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2020-07-11 FURNISHED RENTALS FOR MORE INCOME | By: Jeff Taylor

FURNISHED RENTALS FOR MORE INCOME
by Jeffery Taylor 

One landlord shared this past week on our Q&A Forum how she has been able to develop and increase her rental income. She and her husband decided to try furnished short-term (or extended-stay rentals). Here's what she had to say about her experience: 

"We bought a four-unit of 2 bedroom apartments in a factory town that has periodic shutdowns for retooling and a large hospital. With the pandemic, we thought things were going to be tough for a while. We've been pleasantly surprised. We haven't been at 100%, but we've rented to guys in town for a surveying job, a traveling nurse, a doctor waiting for his house to be built, and someone doing summer sales. When the place is full, we bring in almost 4x the going rate for a vacant apartment. Expenses are higher (we pay the utilities), but not that much higher!

We seem to have unexpectedly stumbled on a niche. There are lots of single rooms for rent in people's homes (everyone in town knows about the seasonal workers), but nothing for someone who wants a space of their own. So if you're considering trying something short-term....it might be worth a try!"

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