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My furnished units did have a higher turnover, but the extra rent more than made up for it. The vacancies were quite short, but a renewal meant more PM costs. You may well be attracting more unstable tenants as well.

I've had furnished for the same size unit (a block of 9 of the actually), and that worked well for me. But it has to suit the area and the demographic of the potential renter. I furnished cheaply, and as such, the small number of breakages were covered by the extra rent. It suited Queanbeyan...