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Updated almost 4 years ago,
Will furnished rentals increase after COVID?
I believe that furnished rentals are really going to see a boost in the upcoming years. Having the option to move into a property without having to worry about the stress of furnishing it could be a huge opportunity for any landlord. You can typically get 15 to 20 percent more for a furnished long-term rental. It’s a convenience. People are willing to pay for convenience. And for a furnished short-term rental, you can get 40 to 50 percent more at a minimum. In some cases, you can even double that, getting 100 percent more, depending on the location of the property. Especially with how COVID has affected the market, I believe people are going to be migrating from these big cities into the suburban rental markets and furnished rentals would attract them to your property even more. As a millennial, I believe that I would pay more for a furnished rental that has quality furniture in it than I would for a place where I have to go out and buy my own furniture and move in it.
However, my main question here is more for the landlord...
Wouldn't advertising a furnished apartment attract more high class tenants which are people that you want in your properties as a landlord?
Can you not also charge a larger security deposit that is fully refundable which makes sure that the furniture will not be damaged?
If there was a furniture company out there that would be willing to partner with landlords to accommodate them with furniture and design at a great price, would you partner with them?
What are your pros/cons in adding a furnished rental to your portfolio?