The furnished lettings market is particularly strong in desirable city centre locations where small, particularly 2-bedroom apartments are in strong demand, meaning suitable tenants of high quality can be found quickly. Rental yields in prime residential areas can be extremely high, provided that properties are well furnished and immaculately finished.
If you are aiming your property at this top market segment, one option is to consider asking a professional interior designer to carry out a ‘home furnishing service’ to help you achieve the perfect result. Rather than a full scale designer makeover, this is known in the industry as FF&E (Furniture, Fixtures & Equipment), covering the moveable aspects of a home, rather than any structural changes. It can be a very effective way to provide the luxury, professional touch within a smaller budget profile. As one expert in the field asserts, ”Have you ever dreamed of hiring an interior designer but assumed your budget or project was just too small for someone to take on? Think again.”
At the other end of the market, a low standard of furnished accommodation mustn’t mean scruffy or worn-out items. This could easily put prospective tenants off your rental flat and increase your void periods.
Any furniture and other items included are susceptible to damage or ‘wear and tear’ during the tenancy, and landlords should expect to repair and/or replace things as and when necessary. Ensure that a detailed inventory (including images) is taken at the beginning and the end of each tenancy to enable you to retain full control of costs. It is also wise to take out the right level of contents insurance to cover the cost of any furniture etc that may need replacing.