilities in our rent payment, so going to a furnished unit shouldn't add any additional clerical issues...

I'm looking for feedback on offering furnished units near colleges.  
How much do you add per month for furnishing a unit?

Is "furnished" just furniture?  Or does furnished also mean all kitchen utensils, towels, TV?

how does the demand for furnished compare to unfurnished units in your building?

Am I correct in expecting an easier "move-in season" with furnished units?

We have a lot of foreign students at our building.  I would expect them to want furnished units.  True?

Where do you shop to furnish an apartment.  Do you go with expensive high quality furniture that will last
or cheaper stuff that will last a few years and replace?

[Jeff Greenberg]

@Hayes Freeman I would look at your competition, what are they doing.  How do you compare with what you are offering.  You could experiment by furnishing one unit and seeing if you can get high rents.  Since most student units rent well before the students take occupancy, you will have plenty of time to get furniture as needed.

I would pay more for solid durable furniture that will last into the long term.