Choosing a fully furnished apartment over an empty one can be a great advantage for some – Short-term renters who are looking for flexibility value the ease of not having to buy furniture, and for non-U.S. citizens and renters without a credit history, turn-key apartments are a great alternative option.
From an owner’s perspective, you might want to rent out their furnished apartment because of travel plans, a job in another city, or because of relocation and not wanting to sell or store your furniture. For those considering renting out an apartment fully furnished, there are a few things to think about to keep your place safe. Read on for everything you need to know!
1) Prioritize tenant screening
As you’re not only renting out your apartment but your furniture as well, you’ll want someone you can trust with both. Performing a thorough and extensive screening process on possible tenants helps you to find the renter you feel comfortable with – and someone who fits in the building’s community and culture. Don’t skip the essential aspects of calling personal references and conducting background or credit checks.
2) Get insurance
Don’t forget to take on additional insurance when you’re renting out your apartment fully furnished, as there’s a big chance your current insurance won’t cover you as a landlord. Some insurance companies allow you to adapt your policy, but others require you to take on a different policy. Always check if the tenants have insurance as well as this covers their liability. Pro tip: Take a couple of pictures of the furniture in your apartment for future reference in case there are any issues.
3) Take a deposit on the furniture
Even though you can’t ask for more than one month’s rent as a security deposit, it doesn’t mean you can’t create a separate agreement for some security on your furniture. You could potentially ask your tenants for an additional deposit that’s not part of the apartment lease, but just for the leasing of furniture.
4) Stay in touch with your tenants
Another good idea when renting out your furnished apartment is to keep regular contact with the tenants either by email or phone to confirm everything is going well, as well as to stay informed about any maintenance issues. This will not only allow you to keep up the quality of the rental, but prevents any debate with tenants at a later time.
With all of this info in mind, the next step is to find the perfect tenants to rent out your fully furnished apartment! Click here or call 646.681.5272 with your questions to speak with an agent from Platinum Properties – we’re standing by to help you through every step of the real estate process, whether buying or selling a property, guiding your rental search, or anything in between.