A recent study by CIA Landlord Insurance has set out to reveal how much money landlords can make in cities around the UK by furnishing their property. They have also looked at where there is high demand, and active listings, to show where renters can expect to find the largest selection of properties to suit their needs.
Landlords in London can make nearly £10,000 PCM if they furnish their property
On average, landlords with rentals in London recieve £2,189 a month in rent. However, if they furnished their property, they can expect to maximise their profits by 316% and rake in nearly £110,000 a year on average – £9,120 per month.
Bristol is the second most profitable location for landlords with furnished properties with the average monthly income of these being £2,038. Following closely behind is Brighton and Hove, where landlords can rake in £1,898 per month for their furnished property, giving them a yearly income of nearly £23,000.
Furnishing a one-bed property costs less than £2,000
Paul Gibbons, property specialist at HouseBuyers4u says: “furnished properties include all or most white goods such as cookers, fridges, freezers, and washing machines, and basic furniture like sofa, chairs, tables, wardrobes and beds. Unfurnished does not include any furniture and the tenant is expected to furnish the house.” Based on this, the average price of furnishing a one-bed property will be £1,666.
It costs £606 to rent a furnished property in Plymouth
The least profitable location for landlords with furnished properties is Plymouth, as these types of rentals cost £606, £225 less per month than unfurnished ones. This means landlords could reduce their annual income potential by £2,700 if they provide furniture for their tenants.
