According to the latest research by Manor Interiors, the experts in build-to-rent furnishing solutions, a furnished rental home could not only improve your chances of finding a tenant, but it could increase the monthly level of rental income secured.
The rental market can be a competitive space and opting to furnish your property before renting it could help you stand out from the crowd. In fact, Manor Interiors found that just over a quarter of UK tenants (26%) would be more likely to view a rental property if it was already furnished.
In addition, 26% of tenants also stated that they would be more likely to rent a property that was furnished over one that wasn’t.
But it isn’t just a consistent stream of tenant demand and shorter void periods that a furnished rental home could help address.
The research by Manor Interiors also found that as many as 66% of UK tenants would be willing to pay more rent per month for a well-furnished rental property.
However, well-furnished is the key term when it comes to attracting the modern-day tenant. Manor Interiors found that 84% of tenants believe the quality of furniture in a rental property was either somewhat, or very important. Suggesting that a poorly furnished property might not carry the same attraction.
CEO of Manor Interiors, Farhan Malik, commented: “A furnished rental home is always going to carry far greater appeal amongst tenants. Largely due to the money saved on buying furniture when moving into a rental home, during what is an already expensive period once deposits and initial rent payments are made.
However, it also provides a far greater level of convenience which is something that resonates with the modern-day tenant, removing the need to spend a day or more moving large furniture items from one house to the next.
Of course, the modern-day tenant also values style and quality and so furnishing a property with below-par furniture is more likely to deter them rather than attract them.
You need only look at the build-to-rent sector to see the benefit of providing well-furnished homes for long-term tenants. These residents are more than happy to pay a premium for the wider lifestyle benefits provided by the sector and bespoke, high-quality furniture is an integral part of this offering.”