Fully furnished or unfurnished in cbd?

[wll6568]

I am renting out a one bedroom apartment in cbd, but not sure to rent out fully furnished or basic furnished or unfurnished? What's your thoughts? I hear different things from people, some say never with furnished, while some say furnished... It's on the north east side of the city, so quite convinient with all unis, shoppings, etc.

Also, should I include the car park as well or rent out seperately? How easy is it to rent out a carpark in the cbd?

 

[westminster]

I would do the sums and see what they say. Work out how much to furnish it, get a quote for furnished rental rate and see how much it costs in PM fees as furnished rates are a lot higher.

Then compare that to non furnished, that rental rate and the PM fees for unfurnished.

 

[Colin Rice]

Depends on the demand for furnished v unfurnished for the prospective tenant.

A few phone calls to local PMs should clear it up for you.

 

[Joe D]

Fully furnished is normally higher rent but shorter term leases (although one I have has had the same tenant for 4 years!!).

Fully furnished normally also has higher PM fees and also higher cost to maintain and keep everything operating.

Also, there is fully furnished and FULLY FURNISHED. That is with basic furniture and whitegoods or with everything down to cutlery and tea towels.

I don't know Adelaide , but I would expect a fully furnished could give you $100-$150 pw additional rent for short term leases.

 

[jenni_nextplace]

When you do your figures I think you will find that unfurnished is a better way to go. Especially if its Fully furnished meaning you have to maintain toasters, washing machines etc.

Costs of vacates for furnished properties can be extremely high into the $1000's. This is because microwaves, toasters, pots etc all need to be cleaned. Having a lounge cleaned can cost $200, then if you add dining chairs, and bed on top the costs can be quite high. There is also the potential for larger costs in regards to tenant damage.

When I used to manage furnished and unfurnished properties the furnished ones caused the most dramas. Unless they were in the holiday pool. Tenants would take with them items belonging to the property or replace the good items with cheap crappy items.

Also keep in mind the type of tenants a furnished property will attract. We found those looking for furnished properties were transient people, students, and pimps. So when vacate came they simply had a party then disappeared, leaving a right mess to clean up.