Student Rentals Furnished vs Unfurnished?

[ClintL]

For you folks currently renting out student housing, do you usually rent out furnished or unfurnished? If furnished, how much of a premium can you usually get compared to market?

 

[TodorYordanov]

Unfurnished if renting to local (Canadian) students. They prefer it that way or very little furnishing for living room - couch, coffee tables, dinning room set and TV etc. not much for their rooms

Furnished if renting to students mostly from China ( and other places) who are literally just getting off the plane with one suitcase or two. Price is all negotiable.

Two different markets and advertising methods.

 

[MrHamilton]

Hey Clint,



Unfurnished but I do provide two fridges.



If you have extra furniture around the house or want to turn your stuff over, "selling" your old furniture to your student rental is a great way to reduce your income and increase your rent.



Second year students would really appreciate furniture for common rooms: couches, coffee tables, dining table but its not necessary.



I would recommend against providing bedroom furniture: bed, dresser, desk because if your property is ever inspected by the city or Fire Department they may think you are operating a business for which your zoning likely does not allow.



Just my two cents. Hope that helps!

Erwin

 

[housingrental]

I rent out a lot of student housing in Waterloo



Most are unfurnished, some are furnished



Furnished can often provide a rent boost of between $20-$60 per person per month



Furnished is 100% worth doing - especially if you have storage space on property to allow your furniture (or renters) to be stored when a tenant has their own set they need to bring with them.



Furnished = higher rent, less wear and tear on change overs, less potential for bed bugs

 

[MrHamilton]

Hey Adam, when you mean furnished do you mean common areas and bedrooms?

 

[housingrental]

Yes when possible

Many places are bedrooms only (sort of - often only bed and desk - some add in chair, dress, night stand, etc.)

Some offer living room furnished too



Stay away from providing personal items (dishes, etc.) as the cost / time to administer / wear and tear do not allow it to be economical (only works in certain rare niche markets, like cottage rentals, executive suites in downtown large cities, etc.)



My ideal would be:



Bedroom - Bed frame, boxpring, mattress - get them sealed with bed bug protector



Living room - couch, tv hung to wall properly, small end table - where size of unit allows dinning table, chairs, extra couch or seat, etc. -



Nothing else beyond that



Not just the unit, but the building (stairwells, entryways, etc. get bashed from furniture move in / outs) show better over time from it + little extra expenses like a tenants moving truck driving into the building / downspouts / eaves / siding / etc.l and you not being able to find out which unit damage is from is reduced as they do not often need to bring a moving truck. Moving = A suit case of clothes and computer in car







[quote user=MrHamilton]Hey Adam, when you mean furnished do you mean common areas and bedrooms?

 

[MrHamilton]

Many thanks Adam. Sounds like you've done this before

 

[MrHamilton]

[quote user=housingrental]Living room - couch, tv hung to wall properly, small end table - where size of unit allows dinning table, chairs, extra couch or seat, etc.



Adam, Thanks for the chat at the last REIN meeting. We're moving forward with your living room recommendations for three of our properties. Any recommendations on where to purchase furniture? Brick and Leons are offering "don't pay till 2014..."

 

[markl]

Erwin,



We just purchased 18 sets of appliances from the Brick. Got a pretty good discount drop me an email and I will send you the guy we deal with he can probably give you the same deal.



Regards,