The Power Of Home Staging: To Maximize MultiFamily Rental Returns

Your tenants are your single-most crucial assets. And, as a forward-thinking landlord, you want to rent out your multifamily apartment buildings or single-family houses quicker so you can recoup your investment sooner than later. After all, your rental properties serve you no purpose if they are vacant for the better part of the year.

Well, let’s face it; filling your vacant multifamily apartments in today’s competitive rental property market is no easy walk in the park. Are you wondering what you can do to turn them into tenant magnets? If yes, home staging can come in especially handy.

Once the staple of homeowners who want to sell their homes quicker and for big bucks, home staging can also do wonders for your rental property. It’s all about making a positive and compelling first impression. Home staging helps you show potential tenants an impeccably clean, desirable, and comfy apartment or house.

In other words, home staging helps you gain an added edge over your competition when it comes to renting out your multifamily apartment buildings. It helps spruce up the appeal of your rental property, so you lure in more and better tenants. Obviously, the end game is to encourage full bookings and rake in more rental income.

As a matter of fact, recently I experienced the power of home staging first hand. This was a result of using Virtual Home Staging for marketing recently renovated apartments in my latest apartment building acquisition.

What’s Home Staging?

If you thought home staging is only geared towards for-sale properties, think again. Even though most tenants aren’t out there to buy, they still desire to live in an attractive, clean, and comfy apartment nestled in a great neighborhood. Home staging is all about sprucing up both the curb appeal and the interior decor of a house.

When it comes to renting, staging can help make your apartments or single-family rentals more appealing in a less than stellar market. More importantly, it can be a great tool when you need to boost your rental applications and rent in a more challenging market. And, while it’s not a new concept, staging your multifamily apartment buildings can offer myriads of benefits.

Herein, I’m going to walk you through the chief benefits of staging, and why staging an apartment could attract better tenants and premium rents.

Before and After Photos - Lounge

Benefits of Home Staging Rental Properties

Staging Makes your Apartment Buildings Stand Out

Inside your apartments, rooms are clean, immaculate and spacious, adding stylish furnishings, materials, and features would greatly assist your prospective tenants to imagine how it would “feel” to live in your multifamily apartment building.

If you are in a competitive market, for one, it can prove quite difficult to attract quality tenants if outside of your apartments isn’t appealing enough. That’s where home staging comes especially helpful.

Before and After Photos - Bedroom

Home-Staged Apartments Attract Long-Term, Paying Tenants

Landlords who have successfully home-staged their apartments report having found higher quality tenants who stayed for a more extended period. That means you don’t have to worry about vacancy periods in between tenants. Besides, you’ll save oodles of cash on end-of-lease repairs and maintenance. No matter how you look at it, home staging helps you attract better tenants, leading to lower turnover and fewer issues down the road.

Home Staging Leads to Increased enquiries, rental applications and Reduced Vacancy

According to a survey carried out by Angie’s List, home-staged apartments get filled 73 percent faster than similar un-staged ones. Which landlord wouldn’t want to boost enquiries and reduce vacancy by about 75%? If you crunch the numbers, that’s more rental money in your bank account and no more losing sleep over empty apartments.

A Picture is worth a 1000 words

Most potential tenants begin their hunt for the perfect multifamily apartment or single-family house online. Oftentimes that means they sift through thousands of apartment photos, videos, and whatnot. And, if your apartments don’t have a digital presence, they will be passed over again and again. Home staging your apartments, on the other hand, will lead to fabulous pictures or videos that’ll give you the added visual edge you need to get tenants through the door.

Home Staging Helps you Make a More Compelling First Impression

When it comes to bringing in better tenants, the first impression is everything. As such, your apartments need to make a positive statement at first glance. Lucky for you, professional staging can freshen the look and feel of your apartment and create a more positive vibe. If done correctly, home staging will make potential tenants to picture themselves in the apartment or house, which is the first step in making the lease happen.

Maximize your Tax Deductions

When it comes to renting out your property, you get what you invest. Thankfully, home staging is a worthy investment that not only returns high but is also tax deductible.

Wrap-Up

Home staging lets your multifamily apartments or single-family houses speak to potential tenants. It helps you highlight the strengths and focal points of your apartments so you can attract better tenants, increase rental applications, and rake in more rental income. Ideally, home staging involves bringing in costly furniture, staying on top interior decor, and other expensive remodels. But, why go through all the trouble when staging could be done virtually on Fiverr at a fraction of the cost?

Note to remember: When staging an apartment for rent I have been using Virtual or Digital home staging. Make sure to insert a disclosure when advertising the apartment for rent online, stating that the apartment is for rent unfurnished and that the photos were virtually staged for marketing purposes. When selling a property to home buyers I prefer using real furnitures as opposed to Virtual home staging. This is to prevent disappointments from possible home buyers.