There is nothing any property owner loves like increasing the rental income or decreasing the expenses while managing his or her rental properties. One of the proven ways to increase rental income is by furnishing apartments and then renting them as monthly furnished rentals or short-term vacation rentals.
Finished apartments need to have furniture, tableware, basic kitchen appliances, bathroom necessities as well as other important amenities. The items often vary depending on location or the landlord.
Well, furnished apartments aren’t suitable for every property, and there are some things you must consider so as to increase your income:
1. Location
You need a great location for the furnished apartments. If you think you will furnish a rental in a sketchy neighborhood, you had better think again. One of the things renters look for is an area that is convenient even for a first time visitor who doesn’t know the city well. An ideal location can be a walking distance to the shopping center or a place that is near public transportation.
2. Selecting furniture
The furnished suites need to be elegant with gorgeous and clean furniture. Unfortunately, no one wants to stay in an apartment with some floral sofa sets and an old rocking chair. Furnished apartments with a modern style, simple and neutral colors will be appealing to most potential clients. Other things you must include are a plasma TV, a DVD player, a computer desk, and nice art work on your walls.
3. Who is looking for a short term furnished rental?
Different types of people will need furnished rentals for different reasons. But, people who have just moved into town and are looking for a place to hold up, university students, and professionals on a temporary work contract tend to like these apartments. Students are the best clients because the academic year runs for about eight months or more. So, as long as they come from financially stable families, the rent will be paid in time or for the entire academic year. Short term rentals will suit corporate renters and tourists.
Just make sure that your renters are people who can afford to pay you in time because that could create a big difference between making profits with your short-term rentals or not. Draft a contract that will elaborate everything in detail to avoid any future problems. The more efficient you are, the more your clients will keep coming back to you every time they come to your town or recommend the place to others. The experts at City Gate Suites are capable of providing you with further information.
