In some regions, landlords are finding it harder to fill vacant units. Traditionally, including utilities was a good way to attract new tenants. One of the latest techniques is to offer furnished apartments Calgary. With furnished apartment rentals, landlords can charge more for rent and enjoy several other advantages.
1. Furnished Rentals Cost More
The main benefit of a furnished rental is the cost. Landlords can charge more for these units, as they come fully furnished. People pay for the convenience of not needing to buy or move any furniture.
The increased rent should cover the costs of the rental items. Landlords should also keep in mind that some of these items may need to be replaced, which leads to the second benefit of offering furnished apartments.
2. Charge a Higher Security Deposit
With the furniture and appliances included in the rental unit, landlords can charge a higher security deposit. The larger deposit is needed to cover the potential need to replace items that are damaged by the tenant.
For example, through normal wear and tear, the sofa may become dishevelled or the toaster may stop working. The security deposit helps cover the cost of replacing these items.
3. Attract a Higher Class of Tenants
The tenants that rent furnished units are less likely to engage in the behaviours that landlords tend to find irritating. Landlords regularly deal with tenants that are late paying rent, damage the apartment, and create disturbances.
The people that tend to rent the furnished units are often professionals and students. These are people who are looking for temporary accommodations while they complete their education or complete a project for their company.
Along with avoiding damage from the tenants living in the unit, landlords are also less likely to deal with damage from the moving process.
When people move large furniture in and out of apartments, they may accidentally create dents in the walls and door frames. If the furniture is already in the apartment, there is less need for new tenants to move furniture into the unit.
4. Focus Advertising on a Targeted Audience
As furnished apartment units are typically rented by a small group of individuals, landlords know who to target with their advertising. Furnished units are a niche market, which makes it easier to decide how to spend advertising funds.
Landlords can also target different types of tenants with the selection of furnishings. For example, students may enjoy a furnished unit with a large entertainment centre while a busy professional may want an area to entertain guests.
5. Not All Units Need to Be Furnished
Another reason to consider creating furnished apartment units is that it does not require a significant investment. Landlords do not need to completely renovate their buildings or purchase new properties. They can simply convert one or two apartments or an entire floor of a single building.
By converting a few units, landlords can test the benefits of renting furnished apartment units. They can then advertise these units separately from their standard units.
Creating furnished units may not appeal to every landlord. However, it does offer an effective way to compete with other landlords in the area.
