A big top issue or question all Greenwood property owners face is which appliances should be provided for tenants. This choice is tough since each situation is different. Although granting specific appliances may be the right choice for several property owners, that is not a sure case for every rental property. Moreover, feedback from tenants shows that there is high demand for appliances in various markets, and these household machines are even expected in some areas. You may need to provide appliances only to keep your rental competitive and justify your current (and future) rental rate. But really, which ones? Let’s have a look at what the experts recommend.
Appliances (Not) Included?
Despite that each rental market is different, tenants are seemingly the same in their desire to rent a home that comes with at least a few appliances in most areas. Only very few tenants like the expense and hassle of obtaining and then moving with large, heavy appliances. A rental home that actually provides them will be much more attractive. In the majority of rentals, and particularly in single-family rental properties, tenants hate going to and using laundromats to do their laundry. Doing so is both expensive and time-consuming and something several tenants would pay a higher rent to prevent.
But of course, from a property owner’s perspective, there are the downsides of the cost of the appliances and repairs and the probability of tenants damaging the machines through incorrect use. Though, you can probably be able to maintain both your costs and the chance of appliance damage to a minimum by being particular in which appliances you do provide.
What Tenants Want
On the basis of what tenants have to say, the expensive items they search for in a rental property include the refrigerator, dishwasher, stove, and microwave. A lot of single-family rental property owners choose to provide just the last three, leaving it up to the tenant to have their own fridge. It’s not difficult to see why: refrigerators are one of the most expensive appliances and will have to be replaced more frequently. Providing some but not all appliances may work in most instances, though it may turn potential applicants away from your property in other localities.
The same applies to the washer and dryer. By reason of heavy use, these two appliances mostly need more maintenance and repairs than all the others combined. This is exactly why experts advise doing some research on your local market prior to making a decision whether to include a washer and dryer in your rental home or not. If all of the rentals in your area have them, you may need to follow them. Or else, you may have a harder time renting your property and may even require to reduce your rental rate.
You may want to think of where to store appliances that renters do not desire to use during their tenancy. Various tenants may have their own appliances; in these circumstances having a backup location to store appliances for the next renter may be good.
A final question that both property owners and tenants frequently inquire about is whether the law requires landlords to provide appliances. If you advertise your rental as “unfurnished,” for the most part, the answer is no. Quite a few, if any, local municipalities require landlords to provide appliances.
So the question isn’t a legal one but, instead, it’s a matter of which choice will help you maximize your monthly cash flows. Furthermore, comprehending your local market and what the other landlords provide in your area is essential. Similarly, it’s great to work within the constraints of your current budget. If purchasing appliances for your rental property would develop an undue hardship, it may be ideal to wait until you are in a better position to do it. For the above reasons, selecting which appliances to include in your rental is a decision that only you can make.
Would you like to learn more details about how to accurately assess your local rental market to set rental rates and make key decisions about your property? Real Property Management Indianapolis Edge can definitely help! Contact us online or call our office to speak with a Greenwood property manager today.
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