Furnishing your rental property is a great way to increase its appeal. Many renters, such as young adults, will not have their own furniture and will be specifically searching for a furnished rental property.
When you’re furnishing your rental property, you’ve got to get the right balance between giving your tenants the right finish and keeping the spend at a level that works for you and makes financial sense for your investment.
How long does furniture last?
How long furniture will last really depends on how much it's getting used. For example, you'll probably need to replace items more regularly in a House in Multiple Occupancy (HMO) than in a single let property.
To give you a rough idea, large furnishings usually last around:
- 7 years for sofas and mattresses
- 10 years for wardrobes
- 10 years for kitchen appliances
- 10 to 15 years for bed frames
Bedside tables and kitchen/dining chairs might need replacing every 5 years if they’re not treated carefully.
Flat pack
Flat pack furniture offers a convenient way to furnish your rental property. Flat pack furniture outlets and shops are a popular choice for landlords, especially for those with HMOs because the furniture tends to be simple but hard wearing, and good value for money.
Landlords with multiple properties usually go for a 'standard' style of furniture that they can easily roll out across their portfolio. Although it's a reliable and cost effective solution, it does leave you with a lot of assembling to do!
Specialist furniture packages
If sourcing and putting together your own furniture would take too long, it's worth considering using one of the number of companies that supply whole property furniture packages for landlords. They'll offer delivery and assembly, saving time and effort.
These companies offer a variety of finishes and budgets and usually offer some flexibility and customised packages. They're likely to have a large amount of 'standard' stock, meaning you can generally get the same piece, or a similar piece, when an item suffers wear and tear and needs replacing.
Is it worth considering renting furniture or renting-to-own?
You may consider renting or renting to own furniture as a way of reducing the initial costs. Some companies have introduced leasing furniture to reduce how much is thrown away each year.
However, while the monthly payments might seem low at first glance, once you add in the additional charges, the end cost of items over time can be much higher than if bought outright. Buying furniture outright may cost more upfront, but it'll save you in the long term.
Is managing your investment taking up too much time? We offer a range of services for landlords, from finding tenants to full management, find out how we can help you.
The Your Move Content Marketing Team
