The number of properties let part or fully furnished across England and Wales is increasing, accounting for 31% of properties let over the past year, up 3% year on year. Perhaps not surprisingly, given the potential cost to landlords however, the proportion of apartments let furnished remains over twice that of houses.
Megan Eighteen, Lettings Manager at Davis Tate Reading explains, “Based on an estimated cost of £2,000–£2,500 to functionally furnish a two-bedroom apartment, for those renting it would take two to three years of living in a property to re-coup the cost of self-furnishing. Tenants are also less inclined to spend money on furnishings they are not sure will be accommodated in their next home, and for this reason a furnished property has more appeal.
It is also worth considering the area in which the property is available to let. Reading, for example, has an average tenancy of just 18 months, and has a high number of transient tenants. As such, tenants are typically looking for furnished properties.”
There is a benefit to landlords however, as furnished apartments, on average (excluding London), rent for £78 more per month, equating to just under £940 more per year, offering a 11% premium over unfurnished lets.
Megan concludes, “Even if you are letting your property unfurnished, tenants these days expect white goods and certain electrical appliances to be included, namely an oven and hob, fridge/freezer, washing machine, dishwasher – and often even a microwave.”
If you are looking to let a property in either Berkshire or Oxfordshire, click here to find out how Davis Tate can help you, or for expert lettings advice contact your local Davis Tate branch today.
Data Source: Dataloft Rental Market Analytics July 2019