As the demand for flexible and convenient living solutions grows, fully furnished rental accommodations have become a key component of the Bendigo housing market.

Offering an appealing alternative to traditional leases and short-term stays, these rentals provide a home-like experience with minimal hassle. Nathan Ludeman, McKean McGregor Property Management Department Manager, shares insights into why these rentals are thriving and who benefits the most from them.

Prime Locations for Fully Furnished Rentals

Fully furnished rentals in Bendigo are predominantly found in the city center and surrounding the Bendigo Hospital. "The majority of them are located in these areas, and they work best due to the demand from hospital staff and other professionals," Ludeman explains. Given the hospital’s status as the largest employer in town, there is a steady influx of medical professionals who require accommodation for 12-month contracts.

Property Types and Furnishing Trends

When it comes to the types of properties that work well as fully furnished rentals, there is a broad spectrum. "Anything from one-bedroom apartments to four-bedroom homes can be successfully converted," says Ludeman. However, two-bedroom, one-bathroom, and three-bedroom, two-bathroom homes tend to perform the best. "One-bedroom and two-bedroom properties seem to maintain occupancy rates all year round, while larger homes, such as three-bedroom or four-bedroom properties, tend to move better at the start and end of the year." Presentation plays a crucial role in attracting tenants. Ludeman advises landlords to focus on modern, universally appealing furnishings rather than period-style or heavily personalized decor. "Older homes can work well, but the furniture needs to have broad appeal. Tenants coming from Melbourne, Sydney, or overseas often seek something that feels familiar and comfortable," he notes. Another key factor is low maintenance. "Tenants moving into fully furnished rentals generally bring only their clothes and food. They aren’t bringing gardening tools, so we encourage landlords to manage garden maintenance," Ludeman explains. This approach ensures that properties remain attractive and hassle-free for tenants.

Why Fully Furnished Rentals Are in Demand

Bendigo’s strong need for contract workers has significantly contributed to the rising demand for fully furnished rentals. Ludeman highlights that various industries, particularly healthcare, frequently require professionals to relocate for temporary contracts. "With major projects like the GV Hub, the law courts, and other infrastructure developments, contractors often come to town for six or twelve months," he says. Professionals seek accommodations that offer more comfort than a hotel but at a lower cost than a year-long Airbnb stay. "Doctors, nurses, and other medical staff make up the majority of fully furnished rental tenants due to 12-month contracts at the hospital. Many properties have housed a rotation of doctors for years, with each new contract seamlessly transitioning to the next occupant," Ludeman shares. 

Aside from healthcare workers, other professionals, including tradespeople and corporate employees, frequently rent fully furnished properties. "People who are relocating for work and want to experience Bendigo before committing to a property purchase also find these rentals ideal," he adds.

Market Trends and Occupancy Rates

The demand for fully furnished rentals fluctuates throughout the year, with peak periods occurring from November to February. "This is when most doctors and nurses arrive for new contracts, and it’s also a time when people prefer to start fresh in a new location," Ludeman explains. Availability remains tight, with high occupancy rates. "Right now, I only have two properties available, and they just became vacant. The market is strong, with fully furnished rentals maintaining approximately 95% occupancy over the past 18 months," he reveals.

Fully Furnished Rentals vs. Short-Term Accommodation

For landlords weighing the benefits of fully furnished rentals versus short-term accommodations like Airbnb, Ludeman outlines several advantages. "The biggest benefit is consistent income. With a long-term furnished rental, landlords know they have a steady stream of rent rather than the unpredictable income of short-term stays." Another key advantage is reduced maintenance. "With short-term accommodation, landlords often have to clean and prepare the property frequently, sometimes after just one or two nights. This can become time-consuming and expensive if professional cleaning services are required." Additionally, operating a fully furnished rental means fewer ongoing costs. "With an Airbnb, the landlord typically pays for electricity, gas, water, and internet, which can lead to unexpected expenses. In a fully furnished rental, these costs are the tenant’s responsibility, providing financial predictability for landlords," Ludeman explains.

Something to consider

Fully furnished rentals are a vital part of the Bendigo housing market, catering to professionals seeking temporary housing solutions. Their popularity continues to rise, driven by demand from medical staff, contractors, and professionals relocating for work. For landlords, they offer a stable and low-maintenance investment opportunity compared to short-term accommodation options. With high occupancy rates and strong demand, now may be the perfect time for property owners to consider entering the fully furnished rental market. Whether for a one-bedroom apartment or a spacious family home, offering a well-furnished, low-maintenance property in a prime location can be a lucrative and rewarding investment.

For more information or to discuss whether Fully Furnished Rental accommodation may suit you, contact Nathan Ludeman on 0400 936 025 or contact the McKean McGregor office on 03 5454 6600.