According to the latest research by Manor Interiors, the experts in build-to-rent furnishing solutions, 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…
The rental market can be a competitive space and opting to furnish your property before renting it could help you stand out from the crowd. In fact, Manor Interiors found that just over a quarter of UK tenants (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 by Manor Interiors 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 the modern-day tenant. Manor Interiors found that 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.
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.”
Survey of 1,174 UK tenants carried out by Manor Interiors via consumer research platform Find Out Now (1st July 2021).
Image provided courtesy of 10 Park Drive, Wood Wharf