By Deirdre Paige, Go4Rent Guest Writer
Staging is often affiliated with real estate sales, but property owners may want to consider the same strategy for rental properties. Why? There are several benefits for staging rental homes, primarily that prospective renters may find the unit more appealing with visuals of what it could look like if they lived there.
However, there are also disadvantages, such as staging costs owners and property managers a pretty penny. Read below for what property owners need to be prepared for before deciding whether to stage their next rental.
Pros of Staging Rental Properties
Whether buying or renting, tenants want to feel like they’re at their homes when they walk through the door. And if the property owner stages the property well, this could lead to a bit more bargaining with rent. Here’s why.
Generate Attention and Interest
Attracting tenants to a vacant rental is paramount, and taking photos of staged homes can attract more prospective tenants — both online and in person. Having empty rooms may lead to possible tenants skipping right over the property. In fact, 82% of buyers’ agents said staging a home made it easier for a buyer to visualize the property as a future home, according to the National Association of REALTORS. The results could be the same for tenants, too, whether they’ll be buyers later down the line or just want to find a place that feels like somewhere they’d want to live.
Generate a Higher Rental Income
The NAR also reported that staging increased the amount of people who were willing to spend on a property, with Realtors reporting home staging raising the offer from 1% to 5% compared to similar homes in the same area that were not staged. For a tenant who is on the fence about certain properties, add-ons like this can make a staged property stand out more. Ideally, it will also make them be more willing to pay a higher rental rate to secure the rental before another tenant can.
Cons of Staging Rental Properties
Just as there are benefits to staging a rental, there are also drawbacks. In red-hot markets, such as Florida, staging may not be necessary due to the high demand for rentals. But property owners who choose to do so anyway need to know what they’re getting themselves into.
Staging Is Not Cheap
It is not required to hire a professional to stage a rental property. But for landlords and property managers who do hire a professional, it can be pricey. According to Home Advisor, in 2021, staging a property cost between $624 to $2,312.
Property Managers/Landlords Are Responsible for Damaged Items
When hiring a professional stager, property managers or landlords are required to sign a contract. Signing the contract assumes full responsibility for damaged items if any destruction occurs to furniture or props.
Props Can Offend Potential Tenants
Everyone has different tastes, so certain people may be offended by some home décor decisions. For example, a property owner who uses wine glasses and alcohol to stage the property risks it being a turn-off to a potential renter who has adverse feelings related to alcohol. Someone with a black thumb may scoff at the idea of a bunch of plants. Investopedia recommends taking carpet out of the home and replacing it with hardwood floors, not only for the elegance, but also because it’s much easier to show a home without worrying about foot traffic and dirty carpet. And tenants with allergies or pets may immediately turn down the carpeted home because of higher maintenance.
Weighing the Pros and Cons of Rental Staging
When deciding on staging, knowing the current market along with the budget for marketing the rental can help landlords and property managers determine whether to stage or not to stage. There is no right or wrong answer here. For every tenant who will find a con, there may be a tenant who will find a pro.
Do you want more information about Go4Rent’s services? Are you a Texas or Florida resident looking for a new home? Visit Go4Rent.com today!