Five REASONS Why Furnishing Your Rental Property is the Smart Move in San Diego
Investing in rental properties in San Diego can be a rewarding venture, but let’s be honest—it comes with its fair share of challenges! The competition is fierce, and right now, about 10% of rentals are raking in 90% of the profits. So, how do you make sure your property stands out in such a crowded market? The answer lies in furnishing your rental!
Here’s why going the furnished route can make all the difference in broadening the types of tenants you’ll attract and how it can boost your success in our beautiful city- Whether you’re in Coronado, North Park, Point Loma, La Mesa, University City, Solana Beach or Encinitas!
1. Instant Appeal for Tenants
Furnishing your rental gives it that instant “wow” factor. Think about it: when potential tenants walk into a beautifully styled space, they can envision themselves living there. A well-decorated unit feels inviting and homey, making it much easier for them to imagine it as their own. This initial impression can be the difference between a quick rental or sitting on the market for months.
2. Attracting a Broader Tenant Pool
Vacations are only one reason people need a place to stay when visiting San Diego! When you offer a furnished rental, you’re not just appealing to one specific type of tenant. You open the door to a variety of renters you can fill a need for that isn’t always immediately obvious!:
Corporate Tenants: Many companies send employees to San Diego on assignments, and they prefer the convenience of furnished rentals. They appreciate a turnkey solution that makes settling in quick and hassle-free.
Insurance-Funded Tenants: When disasters strike—like fires or floods—insurance companies often cover temporary housing costs. These tenants are looking for a comfortable, fully furnished space to call home while they navigate the claims process.
Traveling Nurses and Healthcare Professionals: With hospitals like UCSD Health and Rady Children’s nearby, traveling nurses on a limited assignment are drawn to furnished rentals, with employers often offering a stipend or living allowance for the duration of their contract! If your rental is located in Hillcrest, North Park, South Park, La Jolla, or University City, consider appointing your rental some of our greatest healthcare heroes in mind soft place to land!
Seasonal Workers in San Diego’s Thriving Event and Tourism Scene: With festivals, conventions, and sports events happening year-round, there’s a steady influx of professionals who need short-term accommodations. Your furnished rental can cater to these seasonal tenants perfectly. Units in the Downtown neighborhoods, including Little Italy and the West Village are great spots to design with this audience in mind!
Local Homeowners Undergoing Renovations: When homeowners decide to remodel, they often need a place to stay temporarily. A furnished rental close to their home can be a perfect solution, and it offers a chance for positive word-of-mouth referrals among people in your own backyard!
3. Shorter Vacancy Periods
Did you know that furnished rentals often have shorter vacancy periods than unfurnished ones? Many tenants searching for furnished options are looking for mid- to long-term stays, especially in a city like San Diego where people frequently relocate for work or other life transitions. By having a well-furnished unit, you can meet that demand and keep your property occupied more consistently with reliable tenants!
4. Premium Rental Rates
Let’s talk numbers: furnished rentals typically command higher rental rates. When you provide a comfortable, stylish space complete with furniture, and essential amenities, you’re not just offering a place to live; you’re providing a lifestyle. This added value allows you to charge a premium, boosting your overall rental income.
5. Convenience for Tenants
Furnishing a rental means that tenants don’t have to worry about the hassle of moving furniture or investing in new pieces. This convenience is a huge draw for many renters, especially those relocating for work or families temporarily displaced due to home renovations. With everything they need at their fingertips, they’re likely to appreciate the thought you’ve put into making their stay comfortable.