How Much More Can You Charge for a Furnished Rental
"Ultimately this research suggests it's worth computing the price of furniture to decide whether the initial financial outlay can be off-ready over time during the rental period."
Renting a ii-bedroom furnished flat can cost up to 21% more per calendar month than renting an unfurnished belongings of the same size in the same surface area, according to research from property website OnTheMarket.
The cost of furnishing a two-sleeping accommodation flat can be effectually £ane,800 including a sofa, java table, bookcase, Idiot box, table and chairs, two double bed frames, two mattresses, a desk and an office chair. This amount is calculated based on piece of furniture from IKEA and a TV from Curry's.
According to the results, renting a 2-chamber furnished property in the city of Sheffield costs tenants an average of £726 compared to £598 for an unfurnished property of the aforementioned size – a 21% increase in cost.
In Birmingham, tenants will pay £127 more - a 20% difference, in Leeds, there is a xix% premium of £128, and tenants in Manchester and Coventry can look to pay 15% more than.
Other areas included in the research were Newcastle upon Tyne (£85 more - a 14% difference), Glasgow (£86 more than – thirteen% more), London (£128 more – a 9% difference), and Cardiff (£fifty more – vii%).
Helen Whiteley, commercial director at OnTheMarket, said: "Ultimately this inquiry suggests it'south worth computing the cost of furniture to decide whether the initial financial outlay can be off-set over time during the rental period.
"Spread throughout a 12 month tenancy, these costs go around £150 per month meaning it is worth prospective tenants giving serious consideration to whether or non they are embarking on a long term allow. That said, there are clear benefits and a level of convenience of walking into a set up-to-live-in property when weighed against the alternative of buying everything yourself."
Denise Brown, belongings direction managing director at Andrew Craig in Newcastle, added: "Newcastle has a strong hold on student accommodation that requires fully furnished because tenants travel to this area for university and do non take many goods of their ain.
"Gateshead has more than long term tenants and mostly family unit homes, it is not unremarkably their commencement rental and the tenants accept collected goods forth the way.
"Since the Government abolished tax relief for landlords on furnishing properties, nosotros have noticed a significant driblet and over three quarters of our management/let-only business is now unfurnished.
"Landlords are more probable to buy hire guarantee insurance, which protects the landlord against the tenants not paying the rent, than furnish backdrop."
Source: https://www.propertyreporter.co.uk/at-home/ow-much-extra-are-tenants-paying-for-a-furnished-fla.html
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