As a landlord, it may be worth your time and money to furnish your rental properties. Typically speaking, furnished apartments can be leased for a higher monthly fee, and it may be easier to attract a tenant by taking away the hassle of buying and moving furniture into the apartment. What should landlords consider before making the decision to furnish a property that is available for rent?
1. How Will You Select Furnishings for the Apartment?
Renting an apartment is easier when you give prospective renters what they want. For instance, college students may be more interested in a large television to play video games on while executives may be more interested in a recliner to rest in after a long day of work. By catering to the needs of your target market, you can charge a higher monthly rent while also ensuring that the apartment doesn’t remain vacant for too long.
2. How Will You Protect Your Belongings?
It is important to consider how you will make sure that your furniture doesn’t experience undue wear and tear. While tenants will inevitably cause damage such as scratching a wooden table or breaking a shelf through normal use, you don’t want to have to replace items every time a new tenant moves in. Therefore, you may want to consider putting terms in the lease that make a tenant liable for any excess damage that he or she causes. It may also be worthwhile to insure your items to minimize your losses.
3. Will Tenants Be Allowed to Bring Their Own Furniture?
You should prepare for a scenario in which a tenant wants to bring in his or her own couch, tables or other decor. In some cases, a person who wants to rent your apartment or home needs to have a particular item to sleep properly or for other health reasons. Generally speaking, it is illegal to discriminate against a person for having a disability. Therefore, you may have to put your items in storage if they cannot be used by a prospective renter who has special needs.
4. Installing a Security Camera Can Be Ideal
If you are going to furnish an apartment, it could be a good idea to have your own security system installed. This may prevent tenants from taking items that belong to you. It can also prevent loss because of theft or vandalism. If you do use a security camera or other tools, be sure to disclose this to the tenant.
Furnished apartments Toronto can be attractive to those who don’t like buying furniture or simply hate lugging heavy items up the stairs. However, be sure that you have a way to secure and protect couches, tables or bedroom sets from undue wear or theft to get the most from your investment.