Demand for pre-furnished apartments is rising—and it’s no wonder. Due to a number of factors, the pressure is now on for landlords to provide customized furniture and home goods packages to their tenants in order to remain competitive with others on the market. There are many reasons for this increased demand, from the millennial housing crisis to Airbnb. Take a look at the list below to learn more:
There has always been some demand for pre-furnished apartments, and in the past that demand was driven mainly by big businesses looking to house employees who were flying out for a meeting or relocating to the area. Now that companies are free to recruit from anywhere in the world, big companies are looking for more specialized skillsets along with pre-furnished rentals to house these key people.
Times of Trouble
Pre-furnished apartments have also traditionally come to the rescue during times of trouble. When people are displaced temporarily by floods, fire, or medical emergencies, they often stay in furnished apartments. Hurricanes caused a historic amount of damage in 2017, and both floods and fires are already turning the 2018 housing market upside down.
However, there are even more reasons for the rising demand for pre-furnished apartments. A cultural shift following millennial preferences is driving part of this demand. Millennials as a group prefer living in urban centers, where it’s harder to afford to buy a home. They are also eschewing owning too much furniture and other “stuff” that holds them down, preferring an ability to travel and experience things to their liking.
It’s a Hassle
Other renters simply don’t want to hassle with details. They don’t want to mess with buying furniture, maintaining and moving it, dealing with a cable installer or a repairperson—all of the things that go along with making an empty space a home.
Competitive challenges from innovative disrupters such as Airbnb further turn the heat up on landlords. For companies looking to house remote workers or flying in guests, it is much easier to simply select an already furnished Airbnb, instead of having to customize and keep up an ongoing apartment rental.
The Solution for Landlords
The bottom line here is that landlords now have the added responsibility of furnishing their apartment units in order to stand out among urban center rentals, and compete with services like Airbnb. In order to accomplish this, many landlords are turning to furniture rental. This solution is more ideal than purchasing furniture, as they can change out packages whenever their tenant’s lease is up—because you never know what the next tenant will want.
Staying competitive in today’s rental market isn’t easy, but fortunately, there are options available. Furniture rental is aiding struggling landlords in cities across the US—will you be next?