Rent Furnished or Unfurnished?

[Dru Doyle]

I am an out of state landlord and have a rehabbed one bedroom condo in a historic building in downtown Indianapolis.  Since I bought it in 2006, I have rented it as a furnished unit to corporate execs.  My medical resident recently up and left saying his student loan payments just ballooned and he could no longer afford the rent.  Now I need to decide if I continue to rent furnished or store the furniture and rent unfurnished for $200 less/month.

The apartment supply has increased and I have more competition.  Also more students are moving into the area with less money to spend on housing.  My condo has not appreciated and I need to perk it up with new accessories and small furniture if I continue to rent furnished.

Does anybody have good experience with executive short term rental housing and whether the payoff with a furnished unit is better than unfurnished?  Thank you for sharing your experiences!