Empty or furnished rental? How to make the right choice
The decision between an empty or furnished rental may seem complex, but it’s crucial to consider several factors for an informed decision. In this article, we’ll guide you through the advantages and disadvantages of each option to help you maximize rental income and ensure efficient management of your real estate assets.
Empty rental
Empty rentals are the traditional choice for many property owners in Quebec. It offers tenants flexibility to customize their living space according to their needs and lifestyle. Advantages of empty rentals include:
- Longer rental duration: Tenants in empty rentals tend to stay longer, reducing turnover costs.
- Tax benefits: This option can offer interesting tax advantages in certain cases. However, empty rentals may come with some disadvantages, such as:
- Potentially lower rental income: Due to the absence of furniture and amenities, rental income may be lower compared to furnished rentals.
- Wear and potential damage: Owners need to consider the risk of wear and damage caused by tenants.
Furnished rental
On the other hand, furnished rentals are becoming increasingly popular in Quebec, offering advantages such as:
- Higher rental income: Thanks to the added value of provided furniture and amenities.
- Broader audience: It can attract a wider audience, including students, professionals on the move, and tourists.
- Avoidance of furniture purchase: Avoids the purchase and installation of furniture, as well as handling the final sale.
However, furnished rentals are subject to specific legal and regulatory constraints. Additionally, the provided furniture and amenities may experience faster wear, and demand for furnished rentals can fluctuate. Lastly, an initial investment for the purchase of furniture and amenities is required.
To make an informed decision, consider factors such as your budget, local demand, flexibility, and the time you can dedicate to property management. If you’re looking for an experienced real estate broker to assist you in the rental management of your property, our team would be happy to guide you through all the necessary steps.
Don’t let your property remain vacant. Contact us now for a free consultation. We are here to help you maximize rental income and ensure efficient management of your real estate assets. Invest in rental real estate with confidence and achieve your financial goals with our expertise in property management. Contact us today to learn more about our services.
