How to furnish a rental property without breaking the bank in 2023
Taking the time to decorate and furnish a rental property can significantly increase its worth, allowing you to negotiate more favorable lease terms. Take, for example, Executive Rentals. Furnished executive rentals are frequently rented for one or three months and are far more valuable than regular year-long leases.
However, before you spend your time and money trying to furnish a rental property, click the link below to book a free strategy call so that we can teach you how to furnish a rental property using only the value you have already built in the investment.
A refresher on executive rents in a nutshell
By taking the time to furnish a rental property, you increase its value and appeal for executives and travelling professionals. After all, while these people may stay for months, they travel so often it is not worth it for them to furnish a rental property themselves, creating a market for you to do it for them.
Traveling executives can stay in furnished executive apartments for a short time. Executive rentals, typically located near high-traffic corporate campuses or significant business districts, provide business professionals on long-term trip assignments or training visits with flexible lease periods and convenient places to stay.
Executive rentals come fully furnished, with everything a business professional needs to live comfortably—all they need to bring is a bag of clothes and toiletries.
What's the point of furnishing an executive rental?
While taking the time to furnish a rental property requires additional investment, having furniture and home goods in your apartment for temporary tenants allows you to charge much higher rents. This is true if your home is located in a convenient area.
If you're planning on outfitting your flat before renting it out, make sure the decor fits the price you're hoping to get for it. If you furnish a rental property with low-cost, unsightly appliances, kitchenware, couches, and mattresses will drastically lower the amount you can charge your tenants.
You will have difficulty recouping your investment if you spend too much money outfitting your flat with high-end designer goods. Even when renting to professionals who require a temporary residence, the furniture will likely become worn or damaged throughout numerous tenant stays.
Learning how to find and install elegant yet economical furniture in your executive rental apartment could make or break your plan.
What should a furnished apartment include?
If you plan to furnish a rental property unit before placing it on the market, learn about the types of furniture commonly included with executive rentals. To list your furnished rental as a short-term executive rental unit, you will need to provide the following items:
Mattress and bed frame
A mattress and bed frame are required in every furnished rental. Choose a comfortable, mid-range mattress that falls between firmness and softness on the firmness vs. softness meter. This assures that the majority of potential renters will find your mattress to be comfortable.
Basic bedding package
At least one basic bedding set should be included in your luxury rental. A comforter, sheets, pillows, and duvets are all included. The bedding set should be soft and complement the rest of the apartment decor.
Loveseat or couch
Residents should be able to relax on at least one comfortable seating option. Purchase a couch or loveseat that complements the rest of the unit's design. Look for furniture with durable upholstery, such as leather.
Chair and desk
Make sure your professional tenants have a place to catch up on work when they're away from the office. In an executive rental flat, you'll need a desk and a comfy desk chair. • Lighting: Many apartments are under-lit. Purchase many floors and table lamps to install throughout the rental unit to address this problem. Be aware of how lighting can "create" space inside a room and ensure that lighting is consistent throughout.
Basic appliances
Even if you don't furnish a rental property, you'll likely rent it out with essential appliances included. Make sure you have an oven, microwave, water kettle, and refrigerator. • Bath towels: Consider acquiring a toaster or toaster oven as well. Assemble the bathroom, including bath towels, shower curtains, and rugs, to be ready to use. Most executive rentals include a cleaning service that replaces towels, mats, and rugs monthly or bi-weekly.
Internet connection
Executive rentals should be ready to use as soon as the resident arrives, which means having a working internet connection. You and your tenants must choose a high-speed internet service that is affordable and reliable.
Cooking utensils
Your executive rental should contain pots, pans, bowls, plates, and cutlery. During their stay at your house, your tenants should not feel obligated to bring or purchase anything other than their clothing and food.
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Finding low-cost furniture to furnish a rental property
It's time to start looking for a low-cost furnishing provider once you've determined what you will need for your executive rental!
Begin your search for high-quality, low-cost furniture at the following locations:
Auctions in stores
Attending furniture auctions is one approach to find reasonably priced, high-quality business or hotel furnishings. For example, if a furniture store, hotel, or office closes, the leftover furniture may be auctioned off.
Purchase in bulk
Consider getting all of your materials and furniture from the same place. You may be able to get a significant discount as a result of this. Don't be scared to haggle if you're buying a lot of products from the same dealer.
Request a price match
Suppose you buy most of your furniture from the same source but find specific pieces available for less from a competitor. Many merchants may match if the price difference is modest to avoid losing the entire sale or a significant amount of it. This will make your transaction more accessible and cheaper in the long run.
Buy furniture floor models
If you're looking to decorate one or two units, you might want to buy furniture floor models. These are generally in excellent functional condition with only a few minor cosmetic flaws. Renting furniture will see wear and tear anyway, so buying "like new" instead of brand-new isn't a bad idea.
While outfitting an executive apartment may seem like an unnecessary expense at first, it may allow you to exploit a better strategic position for the best return on your investment.
Finding cheap, elegant furnishings for your executive rental allows for more flexible lease terms, allowing you to deliver the most value to your tenants. When renting out a completely furnished apartment vs. a bare flat, you will be able to charge much higher rates, move-in fees, and security deposits.
So, if you are ready to furnish a rental property, click the link below to book a free strategy call so that we can teach you how to furnish a rental property using only the value you have already built in the investment.