![]() ![]() Higher turnoverĪnother drawback to renting out a furnished property is that tenants often trend toward shorter-term lease agreements. Because furniture eventually wears out, landlords should plan on replacement pieces over time so the rental stays attractive instead of shabby. Repair and replacement responsibilities increase with a furnished apartment as landlords must watch out for actual damages and stay ahead of normal wear and tear. While there are many pros, there are a few cons to offering a furnished rental: Higher potential for damagesįurnishing an apartment means that there is more potential for damage, which means a greater financial burden if tenants do not take care of the property and the furnishings inside it. If the rental property is in a college town or in a more urban area, chances are there are plenty of potential tenants looking for such a rental and a landlord could benefit from catering to this market. Predictable target marketīecause furnished apartment cost more, landlords automatically attract tenants who can afford that-often young professionals, young families or students who haven’t accumulated their own furnishings. This is to protect the landlord in covering the cost of replacing or repairing damaged furniture. For example, in some states, landlords can only charge a certain maximum deposit for unfurnished, but a higher maximum amount for furnished ones. Landlords can also charge more of a deposit for fully furnished apartments. For short-term stays, under a month that number will increase further. It’s not uncommon for a furnished apartment to rent for 20-40% higher than an unfurnished apartment. Typical rents for short-term housing are higher because the owner needs to offset any costs of increased vacancies created by shorter lease lengths. This is due to the fact that many people seeking a furnished apartment are looking for temporary housing. The price difference will vary widely from city to city and in many cases furnished lease agreements are shorter than unfurnished ones. ![]() Many renters feel that it’s worth it because it saves them from having to purchase furniture. In most cities across the country, furnished apartments cost more to rent than unfurnished, so landlords can charge a higher rent. 3 Pros of Furnished Apartment Rentalsīelow are the pros of furnishing your rental property: Furnished vs Unfurnished Price Difference You may not expect kitchen utensils in a semi-furnished rental where those would be present in a fully furnished apartment. In general, a semi-furnished apartment usually has the basic big pieces of furniture-sofa, bed, dresser, and table and chairs-with fewer small pieces present. The term “semi-furnished” can be used to describe a range of rental properties, from nearly bare to almost fully furnished. ![]() Items like toiletries, dish soap, and hand soaps may be supplied upfront but are typically the responsibility of the renter going forward. However, a renter should be able to walk in with a suitcase and feel ready to live in the apartment. This does not include things such as food, perishable items, or personal items. A kitchen should be fully stocked with utensils, dishes, glassware, and pots and pans, along with all appliances.Ī fully furnished apartment means that someone can move into the apartment and live without purchasing any items for the apartment.A bathroom should have a shower curtain, wastebasket, and floor mat.A dining area should have a table and chairs.A bedroom should have a bed, nightstand with lamp, a dresser, and perhaps a desk.A living room should have at least a sofa, table and lamp and perhaps a coffee table or bookshelf.A furnished apartment typically will command higher rents compared to comparable rentals that are unfurnished since depreciation will occur to assets such as couches, tables, and chairs. What is a Furnished Apartment?Ī furnished apartment comes with all the furniture that a reasonable person would need to live comfortably. The best thing a landlord can do is evaluate the pros and cons of furnishing the rental property and see how it matches up to the needs of renters in the area. There are many benefits to offering a furnished or semi-furnished rental property, such as higher rent, but there are some downsides as well. As landlords try to entice quality renters to sign lease agreements, many debate the merits of a furnished vs unfurnished apartment. ![]()
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