Did you know that there are more than 20 million rental properties in the United States of America as of 2022? Getting a furnished rental property is a great idea if you’re looking for ways to supplement your income and grow your wealth in a sustainable and scalable way. Collecting rent each month will take care of your mortgage and add to your money.
The benefits of investing in rental properties are undeniable, but you should look to purchase a furnished rental property if you want to make more money in less time. It’s less work for you and less stress for each of your tenants.
The good news is that you’re in the right place to learn more about how to invest in property and grow your rental income. Keep reading this article to learn more today!
What Is a Furnished Rental Property?
Many people make the mistake of thinking that apartments don’t come with furnishings, but that is far from the truth. A furnished rental property is a great option due to the fact that it comes with all of the furniture. The tenant can expect to have less stress and more time as they move into the unit.
It’s especially true for apartments that are purpose-built since they often come with basic appliances like refrigerators, ovens, and stoves. Knowing the difference will make it much easier to find and make an offer on a furnished rental property in a high-demand area.
An unfurnished rental property is different in the sense that nothing comes with the rental unit. The property is vacant and the tenant is expected to figure out their own furniture situation. You can view here for more info about taking steps to invest in property.
The furnished rental property comes with everything that a tenant would need to move into it on the spot. These rental units come with beds, couches, wardrobes, and even dining tables. You won’t find a more ready option if you’re worried about bringing in more rental income.
Benefits of a Furnished Rental Property
Once you’ve made the decision to invest in property that is fully furnished, you’ll find that it’s an investment that brings in some great returns. Buying a Memphis property that is in the heart of the city will allow you to bring in a ton of money in rent since you’ll own one of the most marketable apartments in town. Here’s a closer look at some of the big benefits.
A major benefit of getting a furnished rental property is the fact that it’s ready for your tenants to move into. The furniture is ready to go and you can start collecting rent on your investment shortly after making the purchase official. You’ll also get to charge a premium when it comes to monthly rent due to the fact that the furniture is already in place.
You could easily charge an additional $200 each month in rent thanks to the fact that your property comes fully furnished. You might need to set aside some money to use for upgrading the appliances and furniture at some point, but the money that you make from the furniture will offset that cost.
In addition to charging more in rent each month, you can also benefit from fewer vacancies. Furnished apartments are in high demand, making it easy to market your units to potential tenants.
Easier to Market
You can find the perfect niche of people that are looking to rent an apartment when you own a furnished rental property. The main target audience that you should appeal to is the young professional and graduate student crowd. These individuals haven’t had time to purchase furniture of their own, and it might be cost-prohibitive.
Owning a furnished rental property and renting it out allows you to capture this target audience and ensure that you have reliable tenants. It’s much easier than marketing an empty apartment.
Furnished apartments are also in much higher demand compared to unfurnished apartment complexes. This housing option allows the tenant to live a more flexible lifestyle, which is huge for people that are starting to pursue their dreams and careers. They can pick up and leave with ease if a great opportunity comes up that they want to grasp.
A big drawback of an unfurnished rental property is the need to move everything out of the unit once the tenant’s lease expires. It’s a stressful experience that requires a ton of logistics in order to coordinate the move. The tenants can move with little hassle since all that they have in their units are their personal possessions.
It also results in quicker contract arrangements and fewer hassles standing in the way of your tenant starting their new life. They can move in or move out in the blink of an eye.
Easier to Show
Picturing your life in a vacant apartment is not exactly romantic. When you own a furnished rental property you have the advantage of allowing your potential tenants to imagine what their daily lives would be like living in those apartments. They can picture where they’d store groceries and where they’d relax after a long day at work.
It’s a much happier alternative to viewing a dark and empty apartment unit that has no charm or character. If you want to really impress your potential tenants, look for luxury furniture that you can use to furnish the apartment. Your tenants will be blown away.
Invest in a Furnished Rental Property Today
Now is the perfect time to invest in a furnished rental property since they allow you to bring in rental income and withstand the impact of inflation. These apartments are easier for tenants to rent since there are fewer logistics involved. It’s also a great option because it allows for premium prices on rent, boosting your rental income.
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