Research from property website OnTheMarket.com has found that renting a two-bedroom furnished flat can cost up to 21% more per month than renting an unfurnished property of the same size in the same area.
The data gathered uses average monthly rental prices based on two-bedroom flats across nine major UK cities, to determine the average difference in cost between renting a furnished or an unfurnished property.
The graph below shows the average difference in rental costs between furnished and unfurnished two- bedroom flats or apartments across 9 major UK cities (prices are per calendar month).
The graph below shows the average difference in rental costs between furnished and unfurnished two-bedroom flats or apartments in London (prices are per calendar month).
The cost of furnishing a two-bedroom flat can be around £1,800 including a sofa, coffee table, bookcase, TV, table and chairs, two double bed frames, two mattresses, a desk and an office chair. This amount is calculated based on furniture from IKEA and a TV from Curry’s.
With prices for furnished flats commanding up to 21% more than unfurnished, it is a decision for the tenant to decide whether or not to save a lump sum to buy basic furniture.
According to the results, renting a two-bedroom furnished property in the city of Sheffield costs tenants an average of £726 compared to £598 for an unfurnished property of the same size – a 21 per cent increase in price.
In Newcastle upon Tyne the difference is £85 more – a 14% difference, Birmingham (£127 more – a 20% difference), Sheffield (£128 more – a 21% difference), Manchester (£101 more – a 15% difference), London (£128 more – a 9% difference), Leeds (£128 more – a 19% difference), Glasgow (£86 more – 13% more), Coventry (£102 more – 15% more) and Cardiff (£50 more – 7%).