Understanding your target markets furniture requirements
To understand your target market is critical to making the right choice on whether to furnish a property and can also enable you to maximise rental income.
Corporate tenants very often move from abroad or from within the UK, generally for 1-3 year secondments. For these tenants convenience is critical, they are unlikely to move with their furniture and need to quickly settle into their new environment. They will expect high quality furnishings and the very latest technology.
International students arrive in the UK with minimal possessions, for them, having the key basics is essential i.e. the larger/bulkier items which come the end of their study they wouldn’t want to take with them. For international students the quality of furniture is likely to be far lower in their list of priorities, beneath location and size/proportion of rooms.
London is a very transient market and very often singles and couples will sample living in different areas across London, experiencing everything that the areas have to offer. Indeed, some tenants may see renting as an opportunity to test an area before they commit to buy. Therefore for this nomadic tenant, speed, convenience and minimal upheaval is essential. They are more likely to take furnished properties so that they aren’t forced into transporting heavy furniture across London, however they will be looking for quality furnishings which reflect their stage in life.
The family market is different again, very often families will move with all of their furniture, therefore an unfurnished property is the norm, although all white goods will usually be included. Families will be factoring in distance from schools, transport links, property layout and room proportions.