Your rental property is an investment. It has a P+L sheet and generates income for you. But, you need your property fully furnished. Not only does it have to be furnished, you have to pick out the right pieces to attract and keep the tenants who keep that P+L sheet in the black. So how do you know what furniture to pick for your rental property? How do you know what will provide you the greatest value while making your tenants feel comfortable and at home? Here are three ways to evaluate whether or not you are driving value to your rental property with the best furnishings choices.
When In Doubt, Choose a Few Higher Quality Pieces Rather Than Buying Cheap Furniture
You may not be able to see the difference, but your renters living with your furniture choices will most certainly feel the difference. Not only will it last longer and reduce your overall costs, the fewer pieces will be more attractive to more tenants. Today’s trends call for the adage, less is more. Less furniture means less clutter means fewer messes, means less wear and tear on your property.
Choose Neutral Colors As Well As Neutral Furniture
While you will want to choose high-quality furniture, those pieces should be in neutral styles. You want to be able to appeal to a broad spectrum of people for many years to come. There are always going to be those colors and styles that are popular this year and turn into a bad memory two years later. That works with a twenty dollar accent pillow, but may be harder to justify financially with a two thousand dollar couch. Timeless is a feeling you hope to achieve.
Choose A Fun Vacation Theme
Or you can go in the opposite direction and have a theme for your rental property. Choose accessories that play up the location, the State, the popular local activities near your rental. Your winter ski rental may also be convenient to great summer golf. As you move from room to room, you can invite your renters to move from season to season.
If you do not have an eye for this, don’t worry. Just about every furniture showroom has experts who can make suggestions if not plan the entire space for you for a nominal fee. If you consider higher occupancy rates and higher rents as you weigh the expense of one of these experts, the return on investment will be exponential. This one-time service will provide you years of increased income.
Furniture shopping for your rental property may seem like a large front end expense. Shipping, delivery charges, interior designer fees, and the time it takes to manage the project can all seem very high. Just know that there are professionals who are willing to help you and can work with your budget. These well-chosen furniture choices will give you years of increased value for you and your tenants which will result in higher occupancy rates and higher rents year after year.