Are you considering whether to offer your rental property in Vancouver, Washington as furnished or unfurnished? The choice can have a big impact on your potential tenant pool, rent pricing, and property management approach. In this guide, we’ll walk through the pros and cons of each option, keeping in mind Vancouver’s unique market and what local renters may be looking for.
Furnished Rentals: The Ups and Downs
Furnished rentals come fully equipped with furniture, and sometimes appliances or even décor, making them ready for tenants to move in immediately.
The Perks
- Convenience for Renters: Furnished properties are especially appealing to tenants who are relocating, on temporary assignments, or new to the area. Think traveling healthcare professionals, corporate employees, or students at Clark College.
- Higher Rent Potential: Landlords can typically charge higher rent due to the added convenience and move in readiness.
- Short Term Flexibility: If you’re targeting short term renters, such as people on work contracts or seasonal stays, furnishing your unit might make your property more competitive.
The Challenges
- Higher Upfront Costs: Furnishing a rental requires an initial investment in quality furniture and appliances, which can add up quickly.
- Maintenance & Replacement: Over time, furniture and appliances can wear out, leading to higher ongoing costs for repairs or replacements.
- Smaller Tenant Pool: Long Term furnished rentals appeal to a niche audience. Many renters in Vancouver, especially families or those planning to stay long term, prefer to bring their own furniture.
- Location Matters More: Furnished rentals tend to work best when located near hospitals, corporate offices, or schools, as tenants looking for these properties prioritize proximity to their work or studies.
Unfurnished Rentals
Unfurnished rentals leave the space empty, allowing tenants to personalize it with their own furniture and belongings.
The Perks
- Wider Market Appeal: Most tenants, particularly families or individuals looking to settle in Vancouver, prefer unfurnished rentals. They allow tenants to make the space feel like home.
- Lower Maintenance Costs: Without furniture to worry about, there’s less risk of wear and tear on your property.
- Stable, LongTerm Tenants: Unfurnished units tend to attract tenants looking for longer leases, which can mean fewer turnovers and a steadier rental income.
The Challenges
- Lower Rent Potential: Because tenants provide their own furniture, unfurnished rentals generally command slightly lower rents.
- Slower Move Ins: Some tenants may take longer to move in, as they need time to buy or move their furniture.
Tailoring Your Strategy to the Vancouver Market
Vancouver, Washington, offers a unique rental market. Its proximity to Portland attracts professionals and commuters who value more affordable housing on this side of the river, while its own local charm and community vibe appeal to families, retirees, and students.
Furnished Rentals in Vancouver
Furnished rentals are best suited for short term tenants or those who don’t want the hassle of moving furniture. They’re particularly appealing near key locations like PeaceHealth Southwest Medical Center, Clark College, or downtown Vancouver’s burgeoning business district.
Unfurnished Rentals in Vancouver
For long term tenants—families, retirees, or professionals planning to settle in for a few years—unfurnished rentals are a safer bet. Areas like Fishers Landing, Hazel Dell, and the Heights tend to attract tenants who want to make a home for themselves.
Key Considerations for Vancouver Landlords
- Short Term vs. Long Term Rentals: While short term furnished rentals might work well near business hubs or hospitals, long term leases for unfurnished units are more common and often require less oversight.
- Local Regulations: Vancouver landlords need to comply with Washington state’s landlord tenant laws, including security deposits, maintenance responsibilities, and lease agreements. Be aware that local laws and restrictions on short term rentals may differ from Portland’s.
- Market Research: Consult with local property management companies to better understand the demand in your area. They can offer insights into whether a furnished rental could yield higher profits or if an unfurnished approach makes more sense for your property.
Making the Right Choice for Your Rental
Deciding between furnishing your rental property or keeping it unfurnished in Vancouver comes down to your goals as a landlord. If you’re targeting short term renters, furnished might be the way to go. If your focus is on long term tenants, an unfurnished unit will likely attract a broader market.
No matter what you decide, understanding the local market and tailoring your rental strategy accordingly will help you maximize your property’s potential while meeting the needs of Vancouver tenants.