Home Buying in Las Vegas>Question Details

Craig Waters, Home Buyer in Las Vegas, NV

I own a 3 bed, 3 bath condo in Summerlin. Presently we are renting it out unfurnished. My question is, we are considering furnishing and living in

Asked by Craig Waters, Las Vegas, NV Thu Jan 17, 2013

the unit for a year or so. After that we would again want to rent out as furnished. Question is, do units rent better unfurnished or furnished? If better unfurnished, we would find a rental for ourselves, leaving the unit rented unfurnished.

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Answers

9
I would only suggest that if you wanted to rent it for a year, the only reason to rent it with furniture is for a short term rental. Like corp rentals or vacation rental. That may not be allowed with your HOA. Most homes that have furniture do rent for more per month of course. These homes tend to be in high end golf course communities or high rise condos. Then the question is if only for a year, will you dispose of the furniture or use it again when you move in. This also is a question of you only needed a renter for a short term and that narrows the number of prospecting tenants. Most people tend to move and stay for over a year.
How much will have to be determined by area, sq ft, community ammenities etc. For a free evaluation, you can email me directly. No cost and no obligations

James Battaglia
Elite Realty
8625 S Eastern Ave
Las Vegas, NV 89123
Realtor, Property Manager
jamesbattaglia@yahoo.com
702-361-6994
1 vote Thank Flag Link Thu Jan 17, 2013
A year ago we tried to rent a house unfurnished that was advertised in the MLS as furnished. The rent was similar to unfurnished. There were 5 offers for the furnished place within a week. I think the business person in Summerlin needs a furnished place.
Hope that helps
Kurt
1 vote Thank Flag Link Thu Jan 17, 2013
Craig,

There are several factors which would determine whether you should furnish a rental property or not.
Is the property currently furnished? How much would storage cost? How much would it cost to move it out? You do get a higher rent for a furnished unit and without the additional cost of moving it out or storing it, it would be more beneficial to have it furnished.
If the property is not furnished, you will have to way out the cost of the furnishings over the difference you will receive in the higher rents.

We handle both furnished and unfurnished property management . As others have stated, you will get more short term rentals out of the unit and if it is in a good location with amenities, it shouldn't be too much of a problem keeping it rented. Although there are occasions where someone is relocating to the Las Vegas area and are looking to live in an area prior to moving all of their belongings here, you have much more to deal with in a furnished place - potential damage and more turn around.

If the property is not currently furnished, it is best to rent it out as is and have it be more profitable. If in the event that the property is already furnished and there is no outlay of additional cost, then you can try renting it out furnished for a while. This is a better option than having to pay for storage or moving costs.

If we can be of any service to you when the time comes, please feel free to contact us and we can do a cost analysis for you to make your final decision.

Sincerely,

Demetria Kalfas-Gordon
ABR, GRI, RRG, SRES, Realtor
Licensed Property Manager

Urban Element Property Mgmt
a division of:
Fortress Real Estate Services
8225 W Sahara Ave., Ste H
Las Vegas, NV 89117

(702) 839-2798
demihomes@gmail.com
1 vote Thank Flag Link Thu Jan 17, 2013
For condo rentals in the Summerlin area:

Unfurnished
Median leased price is $0.75 per square foot
Median days on the market is 28

Furnished
Median leased price is $0.91 per square foot
Median days on the market is 24

So far furnished looks good, right? Well...maybe not. Experience tells me your turnover is going to be dramatically higher on furnished units...like every 3-12 months vs every 12-36 months with an unfurnished unit. Increased vacancy and lease up costs will quickly negate the higher rent you will receive from a furnished unit and in the end you'll probably do better with an unfurnished unit.

My info is below if you need a property manager specializing in Summerlin

Damon Botticelli
Silver State Realty & Investments
702-523-7713
damon@botticellihomes.com
1 vote Thank Flag Link Thu Jan 17, 2013
Furnished take longer and many tenants want it for short term usually. The increased amount will be wiped out with unit sitting empy longer then if unfurnished and in super clean condition. We manage over 350 properties for our investors, we been in this business since 1985...we know this market. If you need help or more info, please call. Matt and kim

Matthew D’Ercole
Prominent Realty Group, LLC
Buyer / Seller / Property Management
Cell - 702.501.0973
"A Nation of Sheep Breeds a Government of Wolves".
Website - http://matthewsellslasvegas.las.mlxchange.com
0 votes Thank Flag Link Thu Jan 17, 2013
What kind of rent are you getting for unfurnished 3 bed, 3 bath in Summerlin. Are you getting positive cash flow. If it ain't broke, don't fix it.


David cooper Foreclosure Investor
http://ww.lasvegaswinner.org
0 votes Thank Flag Link Thu Jan 17, 2013
Hi Craig! Most renters may want an unfurnished home, unless it is a short term stay. You could list the rental with an option of furnished or unfurnished and charge a small increase for furnished.
0 votes Thank Flag Link Thu Jan 17, 2013
If a rental is furnished, most applicants will be short term tenants looking to rent for 2 months or less. -short term rental, basically, vacationing people. You will have to be very aggressive in your advertising to find someone willing to stay much longer.
0 votes Thank Flag Link Thu Jan 17, 2013
All of my rental clients in the past 3 years have looked for unfurnished rentals. Let me know how I may further ssist you. Thank you, Bridget (702)807-7463
0 votes Thank Flag Link Thu Jan 17, 2013
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