Furnished rental

[ambimammular]

We're working on a furnished studio detached from our house. The renters would be from the nearby college, and possibly come from abroad. What all should we include to call it "furnished"? Would it make sense to offer renting out a collection of cookware for some small sum? 

[iamlindoro]

Bed (or futon), coffee table, small kitchen table, couple chairs, bookshelf would probably do the trick.  Plus any appropriate appliances.

I wouldn't bother trying to rent cookware, who would rent cookware?  Especially after it had been used?  You can get an entire set of the basics, brand new, for under $50.

[ambimammular]

I was thinking of an international student not wanting a collection of pots, bowls, plates.

[FrugalFan]

Ikea has great pot/pan sets for a good price. Also knives, cutting boards, etc.

[ender]

Bed (or futon), coffee table, small kitchen table, couple chairs, bookshelf would probably do the trick.  Plus any appropriate appliances.

I wouldn't bother trying to rent cookware, who would rent cookware?  Especially after it had been used?  You can get an entire set of the basics, brand new, for under $50.

Every furnished apartment I have lived in has included basic cookware.

[totoro]

We rent furnished and provide a fully stocked kitchen. Ikea is good for quite a bit of it - including pots. Only thing long term tenants need are sheets and towels.

Get the nicest and most comfortable furniture you can find on Craigslist.  In my experience a nicely furnished place attracts good tenants.  It costs us about 3k to do everything you'd need for this - living room set - futon in this case if a studio, hangers, ocoffee and end tables, lamps, dining table and chairs, iron, vacuum, broom, toaster, blender, coffee pot, tea pot, cutlery, knives, cutting boards, Tupperware,  measuring cups, bakeware, mixing bowls, dishes, utensils, dish rack, shower curtain, toilet brush, garbage cans, entrance mats, wardrobe, curtains, art.  It should be less with a studio.

Don't charge for cookware rental. Charge as higher fee for furnished based on market research and take a damage deposit. Set it up right from the beginning if you can and make a detailed list.

[Choices]

'Furnished' typically includes linens and cookware. It doesn't have to be enough for a massive holiday dinner, but one medium saucepan, a frying pan, a collander, a sharp knife or two, a spatula, a cutting board, and dishes/glasses/silverware for two or four people. Bonus points for providing salt, pepper, and a small bottle of oil.

You might also consider furnishing some cleaning supplies like hand soap, dish soap, a sponge, and trash bags. It will be a minimal extra expense, but it should keep your rental in better condition.

In addition, providing little extras like these will build good will and foster a more pleasant relationship.

[Frankies Girl]

What about sheets/pillowcases and towels, washcloths - I'd get two sets at least. Pillows? Dishtowels for the kitchen?

I'd check out the local thrift stores too for housewares like dishes and pans, towels and sheets and even furnishings.

And yard sales if you have a month or so to get up to speed - it's prime time for yard/garage sales and you could probably pick up everything practically with a few weekends of yard sales if you enjoy hunting for bargains. Linens like towels and sheets and kitchenware should be super cheap.

[totoro]

I don't provide bed linens myself or towels for long-term rentals.  There is a lot of wear and tear on these items so your price would normally need to include replacing these at the end of the tenancy.  Maybe also just a personal preference for being the only user.

[clarkfan1979]

Furnished means that it's ready to go with everything. They are not renting the table and chairs. However, if they are missing when they move out then you take money from their deposit to replace.

[ambimammular]

So would you all suggest a higher deposit to cover, not only damage to the studio, but also the possibility of missing items?

[totoro]

Do an inventory at the beginning and take photos and get the tenant to sign if they agree to the list.  Do an inventory at the end.  Expect some breakage and wear and tear but if it amounts to enough it can be a deduction.  Check your local laws.  Where I am the maximum deposit is 50% of one month's rent - you cannot charge more for furnished.

[cchrissyy]

one kind of furnished is providing basic furniture for all rooms

another type if furnished is "suitcase ready", which is much more fully furnished, you provide every last thing, even the towels, sheets, glassware, and dishes. "Suitcase" means an international student/prof could show up to the rental with just their suitcase of clothes and personal gear and they'd be all set.

I both rent and own in a university town and have been on both of these arrangements. 

I think "normal" furnished rental is the 1st way.  If you are doing the 2nd way, you should expect minor loss or damage but for anything unusual that is what the deposit is for.

[Choices]

So would you all suggest a higher deposit to cover, not only damage to the studio, but also the possibility of missing items?

You could, but if you purchase these items from thrift stores or garage sales, they won't cost too much. Plus, they won't be so nice that they're worth stealing.
IMHO, finding a nice, conscientious tennant is worth a little kindness and generosity. Feeling like they're being nickled and dimed isn't a great way to build good rapport, and that can affect how well they care for the apartment.

[ambimammular]

I think we'll provide "normal" furnishings, drapes, rug, garbage can, broom), plus the cookware/diningware. That's more than the college would provide for their dorms/kitchen areas. They're my main competition, and that should be the student's expectation.

Is there a general rule about how much more to charge to for a furnished vs unfurnished apartment?

[LiveLean]

We furnished a 1,200 square foot beach rental in three weeks, along with making many repairs on the property, which was empty following three years/foreclosure.

Craigslist was great for wooden and leather furniture. You don't want anything second-hand that has cushions and, of course, no used mattresses. Craigslist is also great for porch, deck or patio furniture.

We hit Costco for much of the kitchen stuff, along with bedspreads, mattresses, rugs, lamps, etc. Costco is quality and you can command more when the place is furnished with quality stuff. (Since this house rents on a weekly basis, mostly in the summer months, we use it, too. So we want decent stuff when we're there.)

[totoro]

>and, of course, no used mattresses

What is the difference between a nearly new mattress bought online that was used in someone's guest room and one that has been bought new and used on a weekly basis by vacation rental guests?

If you are looking to set rates I don't know of a formula - go to CL and check what the market rate is for furnished.

[DeanW5]

The furnished apartment should have:-Air-conditioning units,
-Water heater for bathrooms
-All appliances in the kitchen, which include microwave, stove, refrigerator.
- Wardrobe, dining set,  chairs
-Beds
- Curtains for all windows
- Cooking utensils, cutlery, glassware, pots and pans
-TV.
The idea of furnished apartment is that tenant should need to buy nothing to live in it. There are also semi-furnished properties.