Furnishing a rental property is often time-consuming and can start to add up to thousands of dollars. This can be challenging when you’re rushing to list your rental property and quickly find tenants to begin earning rental income. However, with a little creativity and by using the right resources, you can easily furnish your rental without exceeding your budget. Here are some practical strategies to get started.
1. Create a budget
Before you begin scouring furniture stores for bed frames and dressers, create a budget to determine where you can afford to shop. Make a list of the items you’ll need, depending on the size of the home and the number of rooms present.
Without a budget in place, it can be easy to spend an average of $16,000. If you’re frugal and strategic, though, you can spend as little as $3,500 to set up for your rental property for renters.
2. Utilize online marketplaces
You can find a variety of quality furniture by shopping on online marketplaces like Facebook Marketplace, OfferUp, and Craiglist. It’s easy to find gently used items and save more on quality furniture instead of investing in new items.
3. Consider using furniture rental services
More people are using furniture rental services to quickly obtain furniture for a rental property. You can rent furniture for a period of time or indefinitely, which cuts down on the time it takes to furniture each room in the rental property.
Companies like CORT offer a flexible furniture solution tailored for rental property owners. Whether you need just a bedroom package or a full home setup, CORT allows you to pick and choose specific furniture pieces to accommodate your needs.
This customization extends to the specific type of bed, the style and material of nightstands, chairs, and other furnishings. CORT’s offerings are not generic, out-of-the-box packages; instead, they take the time to source high-quality furniture in a variety of styles and sizes. This ensures that every piece meets your style preferences.
For renters, CORT provides an exceptional level of quality and flexibility. Homeowners looking to rent out a bedroom can use CORT’s furniture rental services to attract potential tenants with stylish, high-quality furnishings and increase their occupancy. Tenants who are comfortable in the home are less likely to leave, which leads to longer tenure.
CORT’s delivery times vary depending on the market, with major markets offering delivery in as little as 2-3 days. Additionally, for rentals of three months or more, CORT offers the option to swap out furniture if it becomes damaged or if you desire a new look, though additional fees may apply. This level of service ensures a seamless and adaptable solution, catering to the dynamic needs of homeowners and renters alike.
4. Visit thrift stores and estate sales
Thrift stores, consignment shops, and second-hand stores can be treasure troves when you need to acquire furniture for a rental property. Many of these stores offer quality pieces that have been lightly used. Shopping second-hand is also an environmentally friendly option, as it reduces waste.
Estate sales and garage sales can also yield great results and deals on furniture. These sales often feature a number of items, from modern furniture to beautiful antiques. Arrive early to get an advantage and find the best deals. You can also negotiate prices to save even more on the items.
5. Explore discount furniture stores
Discount furniture stores like IKEA, Big Lots, and Target offer stylish and affordable furniture options. These stores often have a variety of pieces that can fit different design aesthetics and budgets. Shopping at these stores can help you furnish your rental quickly and efficiently.
However, keep in mind that the furniture won’t last as long and will likely need to be repaired or replaced sooner than the furniture you’ll get through a rental furniture provider.
6. Look for DIY and upcycling opportunities
If you’re handy or enjoy DIY projects, consider upcycling old furniture or building your own pieces. Upcycling requires giving new life to old furniture through painting, reupholstering, or repurposing. This can be a fun and creative way to furnish your rental property on a budget.
7. Leverage store sales and clearance sections
Many furniture stores offer sales and clearance sections where you can find discounted items. Look for holiday sales, end-of-season clearances, and other promotional events. Shopping during these times can help you score great deals on quality furniture.
8. Join buy nothing groups to get furniture for your rental property
Buy Nothing groups, which you can find on Facebook or through the Buy Nothing Project, are communities where people give away items they no longer need for free. Joining a local Buy Nothing group can be a great way to find free furniture and connect with your community.
This will allow you to remain updated whenever someone lists an item they want to quickly discard without paying a dime or driving too far to pick it up.
Can you deduct furniture for rental property?
Yes, you can deduct furniture expenses for a rental property, but the method of deduction depends on the cost of the furniture and its expected lifespan. Typically, furniture is considered a capital expense and must be depreciated over several years rather than deducted in a single year. The IRS allows property owners to recover the cost of furniture over a period of five to seven years through depreciation.
Your CPA will tell you that under the Section 179 deduction or the bonus depreciation rules, you can potentially deduct the cost of the rental property furniture in the year it was purchased. It’s important to maintain thorough records of all purchases and talk to a tax professional to ensure compliance with the tax laws to successfully maximize your deductions.
When you need to get furniture for a rental property, it doesn’t have to be a daunting or expensive task. By utilizing online marketplaces, visiting thrift stores, exploring discount furniture stores, and considering rental services, you can quickly and easily furnish your rental property. With a little resourcefulness, you’ll create a comfortable and stylish space that will attract and retain tenants.
