Looking to maximize your rental property’s earning potential? If you’re planning on furnishing your space, you’re already on the right track. Furnished long-term units typically bring in 15-20%* more than unfurnished units, while furnished short-term corporate rentals will see an even higher return. While furnishing and decorating your property will maximize your rental income, you can expect considerable upfront costs as with any other investment. A real estate investor with a mind for budgeting and an eye for deals can furnish a property to increase its value and earning potential without breaking the bank. Here are seven ways to save when furnishing your rental unit with premium pieces:
Choose Inexpensive but Classic Pieces That Look High-End
There’s three ways to save on quality furniture that looks good.
#1 Buy it on sale. You don’t need to spend a fortune on quality furniture. Sales and the clearance section are your best friends. (We’ve got more tips below on buying used pieces.) Budget-friendly retailers provide great options for beautiful and functional furniture.
#2 Buying quality means spending less on replacement costs. Be careful not to focus on the price tag alone; quality furniture means longevity, which, in the end, is another way to save because it will means replacing it less often.
#3: Choose understated, elegant styles to elevate the look. Simple, neutral pieces often look more “luxe” than their actual price tag would suggest. A neutral palette also ensures you will not have to worry about your color choices going out of style, helping you avoid costly interior décor updates down the road.
Keep it Simple
While you want your rental to be beautiful and appealing, you’re not decorating Versailles. Sticking to standard furniture items and a tasteful amount of artwork is the best way to stay within your budget when furnishing your rental. Sometimes less really is more. A crowded space with busy design choices will have the opposite of the intended effect, cheapening the feel of your space.
Online auctions, thrift stores, Kijiji, Facebook marketplace – when it comes to finding second-hand furniture, the world truly is your oyster. The trick here is to have an eye for high quality, timeless, beautiful pieces – you’re looking for hidden gems, not garage sale fodder. Second-hand stores can be a treasure trove of vintage furniture, offering unique pieces you cannot get anywhere else. Ideally, you’re looking for furniture that is perfect, but spending the time and money to upcycle a worthy piece by having it professionally refurbished may be worthwhile for the right item.
Your goal in decorating a property with second-hand furnishings and décor is to create a sophisticated, upscale space on a budget. In order to avoid an incoherent mishmash, fit only for a dorm room, remember to keep continuity in your style choices in mind.
Freshen Up Your Paint Job
The right paint color can make a space and the furnishings in it look more high end. For Interior Decorator Madison Taylor, the color of choice is white: “One design choice we make time and time again is selecting white for a home’s walls. White walls are a canvas that can ebb and flow with any homeowner at any point in life. A neutral backdrop invites other elements of a home to take center stage, like the lighting.”
If you’ve been to a paint store lately, you’ll know that there are thousands of shades of white. These are Taylor’s go-to choices: Benjamin Moore’s Simply White, Decorator’s White, and Grey Owl, and Sherwin Williams’ Pure White.
Painting the walls of your property is one of the easiest and least expensive ways to transform your rental – it also happens to be one of the most effective. Your paint choices can make or break the ambience of your space, with the goal being to make your property look as luxurious and universally appealing as possible. A neutral color palette will help make your unit feel inviting and homey, and because neutrals are timeless, you won’t have to worry about regularly shelling out to update your color choices.
Updating the lighting in your rental property is like pairing a classic black dress with a fancy pair of heels and sparkling jewelry to elevate the look. Like paint, lighting is a simple yet powerful way to revamp your property and enhance the look of existing furniture that won’t necessarily break the bank. Although you could spend absurd amounts of money on spectacular lighting, you can just as easily find stunning fixtures at surprisingly affordable prices. The effect of lighting cannot be overstated. It can truly give your unit a facelift – even switching to brighter bulbs can have a magical effect. A poorly lit room can feel cramped and dingy, whereas a brightly lit space will look clean and deceptively spacious. Choose fixtures that combine style and functionality, with matching pieces contributing to a cohesive design feel and amplifying your staging choices.
There is a balance to be struck when buying furniture for a rental, particularly if it’s a furnished, corporate one. In our experience, buying cheap furniture often costs our clients more in the end. You’ve put time, money, and energy into your rental property, and the last thing you want is to have the signature look and feel of your space compromised by substandard furniture only to have to spend more time and money replacing it. We encourage our clients to adopt a long-term strategy when furnishing rentals by purchasing quality pieces. By choosing superior, premium furniture, you may pay more up front, but you’ll save on both time and money in the end.
If you want to take your rental property’s profits to the max, consider leasing your space through AvenueWest. We’ve provided our signature corporate housing experience across the country for over 20 years and help property owners see the highest returns on their investments.
Looking for some help in updating the look of your investment property? Reach out to us today.
*According to Apartments.com. AvenueWest clients often earn 20-40%.