A tenant who’s interested in renting a fully furnished apartment is one who values convenience and is likely to be a shorter-term tenant. Think long-stay corporate tenants (for example, someone whose company has sent them to a new city for a few months to kickstart a project) or other busy urban professionals.
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For starters, furnished apartments often meet people’s needs far more comprehensively than non-furnished apartments – and they can be leased out at a higher price accordingly. Having your property fully furnished also helps a would-be tenant to envision their life in this space, and the visual appeal works similarly to homes that are staged to be sold. In a nutshell, it makes your space more appealing as the prospective tenant can see immediately how the amenities on offer will make their life easy and comfortable.
The fact that their current home is a short-term solution does not mean that tenants do not want everything of the best. Your fully furnished apartment should be kitted out to be on par with other homes in the area. For example, a furnished apartment in Bantry Bay boasts luxurious features including a covered entertainment area, air conditioning, underfloor heating and 24-hour security – and is expected to fetch a rental of approximately R85 000 per month.
There are many advantages to furnishing your property before you rent it out. A few of these include:
As with any type of investment, renting out fully furnished apartments comes with challenges, which include higher tenant turnover and the risk of damage. Due to the appeal that furnished homes have among shorter-term tenants, you may need to find a new tenant more often – but enlisting the services of a property rental agency can minimise the inconvenience caused. Having various tenants come in and out of your home – using your furniture and appliances – is likely to mean that you will need to replace or repair items from time to time.
In order to be considered “fully furnished”, an apartment should be ready to live in. This means landlords should ensure they include a bed, a lounge suite, a table, a stove, a microwave, a fridge and various other essentials. A TV, washing machine, coffee table, nightstands and dining room table should round off the offering. As the landlord, you can decide if you want to offer things that would make living in your property even more convenient, like towels, cutlery, crockery and cookware.
Renting out a fully furnished apartment can be a lucrative investment opportunity if you choose the right property and manage it efficiently. The Seeff team is on hand to help with every step of the process, from finding and buying the right property to finding great tenants who will – at least temporarily – call your furnished apartment their home. Contact us today to get started on your investment journey.