As a landlord deciding on how to furnish your rental property should be a priority decision. Choosing to rent your property furnished, unfurnished or partially furnished will depend on what will attract your ideal tenant. As with most things, there are pros and cons to all options, and what will appeal to one person may not be right for someone else.
Before we dive into the pros and cons of each, let’s define exactly what we mean by furnished and unfurnished.
What is furnished?
If a property is let furnished, it means that when a tenant rents the property, they also rent the furniture in it.One landlord might include more than the next, but a good rule of thumb is to supply everything a person needs to live comfortably. What exactly is included should be explained to the tenant early on and specified in the tenancy agreement and the inventory and schedule of condition. This way, the tenants are clear on what’s being supplied and what they need to bring themselves.
What is unfurnished?
This is largely where people are mistaken: unfurnished does not mean completely bare! If you are planning on letting out a property in an unfurnished state, think about including an oven, fridge or other white goods – but no other furniture. Small kitchen appliances, curtains, or blinds are also often included in an unfurnished property.
What is partially furnished?
Similar to the furnished options, there is no set list of items that will be included in all partially furnished properties. In these cases, the landlord will provide some items and the tenant will provide the rest. More often than not the landlord will offer to supply the larger furnishing items such as beds, cabinets and sofas. What is provided versus what is brought in by the tenant will be agreed upon during lease discussions and signing.
Which is the preferred option?
All three options are equally popular, the difference lies in what tenant you are aiming to attract. First-time renters may prefer a furnished rental, as they are more likely to have very little furniture to start with, and it will save them from having to buy everything in one go. Tenants who are looking for short term rentals may also prefer furnished, as it is convenient.
Tenants who would prefer an unfurnished rental are those who either have all their furniture already, or those who wish for a blank slate and to design their ideal living space. There are more unfurnished properties on the market than furnished, and unfurnished properties tend to be more popular as they offer more flexibility for tenants.
If you are hesitant as to which option to choose between furnished or unfurnished, consider the partially furnished option. This will allow both landlord and tenant to have a say as to what is included in the rental and thus attract tenants who may have some furniture items already.