The Landlord Lens - Furnishing Your Mid-Term Rental

Episode Date: September 17, 2024

In this episode of Be A Better Landlord, Krista and Jonathan talk through some best practices for furnishing mid-term rental units. They delve into who the tenants of these types of rentals typically are, why furnishing these rentals can make your property more attractive, and how to choose the right items to meet your renters' needs without breaking your budget. 

I'm Jonathan. This is Krista. We're here to help you be a better landlord. All right, Krista, we have previously done an episode on midterm rentals, what they are, why you should consider them, the pros and cons. So if you're interested, please check that video out. But today we're talking about furnishing those midterm rentals. I guess let's start with what is a midterm rental? Sure. So a midterm rental really refers to the lease length. In this category, it's going to be anything. that falls between over a month and under a year. So not an entire long-term lease, not a short-term lease, but instead a mid-term rental. A mid-term rental. Yeah, that makes sense.

That makes sense. And why do we need to furnish these? So it's not strictly required, but we really want to look at who comes in as tenants to these kinds of rentals. So typically it's going to be traveling nurses, international students, nomadic workers, things of that nature, people who don't often have. a whole host of belongings to bring with them. So by furnishing your rental, you can stand out amongst the rest of the potential rentals out there.

Also, there are specific marketing sites for furnished midterm rentals for people like traveling nurses, where they either get the actual hospital to pay for it or otherwise just only show them options that align with what they're seeking. Okay, so those specific websites, like I know furnished finder is probably the biggest one, they require that the place is actually furnished. I mean, hence the name. Yes, exactly. because people are really wanting to go in there and know, hey, this is the only big decision I need to make when I'm moving over to this new place. It's going to have everything I need. I'm ready to move in.

Awesome. Okay. So say there's an investor out there who has a property. They wanted to be a midterm rental. Maybe they've already got their clientele figured out. They know they're near a headquarters of a corporation or a military base or a hospital. Yeah. What should they be looking for when they furnish? Ooh. Well, first, you're going to want to make sure that you're going to want to make sure that you're, acting within a budget. Don't just go off and buy everything that you would want in a house necessarily. You want to keep it pretty streamlined to what a renter needs. That doesn't mean you can't include nice things and extra amenities. Streaming services are a great example, but you want to make sure you cover the basics first like furniture. So in your living room, you know, you want people to have

somewhere to sit. You want them to have a coffee table to put things on. And if that's all you have in there, it's going to be a little bit sparse, but it's doable, right? Make sure you have things laid out in such a way that you can have a comfortable room in every spot of the house. With that in mind, I said, budget first, make a list of the things you already have. Maybe you have for insuring your own home that you're willing to donate. But otherwise, once you have your list, you can go out and start to try and locate these pieces. Okay. And if somebody is investing in short-term rentals, like for Airbnb or other sites like that,

how will a midterm rentals furnishings differ from a short-term rental? So I would say a short-term rental is going to be as close to a hotel as possible. That's where you want things like a coffee maker for sure. You want tea options. You want them to be able to feel like they are relaxing, that they're on vacation, what have you. That's not exactly the vibe of a mid-term rental. It should still feel nice, but you want it to feel more home-like, cozy, comfortable, everything that you would expect to be wrapped up in those terms.

So you don't have to go the extra mile and say, oh, here's a list of all. the places that you can get dinner and here is everything you need to know about the subway system XYZ that's nice to have in both but it's way more dire in a short-term rental where people are using it as probably like a vacation spot versus a midterm where they're intending to live for a little chunk of time and then move on yeah that makes sense okay so they've got their budget they're ready to go shopping where should they start looking for furnishings sure so if you are you know feeling very cost effective I'd say go to the people you know first let them know they you're trying to furnish this rental. If you have specific asks, ask. You could go, hey, John,

I am looking for a credenza and a dining room table. Do you know of anyone who has that? And you might say, yes, I have three that I built. They're in my garage. Please take one. I have so many credenzas. I'm so glad you asked. I know. I know. So you could just take it from them and, wow, it's in your rental. Amazing. You know, make sure whether you're doing that or if you're trying to find pieces by driving around, seeing what people are laying out for trash day. Just make sure you clean it up and that there are no signs of any kind of pest or creatures before you bring it into your actual rental. Yeah, always a good tip.

I think so. So what if I'm going for a really high-end midterm rental? Ooh. So, I mean, really, the world is your oyster. You could spend as much money as you want on this. I would say just make sure you're keeping the receipts for everything that you purchase. Because you're purchasing it for your rental business, you can then deduct that from your taxes when the time comes,

as long as you have proper documentation. So store those receipts in something like TurboTenet. You can take a picture on the go with our mobile app. Bingo bingo, it's secured, right? But beyond just the strategy behind it, I would say, don't poo-poo things like thrift stores. Even if you're looking to furnish a high-end rental, you never know what you're going to find in there.

If you're someone who really likes to DIY it, you might find a piece that you can then refinish, refurbish, and make it look exactly as you want it to. But you need the good bones first, and thrift stores have good bones. as is Facebook marketplace. So just be mindful. You can also go and buy it right out, you know,

if you want to go to IKEA or somewhere similar, you know, real high-end stuff. Just buy it and then assemble. Do it. Again, keep your receipts, write it off later, but you can really create whatever kind of aesthetic that you want for your midterm rental. So what are some things that people forget

when they're trying to furnish their mid-term rental? I love this question. All sorts of things, right? So it's not just the big pieces of furniture. you're likely to notice if you walk into a room and there's nothing to sit on or do, but the things that people forget about are the things that go in cabinets. So plates, bowls, forks, knives, spoons, paper towels, oven mitts, for example, things that you need to use when you're actively doing something in the rental

can very easily be overlooked because you're not thinking about what you're doing in the rental. So what you might want to do to combat that if you have a friend or if you just want to do it yourself is go stay there for a night or a couple nights and see what you're missing. You know, if you go to brush your teeth and you're like, oh, there's nowhere for me to put my toothbrush except on top of the toilet. You know, maybe that's a sign to buy a little toothbrush holder. Just make a list, check it twice, and then fill up your rental with the things that you're missing. People will feel more comfortable.

And if you've taken that step, you know that you've actually sat there, you've thought about it. They're going to be all the more ready to stay and come back if they know that you're providing everything that they need. All right, well, I feel a lot better about furnishing my midterm rental. If you out there have any more tips you'd like to add, please put them in the comments below. Don't forget to subscribe. TurboTenant is the all-in-one platform for landlords to manage their rental properties. From vacancy to tenancy, we have you covered with industry-leading tools and expert advice.

Landlord better from anywhere for free at turbotenant.com.