Welcome to our latest podcast episode where Jonathan and Kristadive deep into the essentials of furnishing midterm rentals. This guide is designed to help landlords and investors understand the nuances of equipping their properties to attract and retain tenants for durations of over a month to under a year.
Overview
Understanding Midterm Rentals
Midterm rentals cater to a specific audience including traveling nurses, international students, and nomadic workers. These tenants often seek fully furnished accommodations that offer the convenience of a move-in ready home.
The Importance of Furnishing Midterm Rentals
Furnishing your property can significantly increase its appeal. Platforms like Furnished Finder specialize in these types of rentals, attracting tenants who prefer accommodations that require minimal setup on their part.
Furnishing on a Budget
When furnishing your property, it’s crucial to prioritize essentials within a set budget. Key living spaces need basic furnishings like comfortable seating in the living room and essential kitchenware. Opting for cost-effective sourcing strategies, such as acquiring items from acquaintances or scouting for quality second-hand goods, can keep expenses low while meeting tenant needs.
Differences Between Short-Term and Midterm Rental Furnishings
Unlike short-term rentals that mimic hotel accommodations, midterm rentals should feel more like a cozy, functional home. While amenities and convenience items are appreciated, the focus should be on creating a comfortable living environment for tenants planning to stay for several months.
Where to Find Furnishings
Exploring thrift stores, Facebook Marketplace, and leveraging personal networks can unearth fantastic deals on furniture and decor. Remember, even high-end rental spaces can benefit from the unique finds and potential DIY projects these sources offer.
Overlooked Furnishing Needs
It’s easy to remember large furniture items but don’t overlook the small details that make a living space functional. Kitchen utensils, bathroom accessories, and cleaning supplies are often forgotten but crucial for a fully furnished rental. Spending a night or two in the property can help identify any missing necessities.
Final Thoughts
Furnishing a midterm rental requires thoughtful consideration of the tenant’s needs, budget constraints, and the property’s appeal. By focusing on comfort and functionality, landlords can create a welcoming space that stands out in the competitive rental market.
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