There are no strict rules regarding whether a rental property should be fully furnished by the landlord in the city of Toronto. Although in general the furnishings make your rentals property more marketable, you can definitely leave it with just bare walls and a few basic appliances such as a refrigerator. It is completely your own choice.
Since it is quite an expense to fully furnish a rentals apartment, you need to take many things into consideration when make the decision. Let’s compare the pros and cons of the both choices.
#1. You can ask for higher rent since you are also renting the furniture and decor
#2. Your property will be rented faster since the fully furnished rentals are in higher demand, especially during the summer time because Toronto is fairly popular travel destination.
#3. You don’t have to sell furniture at steep discounts or find storage for them if you are relocating to a new home or an apartments for rent.
#1. Tenants who are attracted to the fully furnished rental property are more short-term. And short term rental usually means more vacancies in between tenancies.
#2. Wear and tear of furniture may be accelerated with tenant use
#3. A detailed inventory inspect is necessary prior to tenant moving in and following tenant move out.
#4. Costs of utilities are usually expected to be covered.
To Not Furnish
#1. Tenants who are willing to invest in their own furniture are more likely to stay longer. A minimum 1 year lease sounds more reasonable and standard.
#2. You will not take the responsibility of maintaining and repairing the furniture that is purchased by the tenant.
#3. It gives you flexibility when it comes to maintaining and cleaning since you don’t have to worry about moving the furniture around
#4. You give the flexibility for tenants who want to move in with their own furniture.
#1. You will not charge as much rent as the furnished property
#2. You will never know if the tenant’s furniture (such as a water bed) will cause any damage to your property.