How to Furnish

A Rental Property

In the past three months, there have been over 2,400 furnished properties [Source: CityLets] marketed for rent in Edinburgh. Compared to the 660 unfurnished properties marketed within the same time frame, we can see the extent to which furnished properties outnumber unfurnished. Furnished properties also tend to rent faster, the current average time to let is 20 days for furnished properties and 26 days for unfurnished, demonstrating increased demand for furnished properties.

Read our recent blog post Rental Property: Furnished or Unfurnished? for more information on deciding whether to rent your property furnished or unfurnished.

Why furnishing matters

In addition to the shortage of rental properties across Edinburgh in general, there is also a lack of quality properties available, fuelling the demand for high spec, furnished properties. Landlords who provide properties with good quality, matching furniture are more likely to attract:

• Higher rent

Rent levels do not vary significantly between furnished and unfurnished properties; the average monthly rent for furnished properties in Edinburgh was £1,027 in the last 3 months, compared to £1,024 for unfurnished properties. The real difference, however, comes down to the quality of the property. A newly refurbished property, with good quality furniture, will command a higher rent than one with dated or broken furnishings.

See here for a recent renovation, including furniture upgrade, increasing the rent of this one-bedroom flat from £525pcm to £675pcm.

• Good tenants

Finding the ‘right’ tenant for your property is always important; your rental property is a big investment and you want to know that it is being looked after. A high-quality property will attract a larger pool of applicants so you have increased scope to choose a tenant who best matches your property.

• Longer tenancies

Since the introduction of the Private Residential Tenancy, tenants are no longer tied into their tenancy for an initial period and can give 28 days’ notice from the first day of their tenancy. In our 2017 Tenant Satisfaction Survey, we asked our tenants if the quality of the property is important when deciding to extend their tenancy; 94% of tenants confirmed that it is either ‘very important’ or ‘important’. We find that tenants are not only more likely to rent a high-quality property for longer, they are also more likely to look after it.

Best furniture for rental property

Although the quality (and aesthetics) of furniture is important, you don’t have to spend a huge amount of money to attract the best tenants and maximise your rental income. You can furnish a rental property well on a budget.

At Clan Gordon, we tend to use mid-range pieces from IKEA. These are reasonably priced and last well in rented accommodation.