By the summer months of 2018, real estate journalists in major metropolitan areas began noticing that demand for furnished rental property was up. The phenomenon was not a fluke to particular geographic area, but present in cities across America, particularly those experiencing substantial growth or economic development.
What is driving this trend? And most importantly, is offering a furnished rental a strategy you may want to consider? Read on to learn more about the furnished rental market’s possibilities.
When many of us think of furnished rentals, we imagine short-term rental scenarios. While Airbnb and vacation rentals must be furnished to be functional, there is also demand for furnished long-term rentals.
While corporate housing has long been a source of tenants for furnished rentals, figures from July of 2018 suggest corporate tenants are responsible for only 13% of the demand increase. Some of the tenants responsible for this spike in demand include:
If you decide to offer a furnished rental, there are some tips you can follow to justify higher rents, ensure your home appeals to high-quality tenants, and otherwise raise profitability. Keep these things in mind when you are getting a furnished rental ready:
Our asset protection professionals at Royal Legal Solutions can help you determine which tools will best defend your new and existing investments. The law favors the proactive, and in our experience it is best to take action long before you think a lawsuit is even a possibility. By the time you’re expecting a lawsuit, it may be too late. So don’t delay. Schedule your personalized asset protection consultation today.
Scott Royal Smith is an asset protection attorney and long-time real estate investor. He's on a mission to help fellow investors free their time, protect their assets, and create lasting wealth.
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