A huge challenge all Rolling Meadows property owners face is which appliances should be provided for tenants. This particular choice is really hard on account that each situation is different. Even though offering appliances could be a great choice for various property owners, that is not necessarily the case for every rental property. Also, feedback from tenants indicates that there is a big demand for appliances in most markets, and these household appliances are even expected in some areas. You may need to provide appliances solely to keep your rental competitive and justify your current (and future) rental rate. But on the other hand, which ones? Let’s examine what the experts recommend.
Appliances (Not) Included?
Though each rental market is different, tenants are, in all likelihood, to rent a home that comes with at least a few appliances in place. It’s true that very few tenants delight in the expense and hassle of procuring and then moving with large, heavy appliances. A rental home that actually offers them will be much more attractive. In some rentals, although mainly in single-family rental properties, tenants oppose utilizing laundromats to do their laundry. Doing so is both expensive and time-consuming and something a lot of tenants would pay a higher rent to stay away from.
Obviously, from a property owner’s perspective, there are the downsides of the cost of the appliances and repairs and the potentiality of tenants damaging the machines through faulty use. But on the flip side, you might be able to get both your costs and the chance of appliance damage to a minimum by being cautious on which appliances to offer.
What Tenants Want
Greatly based on what tenants have to say, the high-priced items they look for in a rental property are composed of the refrigerator, dishwasher, stove, and microwave. Quite a lot of single-family rental property owners just choose to provide the last three, leaving it up to the tenant to procure their own fridge. It’s not difficult to conceive why: refrigerators are one of the most expensive appliances and will entail being replaced far more often. Providing some but not all appliances may work most of the time, however it may turn potential applicants away from your property in other locations.
The same thing applies to the washer and dryer. On the grounds of heavy use, these two appliances repeatedly need more maintenance and repairs than all the others combined. Hence, experts propose doing research on your local market in preparation for deciding whether to include a washer and dryer in your rental home or not. If all of the rentals in your area have them, you may need to imitate them. On the other hand, you may have a harder time renting your property and may even have to reduce your rental rate.
You may want to take into account where to store appliances that renters do not need to use during their tenancy. Most renters may have their own appliances; in these instances having a backup location to store appliances for the next renter may be appropriate.
A final question that both property owners and tenants normally ask about is whether the law requires landlords to provide appliances. If you advertise your rental as “unfurnished,” for the most part, the answer is no. Only a few, if any, local municipalities require landlords to provide appliances.
So the question isn’t a legal one, but on the contrary, it’s a matter of which course of action will help you maximize your monthly cash flows. One more time, understanding your local market and what the other landlords provide in your area is vital. Coincidentally, it’s suitable to work within the constraints of your current budget. If obtaining appliances for your rental property would result in an undue hardship, it may be great to wait until you are in an advantageous position for this purpose. Accordingly, deciding on which appliances to include in your rental is a selection that only you can actually make.
Would you like to learn more with respect to how to accurately assess your local rental market to set rental rates and make key decisions about your property? Real Property Management Northwest Chicago Suburbs can help! Contact us online or call our office to speak with a Rolling Meadows property manager today.
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