7 Pros and Cons of Renting a Furnished Property
7 Pros and Cons of Renting a Furnished Property
Are you thinking about moving into a furnished property? Here are the top pros and cons of renting a furnished property.
Furnished apartments and homes are a great alternative for those who need more time to save to buy a home. In most areas, you'll have your pick between fully furnished, partially furnished, and non-furnished properties.
In most cases, a furnished apartment will be equipped with a bed, dresser, kitchen appliances, living room furniture, bathroom necessities, and a washing machine and dryer. Some pre-funished apartments may even have curtains, carpets, or utensils. This is why it is best to talk with the landlord about what furniture is included in the property.
According to Forbes, 52% of American renters live in an apartment. Apartments and condos are more likely to be fully furnished over homes, but here are still a good amount of homes around the country that can come furnished.
Many people choose a furnished rental over buying a home as a short-term home simply because they aren't ready to buy. No matter your reasoning for moving into a furnished rental, you should first understand all of the pros and cons to ensure it is the best decision.
Keep reading to learn everything you can about renting a furnished property.
Chapters
1. Pro - Lower Upfront Cost
The number one advantage of renting, in general, is a lower upfront cost. Not only do you save on moving costs because the home comes furnished, but furniture costs can be quite high, and you will have to skip out on them.
One of the best things to do when facing this decision is to balance out the cost of buying the furniture and renting a furnished property. This doesn't have to be a difficult task; if you have little furniture already, then renting a furnished property may be your best option. This is especially true for college graduates who don't have the funds to furnish their first home.
A furnished rental will most likely include an assortment of furniture and appliances, such as:
- A bed
- Table and Chairs
- Couch
- Fridge
- Microwave
- Washer and Dryer
- Desk
A fully furnished rental may include more items like kitchenware and silverware. However, you will most likely have to buy these things yourself. A furnished property will only give you the basic necessities, so depending on your style, you may need to buy more to make it feel more like home.
2. Pro - Easy Moving
This may be the most obvious advantage of renting a furnished property. Easy moving can be a blessing for many people; not only will you skip out on the costly moving expenses, but it can also make the entire process much easier. You won't have to worry about how you are going to transport the bug furniture, pets, or children.
Having only a couple of boxes to carry while moving is the dream. Dealing with moving companies or renting a truck to move can be costly for your time and bank account. But, if you rent a finished property, everything will already be set up for you, and you only have to worry about the fun part of moving; the decorating.
You can still buy furniture for the home if you decide to, but you won't have to find an expensive couch or bed and then move it into the home, which can be a headache. However, it is your decision whether to buy more furniture or stick with what the landlord has supplied you.
3. Pro - Flexibility
While you may not have flexibility when it comes to picking out the furniture, most furnished properties are advertised as short-term rentals. This is perfect for people who need to relocate for business, students who will spend less than a year in their college town, or those who aren't ready to commit to an area fully.
So, if you aren't ready to commit to an area or know you will have to move again soon, then a furnished property is a great option. Many people rent a furnished property when they first move to a new location, especially if it is a cross-country move because transporting all their furniture can be extremely expensive.
This flexibility can give you the time to save up for a home and explore the area. This way you can make a more informed decision about moving to the new place. Many rentals even let you pay month by month; this way, you can move almost anytime you want. You also won't have to worry about bidding wars or making an offer on a home in a competitive area. Renting a property can be much less stressful, and you are more likely to get the property you want.
4. Con - Higher Monthly Rent
The number one con of renting a furnished property is the cost. Even in less populated areas, a furnished property will cost more than a nonfurnished property. If you do have furniture and can cover the moving costs, then renting a furnished property may not be worth it.
In addition, if you are looking for a long-term rental, then a furnished property might not be your best bet. This is due to the higher monthly rent, which most landlords will do to cover the costs of the furniture. Keep in mind that rent prices will vary depending on several factors, including the size of the property and location.
Depending on your current financial status, you may need to evaluate which type of property is best for you. While a furnished property will cost less upfront, over time, it may cost the same as a non-furnished property. You should review your finances and lifestyle before making the decision because both will greatly impact the type of home you'll move into.
5. Con - Furniture Damage
A rental property that is fully furnished may make it easier to move and save you some money, but you'll have to be extra careful. You will most likely have to put down a downpayment that will pay for any furniture damage after you move out.
Since the tenant is not responsible for repairing or replacing furniture, they are more likely to damage it. Landlords not only know this but they expect it, so they set up additional fees to make up for any potential damages on the furniture.
