According to recent data, furnishing buy-to-let properties and rental homes could improve your chances of finding a tenant and increase the monthly level of rental income secured. Read on to learn why landlords should furnish their rental properties.
London’s rental market can be a competitive space, with many landlords looking for ways to stand out from the crowd, including furnishing their buy-to-let properties. According to the latest research, this is a smart move. Data by Manor Interiors, the experts in build-to-rent furnishing solutions, reveals most private rental tenants are happy to pay a premium for a quality furnished property. Another 26% stated that they would be more likely to rent a furnished property over an unfurnished one.
Manor Interiors Chief Executive, Farhan Malik, claims: “A furnished rental home is always going to carry far greater appeal amongst tenants, largely due to the money saved on buying furniture when moving into a rental home, during what is an already expensive period once deposits and initial rent payments are made”
The data shows, however, that if landlords are renting their property furnished, the need to invest in quality furniture is vital: “The modern-day tenant also values style and quality and so furnishing a property with below-par furniture is more likely to deter them rather than attract them”, says Malik.
So if tenants are happy to pay more for well-furnished rental properties, what are the pros and cons for London’s landlords?
Benefits for landlords letting a furnished property:
- Furnished properties are in greater demand
- Landlords can charge a higher rent
- Demand could be higher if the market deems furnished properties are attractive in the area
- Landlords can cover the cost of damage with the rent price, the security deposit and lease agreement
- Day-to-day jobs, upkeep of furniture and property logistics can be easily managed with Professional London Property Management
- Tenants will save money on purchasing expensive items
- The furnishings can be reused once the tenancy ends
Cons of letting a furnished property:
- Furnishing properties takes time and can get expensive, depending on the size
- The possibility of damage to furniture is likely, which landlords will be responsible for fixing
Should landlords furnish or not?
When deciding whether to furnish a property or not, landlords should always be aware of what their prospective clients want and try to present the property accordingly. After all, the number one thing a landlord wants from the rental property is returns, which there won’t be if the property is vacant! This process usually requires finding out the typical tenants in the area of London landlords are renting. To do this, we suggest talking to a reputable local letting agent (like us!)
Find out why Landlords Should Use Letting Agents