As property owners or real estate investors, managing furnished rental properties offers great opportunities but also comes with unique challenges.
At Arizona Living Rentals, we understand that protecting your fully furnished property requires attention to detail and smart strategies. Here are some essential tips to help you manage your furnished rentals successfully and ensure long-term success.
1. Partner with Property Management Services
Managing furnished apartments, condos, or houses requires more effort than an unfurnished rental. A property manager or property management company can help take the stress out of managing your rental. They handle everything from marketing your rental property to tenant screening, signing leases, and dealing with maintenance requests. With professional property management, you can be sure that your furnished rental properties are being cared for by experts. This allows you to focus on growing your investment while ensuring that your tenants have a smooth and enjoyable experience.
2. Request a Higher Security Deposit
Furnished rental properties are subject to a higher risk of damage due to the furniture, appliances, and other furnishings that come with the unit. To protect your investment, consider asking for a higher security deposit than you would for an unfurnished rental. This extra cushion can help cover any potential damage to the property or furnishings. It’s important to clearly outline this in the lease agreement and follow state laws regarding deposit amounts.
Proper tenant screening is also a key part of protecting your property. By selecting responsible tenants, you can reduce the likelihood of damage to your furnishings and ensure your rental property is well cared for.
3. Keep Up with Maintenance and Repairs
Regular maintenance is crucial for protecting your investment in a furnished rental. Well-maintained furnishings, appliances, and units lead to better tenant satisfaction, lower repair costs, and reduced vacancies. Ensure that everything in the property is functioning properly and replace worn-out items before they become a problem. This is especially true for things like appliances, plumbing, and furniture, which can experience more wear in a furnished rental.
In addition, make sure that tenants know how to properly care for the furniture and appliances in the unit. A little education upfront can go a long way in preventing costly repairs.
4. Get the Right Insurance
Standard landlord insurance policies typically cover the property but not the furnishings inside your unit. To fully protect your investment in furnished rental properties, it’s important to get the right insurance coverage. Consider additional coverage for your furniture, appliances, and electronics. Renters insurance for tenants can also be a great option to cover their belongings while they stay in your unit.
By investing in the right insurance, you ensure that your furniture, appliances, and even the building are protected in the event of an accident, theft, or damage.
5. Charge Competitive Rent and Take Advantage of Tax Deductions
Furnished rental properties often allow property owners to charge higher rates, especially if the property is in a location with a strong demand for temporary accommodations or short-term rentals. Business travelers, vacationers, and new tenants all prefer the convenience of a fully furnished property.
In addition, owning a furnished rental property opens up opportunities for tax deductions. You can claim depreciation deductions on furniture, appliances, and other furnishings, which can help offset the costs of managing your property.
Let Us Help You Protect Your Investment
Managing furnished rental properties doesn’t have to be overwhelming. At Arizona Living Rentals, we specialize in property management services that ensure your rental properties are well-maintained and profitable. If you’re ready to protect your investment and optimize your property’s potential, reach out to us today!
Explore our Services page or contact us directly via our Contact Us page to learn more about how we can help you manage your furnished rentals efficiently and successfully.
