Advantages of Luxury Leasing for Income Property Owners
Luxury property owners are turning to furniture leasing as a strategy to increase occupancy for long term, short term and vacation rentals. This is especially beneficial for properties that are sitting empty. Fully furnished and staged homes tend to attract more potential tenants and are able to command higher rental rates. In a competitive rental market, a move-in ready unit is advantageous and often results in faster occupancy. Below we outline some of the reasons why leasing luxury furniture and hiring a professional staging company to design and execute the vision is a smart choice.
Why rent furniture for Income Properties
Some reasons for renting furniture may be obvious while others may be less so. Here are some benefits of leasing furniture to consider.
- Flexibility: Renting furniture provides flexibility for property owners. They can furnish their rental property without the need for a large upfront investment in furniture. This is particularly beneficial for owners who don’t want to commit to long-term furniture ownership or anticipate frequent changes in their rental strategy. Professionals leasing companies have market knowledge to stay up to date with current real estate and design trends. They have insights into what tenants in the target market are looking for and can tailor the staging to appeal to their preferences. By leveraging their market knowledge, a professional staging company can help owners stay flexible and relevant in the market.
- Cost-Effective: Renting furniture can be cost-effective, especially for property owners who want to keep their initial expenses low. Instead of purchasing furniture outright, they can spread the investment cost over a longer period and price the property accordingly. While hiring a professional staging company may come with a cost, their expertise can potentially lead to a higher return on investment. By maximizing the rental income and reducing the vacancy period, the benefits of staging services outweigh costs involved in hiring the team. At Parker Rose Design, the staging services are included in the leasing of our furniture.
- Quick Setup: Renting furniture allows property owners to furnish their income property quickly. With rental furniture there is no need to wait months for custom furniture to be delivered. This enables owners to make their rental property available to tenants sooner, reducing potential vacancy periods. A professional furniture company like Parker Rose Design can efficiently handle the tasks of selecting and arranging furniture and accessories, saving valuable time and energy.
- Attractive Presentation: Furnishing an income property with luxury furniture can enhance its visual appeal and create an inviting atmosphere. High-quality and well-designed furniture can make the property look more desirable. Presentation plays a crucial role in short-term rentals, and renting luxury furniture can elevate the overall look and feel of the property. A property owner may have personal attachments or biases that can influence staging choices, however a professional with design experience can bring an objective perspective to the process. They can assess the property impartially, identify its strengths and weaknesses, and make strategic decisions to enhance its appeal to a broader audience.
- Staying on Trend: Interior design trends and tenant preferences can evolve over time. By renting furniture, property owners can stay current with the latest styles and designs without having to replace their existing furniture. A company like Parker Rose Design has specialized experience in creating appealing and marketable spaces. Professionals understand design principles, current trends, and how to highlight a property’s best features.
Renting furniture through a home staging company gives income property owners a competitive advantage over empty property rental. These professionals have access to a wide range of resources and they can select items that align with the style and target market of the rental property. Throughout California owners and developers use Parker Rose Design to stage and furnish their rentals. We have a vast inventory and a strong interior design team that can help turn a property into a desirable rental home for tenants and vacationers quickly and with ease. View our portfolio of recent work and contact us today for a complimentary design call.