My husband and I have a STR in South Carolina that we are considering moving over to a LTR and are considering renting it out furnished. Not necessarily with all the accessories you find in an AIRBNB, but the basics (Furnishings) . The silverware, cookware, books, decor and accessories can easily be moved to a another STR or into storage. My question is, how much extra can I charge per month on rent if the home is furnished? Has anyone else done this ? Are we crazy to even do this, and should we not ?! Any tips, and advise would certainly be appreciated!
The house is 3 bedrooms, 2.5 bathrooms, and a little over 1600 square ft. Completely rehabbed and remodeled before we launched it as an Airbnb/STR
All good advice above. One note, though, on something you said. You mentioned remove silverware, cookware, etc. I'd advise against that.
There's demand for STRs. There's demand for medium-term rentals (MTRs) that are also fully furnished. However, I don't think there's a big demand for only half-furnished places -- homes with furniture but no silverware. The potential tenants for a furnished rental also likely want all the trappings of a home, including kitchenware items.
We run a few midterm furnished rentals in Denver and Colorado Springs, and they're all people who want a fully-ready home.
@Rahma Z. we have 1 furnished rental and went the MTR route. Targeting traveling nurses, contract workers, etc for 90 day stays.
Our rent premium was about 20%, but until we found someone that wanted it long-term (3 yrs and counting so far) our vacancy rate was also up about 20%.
Our rent ask premium of 20% was probably low (from the low rate we were anyway), because so many asked if we would rent to them at the same rate unfurnished. We always said no to not have to undo and store the furnishings somewhere.
Our rates were low because we bought years ago and the furnishings costed us very little.
@Rahma Z. This is very common here. Especially with permitting becoming quite restrictive. If you're renting the home for more than 30 consecutive days per tenant, it's no longer considered STR and does not need a STR permit. We usually refer to these are MTR (Medium Term Rentals). You can certainly charge more than if it were unfurnished, but how much just depends on the area, home and comparative rents. Just do some research on a site like FurnishedFinder to try to find some comparable homes.
All good advice above. One note, though, on something you said. You mentioned remove silverware, cookware, etc. I'd advise against that.
There's demand for STRs. There's demand for medium-term rentals (MTRs) that are also fully furnished. However, I don't think there's a big demand for only half-furnished places -- homes with furniture but no silverware. The potential tenants for a furnished rental also likely want all the trappings of a home, including kitchenware items.
We run a few midterm furnished rentals in Denver and Colorado Springs, and they're all people who want a fully-ready home.