According to research by Manor Interiors, experts in build-to-rent furnishing solutions, a furnished rental home could not only improve a landlord’s chances of finding a tenant, but it could also increase the monthly level of rental income.
The rental market can be a competitive space and opting to furnish property before renting it can help it stand out from the crowd. In fact, Manor Interiors found that just over a quarter of UK tenants (26 per cent) would be more likely to view a rental property if it was already furnished. A further 26 per cent of tenants also stated that they would be more likely to rent a property that was furnished over one that was not.
But it isn’t just a consistent stream of tenant demand and shorter void periods that a furnished rental home could help address.
The research by Manor Interiors also found that as many as 66 per cent of UK tenants would be willing to pay more rent per month for a well-furnished rental property. The survey responses are set out in the tables.
However, well-furnished is the key term when it comes to attracting the modern-day tenant. Manor Interiors found that 84 per cent of tenants believe the quality of furniture in a rental property was either somewhat, or very important. Suggesting that a poorly furnished property might not carry the same attraction.
CEO of Manor Interiors, Farhan Malik, commented: “A furnished rental home is always going to carry far greater appeal amongst tenants. Largely due to the money saved on buying furniture when moving into a rental home, during what is an already expensive period once deposits and initial rent payments are made.
However, it also provides a far greater level of convenience which is something that resonates with the modern-day tenant, removing the need to spend a day or more moving large furniture items from one house to the next.
Of course, the modern-day tenant also values style and quality and so furnishing a property with below-par furniture is more likely to deter them rather than attract them.
You need only look at the build-to-rent sector to see the benefit of providing well-furnished homes for long-term tenants. These residents are more than happy to pay a premium for the wider lifestyle benefits provided by the sector and bespoke, high-quality furniture is an integral part of this offering.”
By Patrick Mooney, Editor
| Would you be more likely to view a rental property if it was already furnished? | |
| Answer | Respondents |
| Not more likely at all | 73% |
| Somewhat more likely | 15% |
| Much more likely | 11% |
| Would you be more likely to rent a property if it was already furnished over one that wasn’t? | |
| Answer | Respondents |
| Not more likely at all | 73% |
| Somewhat more likely | 15% |
| Much more likely | 11% |
| How important is the quality of the furniture in a rental property? | |
| Answer | Respondents |
| Somewhat important | 44% |
| Very important | 40% |
| Not important at all | 15% |
| How much more would you be willing to pay per month for a well-furnished property? | |
| Answer | Respondents |
| A little bit more | 62% |
| Would not pay more | 34% |
| Much more | 4% |