Leasing Your Apartment As A Furnished Rental

If you own an apartment and are looking for ways to make a profit out of it, then leasing it as a furnished rental could be a great option. A furnished rental is a unit that is leased out fully furnished with all the necessary amenities and appliances. This type of rental is usually ideal for short-term tenants, like tourists, students, or business executives, who do not want to deal with the hassle of furnishing an apartment themselves.

Leasing your apartment as a furnished rental can be a lucrative way to generate income, but it is not as simple as just putting some furniture in the space and finding tenants. It requires some planning, research, and strategy to make it a profitable venture. Here are some reasons why you should consider leasing your apartment as a furnished rental:

Higher Rental Income

One of the primary benefits of leasing your apartment as a furnished rental is the potential to generate higher rental income. A furnished rental typically commands a higher rent than an unfurnished one. This is because the cost of furnishing and maintaining the property is factored into the rental price. Depending on your location and the quality of your furnishings, you could earn up to 30% more in rent by leasing your apartment as a furnished rental.

Better Tenant Pool

Furnished rentals tend to attract a better tenant pool. Short-term tenants, like business executives or students, are more likely to choose a furnished rental as it saves them the time, money, and hassle of furnishing a unit themselves. These tenants are also willing to pay a premium for the convenience of a furnished rental. Additionally, furnished rentals are often more attractive to international tenants who are relocating temporarily and do not want to deal with the logistics of shipping their furniture to a new country.

Less Vacancy Periods

Leasing your apartment as a furnished rental can also help reduce vacancy periods. Furnished rentals tend to have a shorter lease term, usually ranging from a few weeks to a few months. This means that turnover is high, and you will have the opportunity to find new tenants quickly. Also, furnished rentals are more appealing to tenants during peak seasons, like summer or holidays. You can take advantage of these periods to increase your rental income and keep your apartment occupied all year round.

Increased Property Value

Leasing your apartment as a furnished rental can also increase the value of your property. A well-maintained and well-furnished apartment can attract better-quality tenants and increase the overall value of your property. You could also sell your apartment at a higher price if it has a good rental history as a furnished rental.

Steps to Leasing Your Apartment as a Furnished Rental

Now that you know the benefits of leasing your apartment as a furnished rental, here are some steps to take to make it a success:

• Research Your Local Market

Before you decide to lease your apartment as a furnished rental, you should research your local market to determine if there is demand for this type of rental. Look at the competition, the demand, and the pricing in your area. You could also consider reaching out to local property managers or real estate agents to gather more information about the market.

• Furnish Your Apartment

The next step is to furnish your apartment. The furnishings you choose should be high-quality, durable, and neutral enough to appeal to a broad range of tenants. You could also add some personal touches, like artwork or decorative items, to make the space feel more inviting. Consider investing in a good mattress, comfortable seating, and quality linens to make the space more comfortable. Corporate Keys offers fully furnished furniture packages. 

• Take High-Quality Photos

To attract potential tenants, you will need to take high-quality photos of your furnished apartment. Make sure the photos are well-lit furnished management service offering and showcase all the amenities and features of your apartment. You could also consider creating a virtual tour to give tenants

• Register your interest with Corporate Keys

Corporate Keys has managed fully furnished apartments on behalf of individual and institutional investors since 2005. Visit our List with Us page for a detailed breakdown of our fully furnished management service offering.