Whether you are a first-time landlord or simply looking for inspiration before furnishing your next rental property, this guide will help you decide what areas to consider and the types of furnishings you should choose.
The question of how to furnish a rental property is an important one, as the way you choose to furnish a property has a big impact on the type of tenants you attract. It can also affect the desirability and perceived value of the property, ultimately influencing what prospective tenants will be happy to pay. With this in mind, here are the essential considerations you should be thinking about when furnishing a rental property:
Cover the essentials
First, you need to ensure that you cover the minimum requirements expected of a furnished property. As a minimum, furnished properties should include white goods such as a cooker, fridge freezer, washing machine, as well as other furnishing such as a sofa, dining table, chairs, beds, and wardrobes. However, it is always nice to include kitchen and bathroom necessities such as a vacuum cleaner, crockery, cutlery, as well as electronic items such as a kettle and toaster.
There are plenty of places where you can find stylish but affordable furniture, so make sure that you shop around to get the best value for money. There is nothing worse than having to replace furniture frequently, as this will cost you more in the long run.
Choose quality over a cheap price
As tempting as it might be to try and furnish your property for as little as possible, this will make it difficult to set a high level of rent. When discussing how to furnish a rental property, many will agree that quality of your furniture can set the tone for your property. Particularly, if your property is in a less desirable location or you want to stand out against your competitors in a highly desirable area.
In addition, high quality furniture is also more durable and long-lasting than inexpensive alternatives, making them an investment that will save you money in the long run.
When you are planning to furnish a rental property, it is important to think about the practical requirements of the tenant. Particularly in smaller rental properties such as an apartment, where storage is at a minimum. Offering plenty of smart storage solutions will really help make the property stand out for example, having a long TV stand is great for cupboard space in your living room along with area to place a TV, lamp or vase.
Always think about the style
Practicality is an essential factor when deciding how you want to furnish your rental property, however, this does not mean that you should neglect style. You want to make sure that the décor appeals to a wide audience, so you don’t want to choose anything that might be considered outlandish.
With that in mind, it is still a good idea to create a slight wow factor for when your prospective tenants walk through the door. For a contemporary property, small decisions such as switching out dining chairs for an urban dining bench can make a subtle but stylish statement. For a more industrial look, metal frame coffee tables give the place some real character that will make an impression on potential tenants viewing the property.
Finishing touches make all the difference
There is a big difference between how to furnish a rental property and how to furnish a rental property well. Spending a little bit of time choosing accessories and soft furnishings to put in your property can completely transform the overall look and feel of a place.
Soft furnishings such as stylish cushions, rugs and throws make the space feel more inviting and demonstrates your pride in the property as a landlord. Furthermore, it makes the house feel like a home and elevate the property above competing properties close by.
Statement wall mirrors are also great for creating a focal point within a room, with the addition of faux plants and candles to create a chic décor scheme that makes the property that bit more desirable.
Do not forget the outside space
Depending on the type of property you own, guidance on how to furnish a rental property may or may not involve the outside space. If your property does have any outside space then make sure to show it off.
If it is a rental with a garden, make sure you have kitted out the space with high-quality garden furniture for your tenants. However, outside space does not just mean gardens. If you own a balcony space, then make sure to furnish this area as well. A bistro dining set is a perfect addition to the outside setting, or for a more relaxed set up, you can always set out pouffes as a comfortable balcony furniture option.
The points above may seem overly generous and while they are undoubtedly thoughtful additions, there are also practical benefits.
As stated, a rental property’s furnishings help to set the tone and will have an effect on the type of tenant it attracts. High-quality furnishings do more than simply attracting the right tenant; however, it also helps to retain them.
We hear from clients all the time about just how competitive the rental market is at the moment and the longer a rental property stands empty, the greater the costs accrued by the owner. The longer a tenant stays renting a property the better, and one way to encourage a long-lasting tenancy is to promote a harmonious living environment that feels like a home. High-quality furniture helps to achieve this; furniture that looks and feels worn or dated does not.