There are a few options when it comes to renting your basement suite in terms of what is included. You may want to rent your property fully furnished, partially furnished, fully furnished and equipped or unfurnished. It may be convenient for a landlord to rent the property furnished that they are moving out of in order to avoid storing the furnishings and paying for storage. A landlord may be a snowbird that goes away for 6 months and renting out their property furnished would be very convenient for them.
You will be able to charge more for your monthly rental property if it is furnished, which can provide you with additional return on your investment. You could add the cost to your monthly rental agreement or you may want to charge X number of dollars over the monthly rental for the furniture. Furnished suites are in lower demand than unfurnished suites and this could possibly lead to more months that your property is sitting empty waiting for the right person to rent a furnished suite. The money you make when you are renting your furnished suite may be for not when you are losing rent when it is vacant.
Type of Renter
Most likely you will attract more of a professional clientele for your property if your rental property is fully furnished. There are companies that will bring in employees from out of town to rent for a short term and are looking for a premium rental property with high furnishings. With this type of renter you may find a higher turnover. This will require more time for you to place ads and screen tenants more often. If your place is unfurnished you will be in a larger market for rentals.
Wear and Tear
Attracting good tenants is the key to your success whether your suite is furnished or unfurnished. You will need to make sure that you can inspect the furnishings every 3 months when you do a walk through. Have a complete detailed inventory list to make sure that nothing goes with the tenant when they move out. Part of that extra income you’re generating with furnishing your suite should be set in a reserve account. You may need to replace a blender or a big item like a TV and putting some of that extra income your generating in to a reserve fund would be a good idea for unexpected expenses. Keep in mind that a tenant may not treat your furniture the same way you will and it will show wear and tear sooner.
Best thing would be to have an option when you are placing your rental ad. Two rental price options and have a backup plan if you can rent your place unfurnished have a place to store your furniture. You don’t want lower your chances of finding a good tenant because of your place being furnished.
For more information or to request an Estimate call (780) 691-8368