As a property valuer, one of the most common dilemmas I encounter from landlords is deciding whether to let their property furnished or unfurnished. Drawing from my extensive experience and local market trends, I generally recommend opting for an unfurnished arrangement. Here’s why this might be the best choice for your rental property.
Local Market Trends Favor Unfurnished Properties
In many areas, the majority of rental properties are available unfurnished. This reflects a simple reality: most established tenants already possess their own furniture. Opting for an unfurnished property allows these tenants to use their own items without the hassle of selling them or paying for storage. As a result, unfurnished properties often lease more quickly than their furnished counterparts.
Furniture and Tenant Preferences
Decor and furnishings are highly personal choices. What appeals to one person might not suit the taste of another. This individual preference means tenants often request modifications to the existing furnishings. For example, a tenant might ask to remove a bed or a set of table and chairs that don’t match their aesthetic preferences. Accommodating these changes can be challenging, especially for landlords who might not have the flexibility or resources to manage furniture storage and changes dictated by tenant preferences.
Lower Risk and Reduced Liability for Landlords
Offering an unfurnished property significantly reduces a landlord’s risk and liability. Consider the regulatory requirements: any soft furnishings must have fire safety labels to prove compliance with current regulations. Similarly, electrical items like kettles, fridges, and lamps require annual safety checks by a certified electrician. This not only adds to the landlord’s responsibilities but also increases the costs of maintenance.
Furnishings that break or become faulty over time will also require replacement or repair at the landlord’s expense. By eliminating these items, landlords can reduce ongoing stress, minimize risk, and cut long-term costs.
The Limited Market for Furnished Properties
Although there is a market for furnished rentals—such as medical professionals on temporary rotations or individuals going through transitional life phases like separations—it is relatively small. This niche market can make furnished properties harder to let, especially when compared to the broader demand for unfurnished homes.
Understanding Your Local Market
It’s important to note that rental strategies can vary significantly by location. The advice for a property in a student-populated area or a city like London may differ dramatically. Understanding the specific rental market dynamics where your property is located is crucial.
Conclusion
Deciding whether to furnish your rental property depends on multiple factors including market trends, tenant preferences, and regulatory requirements. While there are exceptions to every rule, the benefits of letting an unfurnished property often outweigh the conveniences of a furnished one in many markets.
Should you have further questions or need specific advice tailored to your situation, please don’t hesitate to reach out. Understanding your options fully can help you make the best decision for your property investment.
