If you are getting an Irving rental home all set for your first tenants, or even if you’ve been renting for a while, you may be speculating if you need to include appliances in your rental property. It’s a tough question because there is no clear yes or no answer to it. Instead, deciding to include appliances in your rental home should be based on your location, your target renter, and the feasibility of doing so. By examining these things and considering the benefits and drawbacks of putting appliances in your rental, you can more easily decide if this is perfect for you.
Consider the Competition
When deciding whether or not to include appliances in your rental home, it’s vital to distinguish how your rental property compares to others in your location. If comparable rental properties near yours all include appliances and yours doesn’t, this would put you at an evident disadvantage. This is particularly true if those properties are renting at your desired rate. On the other side, if some rentals in your location do not include appliances, there is much less reason to do so. By exploring your local rental market, you can more easily determine what appliances make sense for your rental home.
Consider Tenant Appeal
Although rental property owners are not required by law to include appliances in their rental homes, there are many good reasons to do so anyway. Maybe the most appropriate reason to put appliances in your rental is to create stronger appeal for your target renters. For instance, imagine your rental is located in a college town, adjacent to an urban center, or a popular retirement spot. In this scenario, the numbers of young adults or retirees looking to rent in your area would be definitely high.
For college students, young professionals, and often retired adults, having appliances provided in a rental may not be only desirable but necessary. Young adult renters are far less likely to own or to be able to own appliances and so often want a rental home that includes them. Older adults may be trying to downsize after retirement and don’t like the trouble of appliance ownership and maintenance. Nonetheless, by including appliances in your rental homes, you can better appeal to these renter demographics.
Consider the Benefits
Besides tenant appeal, there are other considerations why including appliances in your rental property might make sense for you. Let’s say rental property owners who offer appliances can always demand a higher rent than those who don’t. Not only can you recoup the cost of the appliances over the long term, but after the payment of these appliances are complete, that extra rent will continue to increase your income.
One more major benefit of including appliances in your rental home is that it significantly reduces the chance of wall and floor damage during move-in and move-out. Carrying heavy appliances in and out of a rental home is daunting, except if handled by experienced professionals, it poses the risk of causing damage to floors, walls, and even doors and trim. By leaving the appliances in place, you avoid this potential damage and make the move-in and move-out process much easier for both you and your tenant.
Potential Drawbacks
Of course, including appliances isn’t suitable for everybody. Some landlords don’t want the responsibility of maintenance and repair for appliances, which can make sense in some situations. For others, the cost of buying appliances may be too expensive. This is particularly the case if you are having cash flow issues or your budget is tight. In some situations, it may simply not be advisable to offer top-quality appliances to tenants, so it is best to let your tenants get their own.
Even though it’s obvious that the decision to provide appliances in your rental home or not relies on several factors, it is ultimately up to you to make the choice that works best for your properties. Generally, it can be helpful to have an expert Irving property manager on your side to help you make decisions like these. If you’d like more advice and guidance on how to make your rental property as profitable as it can be, give Real Property Management Meridian a call! Our team can help you set up a rental house that tenants will love while working to keep your monthly expenses as low as possible.
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