Source: Realty Times

A new trend is on the rise in rentals: landlords are supplying the sofa.

The market for furnished rentals is on the rise despite business travel being down, the folks at CorporateHousingbyOwner.com say. It seems struggles to get unfurnished homes rented are being eased by comfortable furnishings. “When we were looking to purchase a home we saw the potential of the basement,” says landlord, Colleen Cameron. They bought a home several years ago, converted the basement and added a kitchen, turning it into a separate housing unit. Then they tried to rent it. The furnished rental was snatched up quickly.

“We found a renter within the week,” says Cameron.

“We had a lot of furniture that both my husband and I had doubles of from when we were single. So rather than sell that furniture, we used furniture that we already had to furnish the unit,” says Cameron.

It was a win-win situation. The couple didn’t want to sell their furniture or have to pay to store it; the furnished unit differentiated the rental from most.

“If the furnishings are done in good taste and are gender-neutral, I think that when someone walks in they already feel like it’s a home versus just an empty shell. And, especially, it’s attractive for the right type of renter who is looking for a furnished property,” says Cameron.

Perks Plus

Landlords across the U.S. are getting hip to the fact, too, that renters also want other perks in their buildings besides just a sofa and a lamp. In turn, many are offering things like coupons for area managed print services, cleaners, shoe repairs, etc. Others even provide onsite convenience sites for things like cheap office supplies.

However, their furnished rental serves another purpose. “We have showed our furnished properties to renters who have their own furniture and I think it just helps sell the space because … it’s staged,” says Cameron.

Cameron has found such success with the furnished rental that the couple doesn’t rent it unfurnished, although, they will make some minor exceptions. “We were able to move a couple of the items out. The issue is the cost to us to store the furniture. If we have no place to put it then it increases our cost,” says Cameron.

She adds, “There are plenty of renters who are looking for furnished units; we’re fine with walking away because [unfurnished rentals] are not really our niche.” Most of us think that furnished rentals would likely be very short-term leases. “We have been a landlord for five years. Our longest renter was two years,” says Cameron.

She also points out that whether renters have their own furniture or not, they are transitional; for instance they’re waiting to buy a house or they don’t know where they’ll be located next because of a job change or an upcoming marriage.

Cameron believes her furnished-rental market position narrows the competition. “I think the majority of the inventory out there is unfurnished and I don’t want to compete against that,” says Cameron. She believes that “we have a tighter niche and there’s less availability for furnished units and that’s why we’re able to get renters at the price we want.”

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My Take: I finally bought my first home a few years ago and frankly, sometimes I miss having the ability to put the pressures of the broken sinks and stopped up drains on my landlord. There’s something to be said for not having to worry about all those homeowners’ headaches, never mind the pressures of keeping up your property and having to work on weekends when renters out there are free to play.

On the other hand, I’m not too likely to have to deal with a San Diego landlord tenant lawyer as a homeowner. If you buy an existing home, there are not issues involving a San Diego construction lawyer, or a Bronx construction accidents lawyer, as the home is already built.

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Source: Reuters

Greek Prime Minister George Papandreou said in an interview with BBC television that Greece’s borrowing needs are covered until mid-March, adding that Athens is meeting goals set out in an austerity plan aimed at helping the city address financial woes.

Market concerns about Greece’s debt pile have hit the euro in recent weeks.

“At this point we don’t have a need for borrowing, our borrowing needs are covered until mid-March,” he said in response to a question on whether there would be any new Greek bond issuance next week.

Papandreou said that despite street demonstrations against austerity measures his government has taken to tackle the debt crisis, he believed there was broad support in Greek society for painful economic reforms.

“Even though there are austerity measures and they do hurt, we have the support right now for the austerity measures which is around 50 to 60 percent of the population, and the government also has that support,” Papandreou said.

“What we’re seeing here, and I haven’t seen this except during the Olympic Games in 2004, is a real sense of unity by the Greek people of wanting to make a change,” he said, blaming the previous administration for Greece’s debt woes.

What about a sale?

Perhaps the Olympic Games could be used as a model for raising additional funds for the beleaguered city. The money to be made selling the country’s well-loved products during a national event such as an Olympic-style extravaganza, everything from Greek clothes to cheese, could be used to raise funds. Greek shirt makers for fraternities here in the U.S. may want to think about ramping up sales somehow by tagging a “funds for Athens” branding logo on their Web sites and other marketing outlets.

Papandreou said European Union partners should continue to offer political support to Athens as it battles to get its public finances back onto a sustainable path.

“Let us together with the EU authorities, the Commission and the European Central Bank, let’s sit down, let’s look at how our progress is doing, how we’re doing in the stability and growth plan that we have tabled,” he said.

“We’re on target, beyond target on Jan statistics so we’re doing well. If we do need extra measures, we will take extra measures in order to reduce our deficit this year by 4 percent. We’re ready to do so if necessary.”

Papandreou said that while Greece was not asking for financial support from EU partners, it did need strong political backing as it battled to restore its credibility with financial markets.

This was particularly important for Greece to be able to borrow at lower interest rates than it was currently facing, he said.

“We need the help so that we can borrow at the same rate as other countries, not at high rates which undermine our ability to make the changes we need to make,” he said

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My Take: I’m a huge fan of Greece, despite their inability to do something about their smog problem. In Athens alone, the air quality was so bad when I went there in 1998 that I could barely walk around the city in the middle of the day because of the exhaust from all the taxis on the road. The city has a of traffic and maybe it’s time they looked at ways to get people to sell junk cars and replace them with newer models. I’m sure the country must have options for how to
buy wrecked cars or junk cars that would help to get some of the clunkers off the roads.

Traffic is heavy in Athens. Add in to the mix the fact that the drives are downright aggressive and unruly, and it’s a miracle anyone can get anywhere alive by car. I don’t know if Athens offers safety courses for tourists who want to take their chances and rent a car while visiting Athens. But just in case, you might want to think about fortifying yourself with a New York defensive driving program before you head over.

All kidding aside, Greece is a beautiful country and deserves a little help from its EU partners or the banks in any way possible. The architecture of the monuments we all know and love to visit in Greece is one part of the country’s beauty and allure. Try walking up and down the hillsides of the neighborhoods above and around the city of Athens. You’ll find amazing colors, beautiful homes with gorgeous wood entry doors and flowered porticos and archways that are worthy of a thousand pictures.

You’ll find the most amazing collection of mahogany front entry door and side street entry doors on display, with beautiful carvings and rod iron accessories on them. They are inviting and so much so you are tempted to wander through just to escape all the noise of the city traffic and get a moment of quiet.

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