Are you looking to rent out your fully furnished apartment in NYC?
It can be a lucrative venture for many reasons. And the key of them is to ask for getting higher rent.
However, those benefits also come with some considerations.
You need to keep the property in top condition as well as set the attractive rental prices. The last thing to worry about is what kind of tenant is moving in.
Based on this, here’s how you can safely and successfully rent out your furnished apartment in NYC.
Take Care of Your Furnishings:
The basic definition of a furnished apartment is the space being furnished with necessary appliances and furniture. A furnished apartment aims to provide a ready to move in experience to the potential renters.
That’s why it is important to maintain the quality and comfort of appliances and belongings in your rental furnished apartment. Getting all the essentials in working condition will make a big difference in the impression of your apartment. Otherwise, people won’t be pleased with space if they feel that they need to make a lot of changes. Consequently, it will hurt the chances of your furnished apartment being rented quickly.
Invest in Cleaning:
You open the door of your rental apartment after a couple of weeks only to be welcomed by a foul smell, accumulated dirt, and dust on the furniture, leaking faucets, and damp walls. If it is a huge turn off for you, you won’t expect to be impressive enough for your tenants.
That’s why you need to get your rental apartment cleaned periodically. You can get it cleaned by professional once a month.
Even after you get the apartment cleaned, make sure to do some light cleaning before showing it to your tenants. You can start by removing handprints, smudges, dirt, water stains, and shoe prints. It can add to the impression of your apartment.
Get it Maintained:
Cleaning is not enough to keep your furnished rental apartment in top shape. You need to make sure that your electricity, heating, plumbing, and other amenities are in working order. Here are some key factors to work over…
Set the Rental Price:
If you are renting out your apartment for the very first time, you must be pondering over the right rental price.
When you are trying to figure out how much rent to charge, there are many things to consider while renting out a furnished apartment. First of all, figure out the current worth of your furnished apartment in the market. It can be done by researching the prices of similar properties in your neighborhood.
Some property listing sites can also help you determine the rent of your furnished apartment. Or you can work with a home appraiser who can give you a more accurate assessment based on your home condition as well as neighborhood and local prices.
Generally, the rents are 0.85—1.1% of the property’s value. Let’s say a home valued at $350,000, a landlord can charge $3,000 and $3,750 a month.
If you are renting out your furnished apartment to avoid paying the home loan, the rent should be at least equal to the cost of your monthly mortgage charges.
Make sure to add repair costs, taxes, insurance, and homeowner’s association fees.
Get Your Property Insured:
Keep in mind that your homeowner’s insurance policy will not cover your rental property.
Therefore, it is important to have rental property insurance in place as soon as you become a landlord.
Property insurance for landlords can cover buildings and their contents for damages as well as legal liability claims filed by a tenant or a contractor working on the property.
Set the Lease:
Most rental furnished apartments are available on a short-term rental basis.
Some are meant for students looking for transitional accommodation. Some are marketed towards traveling professionals. Some are for tourists.
As a nice landlord, you don’t want to lock your tenants into a lease that is longer than their purposes or project. Before setting any lease for your potential tenants, make sure to get familiar with their duration of stay as well as their terms.
Screen Your Potential Tenants:
With the right tenant, you can have sound sleep at night knowing the rent will be paid and the property will be maintained.
The problem is that any potential renter can act like the most desirable tenant in the world before moving in.
But if you want to make sure that you are getting the right tenant, it is important to screen every potential tenant before letting them sign a lease. It is also important as you are going to let someone use your expensive furnishing setting.
Tenant Screening Can be done in the following ways:
Learn How to Advertise It:
There are many online listing sites where you can list your furnished apartment for rent. But the listing is the thing that can make a difference.
Make sure to include the things that can make your rental property appealing.
It can be a washer, dryer, AC, and garage. Don’t forget to use the words (adjectives) such as granite, “state of the art”, “stainless steel appliances” “gourmet” and “hardwood floors” (only if they apply to your property.)
So these are some tips to rent out your furnished apartments in NYC. It will not only make your furnished apartment appealing for renters, but also assure you good rent out of your property as well as the right tenant.
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