Are Furnished Rentals on the Rise in Sydney?
Furnished apartments are common in Sydney, and they are a hot item for the corporate sector, younger urbanites and holidaymakers, and with house prices falling and rental vacancies on the rise, landlords are lowering their rents, especially for apartments. This is good for renters because they can now get into a less expensive house or apartment, furnished or unfurnished. Yes, Sydney is one of the most expensive cities in the world in which to live, but it’s becoming a renter’s market. The city’s population is expected to increase by 2 or more million more people over the next two decades, bringing the population to almost 6.5 million. The inner-city skyline is changing as many new high-rise apartment buildings are developed. This has opened up a world of opportunity for both property investors and renters.
What is a Furnished Rental?
Landlords who rent out furnished properties, whether houses or apartments, generally supply more than just furniture items. Things usually included are cushions and floor rugs, artwork, mirrors and cookware. There should also be a refrigerator, and air conditioner, a dryer, stove, washing machine and microwave, a bookshelf, and some even include linens, cutlery, dinner sets, cookware and other accessories. There could also be a patio area with outdoor furniture and a barbeque. Entertainment facilities will include an LCD TV, cable, DVD player, and a stereo.
Who Wants Furnished Rentals?
Not every renter will want a furnished property – if they’re a family, or an older aged tenant, they will probably want their own furniture and belongings, but as mentioned above, furnished rentals are very much in demand for the corporate sector, for holidaying families, younger urbanites, students and people new to Sydney. A fully furnished apartment or home is much more convenient for this demographic who appreciate the fact that they don’t have to go to all the trouble of moving furniture or buying it to fit out a rental themselves. They are prepared to pay more for that convenience as well.
Location is Important For a Furnished Rental
A professional on contract travelling to Sydney won’t be attracted to a multi-storey detached home. It will definitely be more attracted to a small furnished unit in the Central Business District. That will have a lot more appeal. Likewise, a furnished beachfront condo will have more appeal to a family on holiday. The new apartment towers now rising in Sydney will attract the stated demographic looking for luxury furnished accommodation. Furnished apartments and houses tend to have wider appeal if they’re close to tourist bureaux, competitive short lets market, the CBD and universities.
Finally, for investors, furnished properties offer tax benefits because the furniture and white goods installed can be written off as depreciating assets. Property investors are not always aware of the options available.
Executive Living was established in 1999 as a family owned business helping people from around the world enjoy their stays in Chatswood, on Sydney’s North Shore. We help new arrivals, visitors, corporate customers, and holiday travellers, with short and medium term accommodation. Call us on 1300 720 440 or send us an email to firstname.lastname@example.org
Kym Wallis, the founding director of Higher Ranking has over 15 years of advertising sales, digital strategy, and business development experience. He is currently working as Digital Adviser for Vergola NSW.