TO FURNISH, OR NOT TO FURNISH?

Just over one quarter of all properties let across England and Wales over the last year have been part or fully furnished. The proportion of apartments rented with furnishings is virtually twice that of houses – 39% compared to just 20%. Across London, where 30% of residents now privately rent, proportions are significantly higher. 60% of apartments and half of houses are rented either part or fully furnished. Furnished apartments, on average (excluding London), rent for £83 more per month, just short of £1,000 more per year, offering an 11% premium over unfurnished lets. The average rent of a part-furnished property (usually white goods supplied) is around £31 per month more, a 4.1% premium. Based on an estimated cost of £2,000 – £2,500 to functionally furnish a two-bed apartment, for those renting it would take 2–3 years of living in a property to re-coup the cost of self-furnishing.