The decision to offer a rental furnished or unfurnished is one that many prospective landlords may face in Minnesota. While at one time many rentals were offered unfurnished, an increasing number of landlords have found there to be numerous benefits associated with offering furnished rentals. Prior to considering the various advantages and disadvantages, prospective Minnesota landlords should first consider their target market.
If you happen to have rental property available near one of the larger cities in Minnesota or near a college campus, the opportunity to offer a furnished rental can be enormous. College students frequently do not have their own furnishings and are often on the lookout for furnished properties. A furnished rental can also be a popular option for young professionals who may be embarking on their first job and may not have a lot of furnishings on their own or the finances to completely outfit an entire house or apartment with furniture.
By choosing to rent out a property that is furnished, you will not only gain access to the college student and young professional market, but you will also gain access to a market that is potentially more lucrative. This is the corporate market. Each year, many professionals come to Minnesota for a few weeks or months at a time to work. They often have their own households back home and it does not make financial sense for them to set up an entirely new household for a short period of time. To make matters easier for their employees, many companies are willing to rent a furnished house or apartment. Due to the fact that it is the company paying the bills, a corporate rental property can often be quite lucrative.
Renting out a furnished apartment can also help landlords to save money on transportation and storage costs if they think they might move back into the property at some point. For instance, if a homeowner has been temporarily assigned to another area, they may not wish to sell their home and deal with the hassle of moving or storing their furniture. Renting out the place fully furnished presents the opportunity to earn money while the owner is gone and avoids the hassles of what to do with the furniture in the interim. In such cases, the landlord can choose to rent out the property on a month to month basis or may require a signed lease for six months, a year or even longer.
Finding prospective renters for furnished properties in Minnesota is not hard. It is now possible to market furnished rentals online and quickly and easily appeal to a broad target market. No matter where your property may be located in Minnesota, you can find tenants it will appeal to. When marketing a furnished rental in Minnesota, it is important to be clear about the furnishings that are included, the rental period, the monthly rent and the location of the property. This will prove to be helpful in attracting the largest pool of qualified tenants for your furnished rental.