Do you have furnished student rentals in Kitchener and Waterloo?
If you've never considered furnishing a rental before, Hoffaco Property Management has 5 great reasons why you should think about it now!
Accumulate less wear and tear.
When large pieces of furniture are already placed in the apartment, your renters won't damage the walls or floors when moving in.
Take in higher rent.
Typically, landlords can increase the rent on a furnished rental by 20 – 30%, which helps you recover the cost of furnishing and puts more money in your pocket.
Are easier to rent.
Students that are only interested in an 8 month lease will likely be eager to find something furnished which will save them a lot of time, effort, and money.
Are more attractive.
When a rental has odd shaped rooms or small spaces, it's hard for a renter to picture the space with furniture. Furnishing the rooms yourself, allows you to pick pieces that will work with the room size and layout. Plus, this is a great option for out of town (or out of country) students.
Make quick move in/outs.
Your renters can move in and out with ease, in half the time it would take someone living in an unfurnished space. This can help get your unit back on the market, faster.
Tips on furniture choice:
Simple, clean, functional furniture works best. While you might be tempted to invest in furniture on the cheaper, DIY side (ie: Ikea), keep in mind that their ability to withstand general wear and tear, will ultimately determine how long they last for you.
For a furnished kitchen, add a sturdy table and chairs, along with a few staple appliances like a microwave, toaster and kettle. If you really want to provide all necessities, include dinnerware, flatware and the basic pots and pans.
Stick to neutral tones. Prints, flashy colours, and oddly shaped furniture can deter renters.
Don't forget the tech! 32" or 40" flat screen TV is plenty big enough. Most students watch shows and movies on their laptops, so one communal TV with basic cable should suffice.
For the living area, make sure you have furniture (ie: couches and armchairs) that comfortably accommodates at least the amount of tenants in the space. If you have 6 rented rooms in a house, the living area should be able to fit 6 people at a time.
If you are interested in furnishing your rentals, consider also adding free wireless internet, so that your property is truly "all-in-one".