A frequent question all Palmetto Bay property owners have in mind is which appliances should be provided to tenants. Due to the fact that situations vary, this decision can be quite 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 comments from tenants show that there is a strong desire for appliances in many markets, and these household items are even expected in some places. You may need 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 select few tenants who are okay with the cost and inconvenience of buying and then moving in with these large and heavy appliances. A rental home that already has them will be much more attractive. In a lot of rentals, especially among single-family rental properties, tenants do not like using laundromats to do their laundry. Both are expensive and time-consuming. They are things many tenants would pay a higher rent to avoid.
Of course, from a property owner’s point of view, there are cons to the cost of the appliances and repairs and the likelihood of tenants damaging the machines through improper 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 want to find 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 constant use, these two appliances usually need more maintenance and repairs than all the others mixed together. For this reason, 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 face more challenges in renting your property, and you may even need to adjust your rental rate.
You may want to contemplate where to store appliances that renters do not want to use during their occupancy. 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 mandates landlords to supply appliances. For the most part, if you advertise your rental as “unfurnished,” the answer is no. Few, if any, local municipalities require landlords to give appliances.
So the question is not a legal one. It is a matter of helping 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 think of working within the limits of your budget. If purchasing appliances for your rental property would create extreme difficulty, it may be best to wait until you are in a better position to do so. Because of all of these reasons, selecting which appliances to provide 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 Genesis can help! Contact us online or call our office to speak with a Palmetto Bay property manager today.
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