If you are renting out a small inner city apartment, one of the decisions that may have you scratching your head is whether or not to furnish it. There’s no one right answer; furnishing an apartment has pros and cons to consider.
Pros
A furnished apartment can provide additional financial returns, as many people are willing to pay more for convenience. In addition, furnishing your apartment is a good way to attract professionals who are willing and able to pay more rent and less likely to damage your property or behave in unacceptable ways. A furnished apartment will also sustain less damage upon move-ins or move-outs such as damage to walls when moving furniture in and out. Tenants also don’t typically assume they can put up shelves, install wall hooks, or remove light fittings, so a furnished apartment will experience less wear and tear in general.
Cons
The major drawback of furnishing an apartment is the upfront cost. And besides the initial investment, furniture will need to be updated, cleaned, and repaired, so this should be considered an ongoing cost, not a “set and forget” solution. One other potential problem with a furnished apartment is a higher turnover rate due to the types of tenants you’ll attract – so expect to re-lease a furnished apartment more often.
If you do decide to furnish your apartment, some basic tips can help you out:
- Define separate areas and give each a specific purpose
- Choose dual-purpose furniture
- Identify unused space and use it to your advantage
- Choose lighter colors to make spaces appear larger and more open
- Utilize floating furniture, which takes up less space
Careful preparation, the right furniture selections, and a great arrangement can drastically change the look of the apartment. With so many inner city apartments competing for the same tenants, smart furnishing can help you gain the edge you need to secure quality renters.
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