Furnished or unfurnished?
This is one of the first questions that most Landlords will pose to our staff...
So what does the market demand? Flexibility is often key, if you are able to meet both requirements then you ensure that you cater for the whole of the market, hopefully equating to shorter void periods! Whilst it is difficult to generalise, this year our Bow Street branch have reported a 70/30 split in favour of tenancies of furnished properties. This would suggest that choosing to furnish your property should ensure you secure tenants year on year and minimise void periods.
Whilst furnishing a property won’t necessarily equate into higher rent, you would expect to see a higher net return due to the decreased void periods, thereby making a furnished flat a better long term option.
When furnishing a flat, it is important to note that it is essential for the furniture to be in keeping with the quality of the flat and the target audience you are hoping to attract. Cheap or tired furniture will have a negative impact and can actually increase void periods and reduce rental returns. In instances whereby furniture is looking very tired and you are not able to replace the furniture, it may be prudent to unfurnish the flat so that Tenants are left with a blank canvas and first impressions are not impaired.