Furniture. The missing amenity in BTR?
Submitted by Laura Shepherd on 24/08/2021 - Senior Marketing Manager
An ever-changing landscape
For many, disruption has become the norm since the pandemic started back in March 2020.
In the Build to Rent sector, not only have residents been disrupted by suddenly finding themselves working, living, playing, and more from inside their homes, but the industry has also been disrupted. From shutting down offices to offering virtual tours, property owners, managers, and letting agents have been forced to think outside of the traditional box of amenities to attract new residents. While there is no “one-size-fits-all” solution to this problem, one opportunity that is future-proof is furniture rental.
Furniture rental as a service
An often-overlooked option to bolster your business’s strategy is Roomservice by CORT’s Furniture as a Service. Roomservice by CORT provides a material, positive impact on the operating performance of your property through renting, rather than purchasing, furniture.
In fact, furniture may very well be the most sought-out amenity today, while at the same time, the least likely service to be offered as such. Perks like pet walking and exercise facilities are more readily discussed, but no other amenity gets more usage—and provides more practicality—than furniture. Because of this, furniture rental creates a true competitive advantage for those who offer it to all future and current residents.
Amenities play a big part in a build to rent community. They attract residents and add to the resident experience by keeping existing renters happy and wanting to stay put. And while gyms, swimming pools and screen rooms will bring excitement during a tour – none of these will get as much daily use as furniture.
You can offer furniture rental at critical points of the renter’s shopping journey, so that it becomes a strategic selling tool that could help you improve resident attraction and retention, extend lease duration, increase net operating income, and more.
With furniture rental now more popular than ever, having a sustainable solution that is easy and ready for the resident to move into immediately is more important than ever.
Temporary furniture leaves a lasting impact
For BTR operators to thrive amidst disruption, picking the right partners is vital. Roomservice by CORT lets you control your business with flexibility— rather than being burdened by owning furniture that requires maintenance, storage, style upkeep (and the costs associated with that).
With over 35 years in business, Roomservice by CORT knows furniture rental inside and out. Together, we can scale furnishings up or down based on residents’ needs, leasing needs, capacity, and vacancy to easily adapt as market conditions change. Roomservice by CORT can also help you flex your revenue streams by leveraging furnished units in new, creative ways. Take the net operating income you deserve, instead of having others profit from your assets.
Myth 1: Buying furniture will be less expensive than renting it.
Just like buying a home isn’t necessarily less expensive than renting, the same is true with buying versus renting furniture—because it’s not simply about cost alone. With home ownership, comes all the headaches like roof repair, a new boiler, replacing the carpet, repainting, and more. Same goes for furniture ownership. You’ve got to store the furniture when it’s not in use. You have to repair or replace damaged pieces.
What if a renter wants a different style or what you’ve purchased falls out of fashion?
The costs of furniture ownership will continue to rise over time, but with furniture rental from Roomservice by CORT, the furniture flexes with you. Rent what you need when you need it and return it when you don’t. Update your furniture offering to match your residents’ tastes. Make it disappear when your attention needs to turn to other initiatives. Roomservice by CORT gives you the ability to not only save money but make money when you implement a furnished program.
Myth 2: Furniture rental services can’t keep pace with my property’s needs.
A rapid response time is built into our DNA. The natural flexibility that comes with Roomservice by CORT enables us to pivot right along with you. When economic conditions change, when new competitors enter the market, when local environmental factors affect your operations, Roomservice by CORT helps you stay one step ahead. In as little as 48 hours, you can have a furnished unit ready for your renters from the sofa down to the last teaspoon, and everything in between. Flexibility is key and no one is more flexible than Roomservice by CORT.
Myth 3: Furnished apartments are a fad.
With the growing demographic of “renters by choice” and the increase in popularity of short-term housing options like Airbnb, new players have entered the furnished home market—and have exited just as quickly—often leaving their clients behind feeling burned. For Roomservice CORT, furniture rental isn’t a fad. It’s a fixture and has been our area of expertise for over 35 years. As a shared economy pioneer, CORT is a dependable partner with the local knowledge and nationwide reach BTR housing partners can count on to support a successful furnished program.
WE’RE READY TO GET TO WORK.
Ready to explore opportunities for your multifamily housing property? Call us on 020 8397 9344 or email [email protected] to get started.