Majority of tenants willing to pay higher rents for well-furnished properties

Posted on Monday, July 12, 2021

Modern-day tenants are more likely to splash out on higher rents if their new homes are well furnished, according to the results of a new survey.

Manor Interiors found that a furnished rental home could not only improve your chances of finding a tenant, but it could increase the monthly level of rental income secured.

According to the numbers, 26% would be more likely to view a rental property if it was already furnished. In addition, 26% of tenants also stated that they would be more likely to rent a property that was furnished over one that wasn’t.

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 also found that as many as 66% of UK tenants would be willing to pay more rent per month for a well-furnished rental property.

However, well-furnished is the key term when it comes to attracting modern-day tenants. 84% 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.

Farhan Malik, CEO of Manor Interiors, 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.”



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