Calling all Sheffield landlords - furnished rental home will boost your income
A furnished rental home could improve the chances of finding a tenant and increase the monthly level of rent, a survey says.
The rental market can be a competitive space and opting to furnish your property before renting it could help you stand out from the crowd, according to the latest research by Manor Interiors.
It found that just over a quarter of UK tenants – 26% - would be more likely to view a rental property if it was already furnished. In addition, 26% of tenants also stated that they would be more likely to rent a property that was furnished over one that wasn’t.
The research comes as a study by StripeHomes shows buy-to-let landlords in Yorkshire can achieve the second best rent yields in the country as the average house price is £179,408 and the average rent is £631 per month, delivering a good yield of 4.2%. Top of the list was the North East with a yield of 4.7%.
The research by Manor Interiors found that as many as 66% of UK tenants would be willing to pay more rent per month for a well-furnished rental property.
However, well-furnished is the key term when it comes to attracting the modern-day tenant. Manor Interiors found that 84% of tenants believe the quality of furniture in a rental property was either somewhat, or very important. Suggesting that a poorly furnished property might not carry the same attraction.
CEO of Manor Interiors Farhan Malik said: “A furnished rental home is always going to carry far greater appeal amongst tenants, largely due to the money saved on buying furniture when moving into a rental home.
“It also provides a far greater level of convenience which is something that resonates with the modern-day tenant, removing the need to spend a day or more moving large furniture items from one house to the next.
“Of course, the modern-day tenant also values style and quality and so furnishing a property with below-par furniture is more likely to deter them rather than attract them.
“You need only look at the build-to-rent sector to see the benefit of providing well-furnished homes for long-term tenants. These residents are more than happy to pay a premium for the wider lifestyle benefits provided by the sector and bespoke, high-quality furniture is an integral part of this offering.”
Managing director of StripeHomes, James Forrester, said: “It’s great to see a number of areas presenting strong yields to buy-to-let investors despite the Government’s best efforts to reduce profit margins in an attempt to disincentivise landlords and free up housing stock for general homebuyers.
“As the backbone of the rental market, the buy-to-let sector plays an incredibly important role in providing many with a place to live, but we simply can’t expect the nation’s landlords to provide this service at a loss.
“However, the year ahead looks positive and increasing demand should help boost many areas of the market.”
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