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OnTheMarket weighs cost benefit of letting furnished v unfurnished

A two bedroom furnished flat can cost up to 21 per cent more to rent than a comparable property that’s unfurnished.

Research from OnTheMarket has based the cost of furnishing a two-bed property on buying a sofa, coffee table, bookcase, TV, table and chairs, two double bed frames, two mattresses, a desk and an office chair from IKEA and Curry’s. The total is £1,800.

According to the portal’s results, renting a two-bedroom furnished property in the city of Sheffield costs tenants an average of £726 compared to £598 for an unfurnished property of the same size – a 21 per cent increase in price.

In Newcastle upon Tyne the difference is £85 more – a 14 per cent difference; Birmingham (£127 more – a 20 per cent difference); Sheffield (£128 more – a 21 per cent difference); Manchester (£101 more – a 15 per cent difference); London (£128 more – a nine per cent difference); Leeds (£128 more – a 19 per cent difference); Glasgow (£86 more – 13 per cent more); Coventry (£102 more – 15 per cent more); and Cardiff (£50 – seven per cent).

“Ultimately this research suggests it’s worth calculating the cost of furniture to decide whether the initial financial outlay can be off-set over time during the rental period” says Helen Whiteley, commercial director at OnTheMarket. 

“Spread throughout a 12 month tenancy, these costs become around £150 per month meaning it is worth prospective tenants giving serious consideration to whether or not they are embarking on a long term let. That said, there are clear benefits and a level of convenience of walking into a ready-to-live-in property when weighed against the alternative of buying everything yourself.”

Poll: In an ideal lettings market, which would work best?

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