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The life of a landlord is not all about sitting back, watching your asset grow in value and collecting a bundle of rent every month. (But wouldn’t that be lovely?) There’s a host of responsibilities you take on when you invest in property as a business, to rent out to tenants: finding those tenants, remaining compliant, staying on top of the upkeep of the house or apartment… and the list goes on. With the huge range of administrative, maintenance and compliance details that come with being a landlord, the best thing you can do is to place the property’s day-to-day running in the hands of an expert property manager. Rochester NY: A City of Growth More and more first time investors are flocking to the vibrant city of Rochester NY, which has a ready-made pool of eager, qualified tenants looking to rent quality properties. With its enviable affordability, great standard of living, and diverse employment prospects, it attracts a mixed demographic of professionals, students and families. For investors, there are excellent opportunities to purchase houses and apartments in sought after neighborhoods, which will be in high demand as rentals. One of the decisions you’ll need to make as a new landlord is whether to rent the house or apartment furnished or unfurnished. Here are some pros and cons that might help. Furnished vs. Unfurnished It’s a good idea to talk this very important aspect over with your property manager. Rochester NY has demand for both furnished and unfurnished properties, but you’ll need to take multiple factors into consideration. It’s more common to rent something out unfurnished – unless it’s being offered on a short-term or holiday lease – but it’s good to understand the reasons behind that. Pros of renting with furnishings and inclusions When you’re preparing for inspections by prospective tenants, it’s often easier to highlight a home’s best features if it’s styled with attractive furnishings and decor pieces. You can usually demand a higher rent from a furnished or semi-furnished property (with electrical appliances, for eg.). If it’s furnished, should you have a break between long term leases for any reason, you’ll have the option to pivot to short-term or holiday leasing. Cons of renting furnished Any furniture or appliances included will be subject to wear and tear and you’ll be responsible for their maintenance. You’ll also need to replace and upgrade them regularly, and this can prove costly over time. If items are damaged they aren’t necessarily claimable on your investment. Fewer prospective tenants are looking for a furnished place. Most people have their own furniture and household goods, so you immediately narrow down your pool of tenants. Tenants looking for furnished places will often be those working on short-term contracts, so they’ll be looking for shorter term leases, as well. This means you’ll need to install new tenants more often, and therefore pay more administrational costs to your property manager. Rochester NY has superb employment opportunities, so it tends to attract those looking to make a long term commitment to life in the city. Need advice? Find a good property manager Rochester NY is one of the most desirable places in the country to invest in rental properties. With a growing population, good infrastructure, and a relaxed pace of life, the secret is out that this is a genuinely great place to live. Get in contact with one of the city’s reputable property managers before you start your property search, as they can help in terms of advising of the most sought after and desirable areas that are in demand with quality tenants. Author Plate Danny Torres is from Torres Turn Key, a property management company in Rochester NY with more than ten years’ experience dealing with both domestic and international investors, providing a holistic service for both commercial and residential properties. If you’re looking for a property manager, Rochester NY, the company brings together a host of experience and specialist knowledge to build long-term relationships and create maximum value and benefit for their customers.
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