Q. I’m thinking of furnishing my one-bedroom apartment in Sydney’s inner west and my three-bedroom house in the Sutherland Shire to increase the rents. Is this approach?
Furnish one, not the other. Furnish the apartment in inner Sydney. There’s no point doing it in Sutherland because there’s no demand. There is demand for fully furnished property, particularly one-bedroom properties, so it would perhaps be a good idea to fully furnish the inner-city property.
However, our experience is that you’ll get a higher turnover – shorter tenancies that could cost you more in the long run. You can definitely get more rent for fully furnished short-term properties, but you really do have to do it short term rather than for a few months or more. In Sydney’s inner west, the problem of having shorter tenancies is less of an issue because that area has higher demand for those properties.
Also, if the property is not renovated, don’t furnish it because it’s not appealing to that market. That market is quite specific. The demand for fully furnished properties is from executives who want good quality property and furnishings, so you’ve got to do it properly.
Lisa Indge, managing director, Let's Rent