A big concern all Greensboro property owners face is which appliances should be provided for tenants. This choice is really tough and a real challenge for the reason that each situation is different. Even though offering certain appliances could be the right thing for certain property owners, that is not certainly the case for every rental property. Furthermore, feedback from tenants depicts that there is great demand for appliances in several markets, and these household machines are even expected in some areas. You may need to provide appliances merely to keep your rental competitive and justify your current (and future) rental rate. However, which ones? Let’s look at what the experts recommend.
Appliances (Not) Included?
Even supposing each rental market is different, tenants are more inclined to rent a home that comes with at least a few appliances in some places. Indeed, very few tenants relish the expense and hassle of having and then moving with large, heavy appliances. A rental home that provides them will be much more attractive. In a lot of rentals, but in fact, precisely in single-family rental properties, tenants do not really like using laundromats to do their laundry. Doing so is both expensive and time-consuming and something some tenants would pay a higher rent to keep from doing.
Naturally, from a property owner’s perspective, there are the downsides of the cost of the appliances and repairs and the chance of tenants damaging the machines through erroneous use. Although, you will be able to retain both your costs and the chance of appliance damage to a minimum by being discerning with which appliances you furnish them with.
What Tenants Want
Depending on what tenants have to say, the most pricey items they seek in a rental property include the refrigerator, dishwasher, stove, and microwave. Several single-family rental property owners choose to provide just the last three, leaving it up to the tenant to secure their own fridge. It’s not hard to imagine why: refrigerators are one of the most expensive appliances and must be replaced much more often. Providing some but not all appliances may work in many cases, although it may turn potential applicants away from your property in other vicinities.
The same goes for the washer and dryer. Because of heavy use, these two appliances usually need more maintenance and repairs than all the others combined. Therefore, experts recommend doing certain research on your local market before selecting whether to include a washer and dryer in your rental home or not. If all of the rentals in your area have them, you may need to do likewise. If not, you may have a harder time renting your property and it may even necessitate reducing your rental rate.
You may want to think about where to store appliances that renters do not wish to use during their tenancy. Quite a lot may have their own appliances; in these circumstances having a backup location to store appliances for the next renter may be necessary.
Legal Obligations
A final question that both property owners and tenants usually ask is whether the law requires landlords to provide appliances. If you advertise your rental as “unfurnished,” for the most part, the answer is no. Really, few local municipalities require landlords to provide appliances.
So the question isn’t a legal one, but on the contrary, it’s a matter of which alternative will help you maximize your monthly cash flows. So again, perceiving your local market and what the other landlords give in your area is important. In the same way, it’s good to work within the constraints of your current budget. If procuring appliances for your rental property would result in an undue hardship, it may be suitable to wait until you are in a favorable situation to do it. For the reasons stated, picking which appliances to include in your rental is a decision that only you can actually do.
Would you like to be able to know more as regards how to accurately assess your local rental market to set rental rates and make key decisions about your property? Real Property Management of the Triad can help! Contact us online or call our office to speak with a Greensboro property manager today.
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