Wondering whether to rent out your property as a furnished or unfurnished unit? Learn about the pros and cons of both options in this article to make an informed decision.
As a property owner, it's important to have a clear understanding of the potential financial benefits and drawbacks of renting out a furnished or unfurnished unit. According to recent statistics, overall, furnished units are rented for 164$ more per month than unfurnished units on average. This can be a significant financial advantage for landlords, as it can potentially result in a higher return on investment.
It's also worth noting that furnished units tend to have a higher occupancy rate, as they are often in high demand among short-term tenants such as corporate renters or vacationers. This can also result in a more stable rental income for landlords, as there is less downtime between tenants.
On the other hand, unfurnished units are typically less expensive to rent and may attract a different type of tenant, such as families or individuals looking for a more permanent living situation. Additionally, unfurnished units can be less costly for landlords to maintain, as tenants are responsible for their own furniture and household items.
It's important to keep in mind that these statistics are averages and will vary depending on factors such as location, property type, and amenities offered. As a property owner, it's important to conduct your own research and consider the specific needs and preferences of your target tenant demographic when deciding whether to rent out a furnished or unfurnished unit.
Overall, whether to rent out a furnished or unfurnished property ultimately comes down to personal preference and the type of tenant you are looking to attract. Both options have their own set of pros and cons, and it is important to consider all of the factors before making a decision.
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