COVID-19 has affected industries and radically changed people’s lives. With many borders closed, tourists and business travellers are temporarily stranded in Singapore. Just earlier in March this year, there was a sudden surge in demand for rental properties. This was likely due to workers scrambling to find a property before the borders closed or return travellers needing a place to complete their stay-home notice.
If borders remain closed or if people are reluctant to travel back to minimise their chances of getting the virus, the demand for rental properties in Singapore will likely persist. Below are some ways for landlords to increase their properties’ appeal and reduce their empty vacancies.
Put Up Unfurnished Home Listings
Furnished properties may be desirable for some as they are equipped with lounge furniture, kitchen appliances, and bathroom necessities. But here’s the catch. Due to the provision of furniture which translates to a higher rental price, you’ll likely lose a greater number of potential tenants who are turned off by the high price.
The pandemic has forced workers to take pay cuts and others to lose their jobs. Many people are now tightening their belts and spending frugally. Unfurnished homes typically cost less and will therefore appeal more to the masses, especially during this crisis.
Also, if the tenant is unhappy with the furniture bought and requests for other types of furniture, you’ll need to buy all the requested furniture again, which isn’t cost-effective.
Lease out unfurnished places instead. You can charge a lower price for your property and simply buy or rent furniture at a later time when the tenant requests for them, instead of furnishing the entire property right from the beginning.
Tip: Take quality photos for your rental listing to attract more attention. Consider getting household accessories or lounge furniture for a short period to spruce up your property.
Rent Furniture
If you’re not ready to commit to buying furniture, you can always rent them. Renting greatly reduces the upfront costs you have to pay, especially for big-ticket items like sofas and television sets. It is also cheaper if you rent furniture for a longer term from 4 months and up.
If you change tenants frequently, furniture rental is more hygienic and practical as it reduces the costs and hassle of cleaning your own furniture each time the tenant moves. With rental furniture, you can simply send them back to the furniture leasing company. The company is in-charge of cleaning and refurbishing them, without any effort on your part.
Additionally, furniture rental offers you more flexibility to customise your home, at much lower costs. Contrary to popular belief, furniture rental companies do have a wide selection of furniture available for rent, from lounge furniture to appliances to even household accessories.
Tip: Some furniture rental companies such as Lian Huat Furniture Rental offer package deals that can provide significant savings if you’re looking to rent more than one piece of furniture.
Have More Tenants Under The Same Roof
Your tenants pay less as the rental cost is shared among a pool of tenants, which is highly desirable for tenants on a budget. Acquiring more tenants under the same roof can also help you shave off landlord insurance and other upkeep expenses like utilities.
Tip: Try to cast a wide net when advertising your property. With the advent of social media, looking for tenants is easier than ever. Broadcast your search for tenants on chat groups, social media, and local forums. It’s also easier and cheaper to keep tenants than acquiring new ones, so give your potential tenants incentives to sign a longer lease with you.
Conclusion
Many landlords are carrying great financial burdens as they must make mortgage payments, even amidst pay cuts and job scarcity. Having rental income will go a long way in helping your wallets during these unprecedented times. But, it’s still best to be prudent and not hastily purchase big-ticket items now. The most cost-effective way forward is to consider renting furniture for your rental properties.
Lian Huat Furniture Rental offers a variety of furniture for rent, including lounge furniture and household appliances from one month onwards. Package deals are also available for greater cost savings. Call 6844 1711 to get in touch with one of our Leasing Consultants today.
