How much do you furnish for international students?

Question

Hey everyone,I’m a first time write in and future landlord. I have a duplex that I’m furnishing to attract international graduate students and visiting professors. I have the basics in each side already (bed, sheets, couch, table, light wall decor, along with all appliances).How much more should I add? Some basic info, it’s in the middle of Lincoln, NE and some nicer updates have been done to each half. It’s also close to a hospital where I could get STR from traveling nurses.Thanks for your feedback,-Ryan

Annette Hibbler · Answer

@Ryan Carr I would furnish just like you would an AirBnb property. You've got some of the basics but I would suggest the following:- Internet & TV - Roku Smart TV, Sling TV and Netflix are some options you can explore.- Basic pots & pans for cooking- Coffee maker and filters- Salt & Pepper- Utensils, plates, bowls, cups and glasses, coffee mugs (pyrex is inexpensive and durable)- Cooking utensils like large spoons, spatula and basic cooking knives.- Paper products such as toilet paper, a bag of paper napkins, 1 paper towel roll to start them off. Depending on the length of their stay, they will buy more when needed.- An extra blanket in the closet.- Clean bath & hand towels and a bath rug in front of tub/shower.- A hair dryer.- Make sure you keep a broom in the closet for them along with some basic all surface cleaners. Don't forget to provide toilet bowl brush and plunger in each bathroom.These are all expenses you can write-off come tax time. Providing these basics goes a long way when they give you a review and are more likely to rent from you again and recommend you to others.

Carolyn Fuller · Answer

I rent 2 apartments and a guest room in our home to visiting professors, scholars and students. In all 3 locations, I furnish everything except their laptop computers and their clothes. I use Sabbatical Homes and the local universities to rent the 2 apartments. I'm also able to gauge the appropriate rental amount by checking out what others are charging for comparable listings on Sabbatical Homes (sabbaticalhomes.com). I use a local organization that helps international students find housing in the Boston area for the guest room. Nesterly.io is another resource I've used for renting the guest room.My leases are fixed term leases. I start advertising for the next tenant to begin a lease the day after the fix term lease, which has just been signed, ends. That way, I manage close to 100% occupancy. All of my tenants understand they can't extend their leases unless they do that extension prior to my signing a lease with the next tenant.

Richard Santi · Answer

Ryan, we've migrated away from AirBnb to hosting travel nurses and it's been amazing. Annette is spot on, just furnish it like you would an AirBnb. What would you need to relax after work, do meal prep, and get ready for the next work day. It's simple. There's a lot of resources on the web with cursory searches.Megan, Furnished Finder is a great travel nurse resource to gauge prices for rooms and entire places in Lincoln. I do 3-month minimum leases. PM me for info if you like. It's been a great experience and considerable higher cashflow without the headache of AirBnb.

Megan Ahern · Answer

Hey Ryan, I had been thinking of doing something similar here in Lincoln. It seems like a great idea but I haven't been able to really get rent comps on furnished units for mid length stays (like students or travel nurses etc, not airbnb short term). Have you had any luck finding pricing on this sort of thing in Lincoln? Do you have a price range that you will be charging? Will you be signing a normal lease but just make it month to month?

Jennifer T. · Answer

While I don't rent out in this niche, I used to arrange corporate apartments for coworkers on 6-month assignments. We looked for units that provided EVERYTHING. Lamps, night stands, towels, tvs, small appliances (coffee makers/microwaves), pots/pans/cups, etc. Right down to the forks and spoons. Where someone could walk in with just their clothes and toiletries and be good to go.It wasn't a dealbreaker if a unit didn't quite have all of that. But then we would need to rent or buy whatever was missing, which wasn't the preferred choice. I was surprised to discover there are companies that actually rent out minutia kind of stuff like kitchen items, lol. Typically as a package.

Michael Lewis Lee · Answer

Hello Ryan! I wound tend to go with whatever the demand says. I might install high tech plug ins like phone and computer charging and a network that is readily available in the hottest places like the bedroom, the den, and maybe the dining area. Definitely cable TV wiring. It depends on several marketing issues and what your goals are, like occupancy and what any competition is offering and where do you stand on the amount you are seeking and how close it is to your positive cash flow. Just realize that most of what you do in regards to technology will probably be outdated in 5 years. You might be better off on lowering the rent or sales price. You might be able to have short term rentals but that comes with a number of things to be considered even though that may make you more money. The closeness to your residence could matter. Good luck to you!