Renting out a suite in our house - furnished or unfurnished?
We're planning to rent out a suite in our house soon, and I'm hoping to get some input on the furnished vs. unfurnished decision. Ideally we'd list the place for short term rental on Airbnb, but the city of Victoria doesn't allow it.
Goals: (1) Avoid long term tenants so we can set rental rates more freely and avoid rental freezes. (2) Get the greatest return possible.
Estimated Costs of Furnishing: ~$1,000 to furnish with half decent used furnishings from moving sales. Potential intermittent gaps in tenancy due to lower demand for furnished rentals.
Potential Benefits of Furnishing: Attracts more short -term tenants. Earns higher rents (possibly in the neighbourhood of $300/month extra).
The above has me leaning pretty heavily to renting it furnished, but I have some questions for anyone who has rented a furnished place before.
1. How does damage deposit work when it comes to damaged or missing furnishings at the end of a rental period?
2. Are there any rules of thumb when it comes to increased rental amounts to expect when renting a furnished place vs. unfurnished?
3. Any tips for interviewing potential tenants to to keep tenancies short?
4. Any tips for tenancy agreements to to keep tenancies short?
5. Any other notes/considerations/etc?
Thanks for your help!