While the cost difference between furnished and unfurnished rentals varies across the country, generally speaking you can typically expect to receive more in rent for a furnished place, according to research from OnTheMarket.com (OTM).
The property website has found that landlords renting out a two-bedroom furnished property can achieve up to 21% more per month in rent than renting an unfurnished property of the same size in the same area.
The data gathered uses average monthly rental prices based on two-bedroom flats across nine major UK cities, to determine the average difference in cost between renting a furnished or an unfurnished property.
The study found that 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, which is a 21% increase in price – more than anywhere else in the UK.
In Newcastle upon Tyne the difference is £85 more – a 14% difference, Birmingham (£127 more – a 20% difference), Sheffield (£128 more – a 21% difference), Manchester (£101 more – a 15% difference), London (£128 more – a 9% difference), Leeds (£128 more – a 19% difference), Glasgow (£86 more – 13% more), Coventry (£102 more – 15% more) and Cardiff (£50 more – 7%).
Helen Whiteley, commercial director at OTM, said: “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.
“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.”