Type of tenants
When deciding whether to furnish a property or not, it’s worth thinking about what type of tenants are going to be living in the property. Is it a family? Young professionals? If you have a clear idea of who your target audience is, it may help you decide a little easier. Often, families have their own furniture and will be looking for a home they can make their own. This type of tenant will most likely want to fill a home with pieces they have selected, which can quickly help a place feel like home. Tenants seeking unfurnished properties are often looking for a long-term rental. This can provide financial security for landlords, and ideally will result in a reduction of tenant turnover.
However, there are certain tenants who will be seeking homes that come with furniture in place. Those who are upsizing may not have enough furniture to fill a new, larger space and tenants who are relocating may be starting completely from scratch and require a fully furnished home. Other tenants who may prefer a furnished property include the likes of first-time renters and young professionals. Properties that are in major cities and offer furnished, short-term options are particularly appealing to professionals looking for a base for the working week.
Unfurnished properties may suit:
- Longer term tenants
- Families
- Those who already owns their own furniture
- Tenants who want to make the property a home
If you are letting out an unfurnished property, you should include the following:
- White goods: cooker, fridge, freezer, washing machine
- Kitchen fixtures
- Bathroom fixtures
- Curtains or blinds
- Carpets or other types of flooring
Note:
the Government
'how to rent' checklist for renting in England is a helpful resource for making sure you've not missed anything crucial.
Furnished properties may suit:
- Tenants looking for short-term agreements
- Professional looking to live near the city
- Those who have relocated
- Tenants who are upsizing
If you are letting out a furnished property:
What you might include may be different to the next landlord, but it’s a good idea to include everything you think a person will need to live comfortably. The list will include everything an unfurnished property has and may also have:
- Dining table and chairs
- Sofas and/or armchairs
- Chest of drawers
- Wardrobe(s)
- Bed(s)
Flexibility
Being flexible with your approach as a landlord will open your property to a greater pool of tenants. You could even offer a part-furnished option, which would suit many potential tenants, but will require a bit of negotiation and flexibility from both parties. The easiest approach is for you to offer larger items, such as sofas, beds and wardrobes, while leaving the smaller details to the tenant. This gives them a chance to make the property feel like a home, while giving them the key pieces of furniture to set up quickly. This option may also be beneficial if you are a landlord with multiple properties, as you can move the furniture between properties as required.
Benefits of letting a furnished property:
- Tenants will save money on purchasing expensive items
- The furniture can be reused once the tenancy ends, for the same property or others
- You may be able to claim Replacement Domestic Items relief after replacing a sofa, bed, carpets, curtains, white goods, crockery, cutlery
- You may get a better price for your rental if it is furnished
- Demand may be higher, if furnished properties are sought after in the area
Benefits of letting an unfurnished property:
- May be more likely to attract tenants looking for a longer, more stable tenancy
- Your initial outlay will be less if you decide to not furnish a property
- You don’t have to think about damages or replacing items due to wear and tear
- Ideal for tenants moving in with their own furniture as they won’t have to pay for storage
- Tenants can make the place their own
There are many benefits to letting out your property furnished or unfurnished, and your decision will depend on several factors as mentioned above. If you can, approach the decision with flexibility to allow your property to reach a larger pool of tenants, who may have different needs. For more landlord tips, stay up to date with our dedicated news and insights section.