Not only does this relate to the furniture, but the home itself. This includes the walls, paint, and doors. Most homeowners and renters enjoy decorating the walls, which, if not taken care of properly, can cause damage that the landlord will have to take care of. When move-out comes, the tenant needs to take care of any damages, or they will be fined a specific amount for replacements or repairments.
You need to be careful not to spill coffee on the sofa or let your pet scratch up the carpet. If you do, then you'll have to pay fees for damaging the future. These additional costs can add up.
6. Con - Furniture Quality
The final but one of the most important disadvantages of a furnished property is the quality of the furniture. Unfortunately, most furniture in a furnished rental property is a major risk. A tenant has no idea how used or damaged the furniture is, meaning the risk of damaging it further is even higher.
In some cases, the furniture may not be your style; in other cases, it may be unclean or of poor quality. For landlords, you can buy cheaper quality furniture in bulk, which can save you money, but for tenants, your furniture may not be as good as what you would buy yourself. However, the landlord is most likely in charge of fixing the furniture if it breaks while you are living on the property.
Remember that since the furniture may be outdated or cheaper, it can be easier to break them by accident. These are all things to consider while deciding whether or not to rent a furnished property.
7. Should You Rent a Furnished Property?
Renting a furnished property has many advantages and disadvantages. Before deciding whether or not to rent this type of property, there are many things to think about.
The majority of people choose to rent a furnished property for a number of reasons. Consider your lifestyle, budget, and family. Here are the main reasons people rent a furnished property over buying a home or renting an unfurnished property:
- Shorter vacancy periods
- Shorter leases
- Less money upfront
- Flexibility
- Immediate habitation
- Convenience
Methodology
We used information and data from several different sources, as well as our own data, to determine everything you need to know about the pros and cons of renting a furnished property. Most of the data was sourced from the following sources:
- Forbes
FAQ: Pros and Cons of Renting a Furnished Property
Here are some commonly asked questions about renting a furnished property.
Is it better to move into a furnished apartment?
In most cases, a furnished apartment does cost more than an unfurnished property. However, you may find it's worth it because you will be saving a lot of money on couches, beds, tables, desks, and more.
What is included in a furnished rental?
Typically, a furnished rental property will include a bed and storage in each room, a sofa or chairs in the living room, a table and chairs in the dining area, kitchen appliances, a washing machine, and curtains or blinds in all rooms.
How do you make a furnished apartment feel like a house?
Incorporating accessories is the best way to make a furnished apartment feel like your own. The key is to include rugs, curtains, pillows, and wall decorations to make it feel more like home. Many renters buy couch covers or more furniture to make it their own.
Does a furnished house include a TV?
Typically, a finished home does include a TV, specifically in the living room. There usually won't be more than one TV on the property, so you may need to buy an extra one if you enjoy one in your bedroom.
What is the difference between partially furnished and fully furnished?
A partially furnished home will leave most of the furnished decisions to the tenant. Essentially, this type of property will only provide the basic items and allow the tenants room to include their own furniture and decor.
Renting a Furnished Property - The Bottom Line
A furnished property can be extremely attractive to tenants for many reasons. If you are moving cross country and don't want to worry about moving furniture or have no furniture, then a furnished property is perfect. This is also an amazing option before deciding on an area to buy your dream home.
Many people rent before buying to save up extra money, check out the area, or because they need a short-term living situation. A furnished property will give you one less thing to think about when there are tons of things to consider when it comes to moving.
No matter where you decide to move, there should be a plethora of furnished properties to look at. Before you make the commitment, we hope you have carefully thought through the pros and cons.
Before you buy or rent your next property in North Carolina, feel free to contact one of our helpful real estate specialists, as they are eager to help you find the perfect home. We know that buying a home can be overwhelming, but a real estate agent can walk you through the entire process.
Ryan Fitzgerald
Hi there! Nice to 'meet' you and thanks for visiting our Raleigh Real Estate Blog! My name is Ryan Fitzgerald, and I'm a REALTOR® in Raleigh-Durham, NC, the owner of Raleigh Realty. I work alongside some of the best Realtors in Raleigh. You can find more of my real estate content on Forbes, Wall Street Journal, U.S. News and more. Realtor Magazine named me a top 30 under 30 Realtor in the country (it was a long time ago haha). Any way, that's enough about me. I'd love to learn more about you if you'd like to connect with me on Facebook and Instagram or connect with our team at Raleigh Realty. Looking forward to connecting!
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