With the vast number of rental properties on the market, how do you do about maximising your rental and getting the best returns? While there are some bigger solutions to gaining an increased rent like renovating, re-carpeting or re-painting, one easy way that can help provide an increased rental return is furnishing the property.
Why furnish your rental property?
Furnished rental properties are a god-send for many potential tenants. Particularly if your property is close to universities, or is near a business district, or trams and trains for easy commute, it might be the perfect candidate for furnishing.
Furnished properties are most appealing to short-term tenants. These might be tenants who require accommodation for up to a year while they study (perfect for uni students) or work on a contract/project and don’t want to purchase furniture they’ll only need to get rid of in the near future. The great thing is, these type of tenants will be happy to pay a little more to get a furnished property over an empty one as it will save them the hassle of having to furnish and then sell the furniture at a later date.
The only real downside to furnishing your rental is that you’re responsible for the furniture – if it gets damaged, you’ll need to replace it. In saying that, the higher rent you can charge for furnishing is usually well worth this risk. Plus, if you safeguard yourself by fitting out for good quality furniture, it’s not likely to get damaged any time soon.
Considerations for Furnishing your Rental
The main bedroom will be one of the most important things to furnish. Why? Chances are, if it’s a short-term rental, there may only be one or two people living there. The master bedroom will be their refuge and they’ll want to feel comfortable and at-home in it.
Things to consider when furnishing are:
- How big is the master bedroom? (You may also want to consider guest or kid’s bedrooms if applicable for your property)
In terms of the bed size, the preference will be a queen sized bed. However, if the room is on the small side, you may have to opt for a double bed. This is ok – just don’t go any smaller!
- Is there a built-in wardrobe?
Great if your property has a built-in wardrobe. If not, you’ll need to look at some type of storage area for clothes. This may also be a consideration if the built-in wardrobe is relatively small.
- Is there ample storage in other areas of the house (eg. Linen cupboards)?
Providing tenants will enough space to store their things is essential and it’ll help keep the place clean and tidy. Take a moment to consider what storage is available in your property and whether what’s there would be ample for all your things.
Top Buys for Furnishing your Rental Property
When it comes to choosing the furniture, what you really need is something that is durable (you don’t want to be replacing it every year), looks good (to get you a better rental price) and great value (you don’t want to spend a fortune on this!). Here are our top furniture picks for the rental property.
BED & BEDSIDE TABLES ONLY
For those properties where the bedroom contains a good-sized wardrobe and there’s plenty of storage space in the house, you’re really only going to need a bed and a couple of bedside tables. Our picks:
For smaller bedrooms (where a queen won’t fit), take a look at the Coco Double Bed available in white or oak for $320:
For larger bedrooms, this Bond Queen Bed represents fantastic value and quality at just $286 (also available in both white and oak).
FULL BEDROOM SOLUTION
If you’re in need of a bedroom package which provides the bed as well as storage space, you can’t go past these great value solutions.
For smaller rooms, this Coco Double Storage Bed includes the double bed plus two under bed storage drawers – perfect for storing clothes and linen.
For larger rooms, take a look at the Myer 6 Piece Storage Bed Package. For just $839, you’ll be able to fit out the whole room with queen bed, two bedside tables, 6 drawer tallboy and two under-bed storage drawers. This is a great value option for fitting out the main bedroom of your rental!
Most short-term rentals won’t require a kid’s bedroom to be furnished. However, if you do require kid’s furniture for your rental, take a look at the range here>
And that’s it – our tips and top buys for furnishing your rental property to maximise your returns!