One big question all Essex property owners face is which appliances should be provided to tenants. Because every situation is different from the others, this decision can be a bit challenging. While supplying certain appliances might be the right move for some property owners, that is not necessarily applicable to every rental property. Still, some insights from tenants show that there is high demand for appliances in many markets, and these household items are even expected in some areas. It may be essential for you to give out appliances just to keep your rental competitive and justify your rental rate now and in the future. But which appliance? Here’s what the experts recommend.
Appliances (Not) Included?
While each rental market is different, tenants are more persuaded to rent a home that comes with at least a few appliances for certain rooms of the home. There are only a few tenants who are okay with the cost and difficulty of buying and then moving in with these large and heavy appliances. A rental home that has them will be much more attractive. In a lot of rentals, especially having single-family rental properties, tenants do not like having laundromats to do their laundry. Both are expensive and time-consuming. They are aspects that many tenants would pay a higher rent to avoid.
Of course, from a property owner’s point of view, there are disadvantages to the cost of the appliances and repairs and the chance of tenants damaging the machines through inappropriate use. However, you may be able to keep both your costs and the possibility of appliance damage to a minimum by being selective when choosing which appliances you supply.
What Tenants Want
Based on what tenants have to say, the pricey items they search for in a rental property include the refrigerator, dishwasher, stove, and microwave. Some single-family rental property owners opt to supply just the last three and leave it to the tenant if they want to buy their own fridge. It’s not difficult to see why: refrigerators are one of the top expensive appliances that require replacement more often. Providing some but not all appliances may be applicable sometimes, but it may turn potential applicants away from your property due to other areas.
This is also true for the washer and dryer. Due to constantly being used, these two appliances generally need more maintenance and repairs than all the others mixed together. Due to this, professionals suggest doing some research on your local market before selecting whether to include a washer and dryer in your rental home or not. If all of the rentals in your place have them, you should have them too. Otherwise, you may experience more difficulty in renting your property and you may also need to lower your rental rate.
You may want to consider where to put appliances that renters do not want to use during their tenancy. Some may have their own appliances; in these cases, having a backup location to place appliances for the next renter should be considered.
Legal Obligations
One final question that both property owners and tenants often ask is whether the law instructs landlords to provide appliances. Generally speaking, if you advertise your rental as “unfurnished,” the answer is no. Few, if any, local municipalities require landlords to place appliances.
So the question is not a legal one. But it will help you maximize your monthly cash flows. Again, being aware of your local market and what the other landlords offer in your area is vital. But you should always bear in mind to work within the limits of your budget. If having appliances for your rental property would cause extreme financial difficulty, you should wait until you are in a better position to do so. For all of these reasons, knowing which appliances to supply in your rental is a choice that only you can make.
Would you like to know more about how to accurately assess your local rental market to set rental rates and make key decisions about your property? Real Property Management Sterling can help! Contact us online or call our office to speak with an Essex property manager today.
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