Both the landlord and the renter benefit from a furnished rental unit. Moving furniture is inconvenient for tenants and may not be an option, particularly for students and expatriates. On the other hand, depending on the number of pieces of furniture and the length of the tenant’s stay, the landlord can charge a larger rental price and earn at least 10 – 30% more.
Let’s say you have decided to rent out your condo unit fully furnished. How much should you spend on furnishings alone? We’ve put together a detailed list of what most Singaporeans have in their homes so you can get a clear grasp of the pricing of the furniture necessary to have in a rental unit. We will also display a breakdown of prices for each furniture piece to give you a general perspective of what furnishings to include that are within your intended budget range. Moreover, this article will help you decide which is better. Buying? Or renting furniture? Keep reading to find out.
The Average cost of furnishing a rental unit
A typical four-room flat in Singapore would cost around S$14,000 – S$30,000 to fully furnish. This estimate is subject to change based on the size of the home, the furniture brand, and the interior design style. The value of each item is also influenced by a household’s income level. Because you are renting out the property, you are unlikely to know the possible tenant’s décor taste or income level. As a result, purchasing high-end furniture carries significant risk, as a house with a high rent may not appeal to the majority of average consumers. Unless, of course, you’re aiming for high-end and luxury tenants.
What are the essential furniture items have in your rental unit?
Dining table with chairs
Queen Size Bed & Mattress
Writing Table and Chair
When deciding what furniture items to place in your rental unit, analyze the rooms and create a checklist. For a 4-bedroom flat, for example, you might need 2-3 beds with varying sizes to fill them in. The trick here is to focus on the heaviest and most useful items that tenants can use right away when they decide to move in. Having a couch to sit on, a bed and a dining table where the family can gather is the primary items they would need.
Tips on Determining the Value of Items
Aside from determining the essential furniture pieces, you need in your rental unit, you also need to figure out the cost of each item. This is so you can get an idea of how much you’d spend on average. It’s highly suggestive to begin with the most expensive and necessary furniture items which are mentioned above.
Avoid over furnishing the rooms, since you may wind up paying more and charging exorbitant rents for items that the renters don’t need. Keep in mind that some renters may also intend to purchase their desired furniture to beautify or spruce up their space or entirely for their convenience. Furniture items that are easy to move such as storage racks, desks, office chairs, ottomans, and decorative things are examples of this type of furniture.
Should you buy or rent?
You now have a list of the furniture items you will need to fully outfit your rental unit. The next stage is to figure out where and how to get the furnishings. There are two possibilities available to you. Purchasing or renting furnishings. There are times when purchasing furniture for your rental is a fantastic idea. You can save money on furniture rental costs, maintenance fees, and other service fees.
Renting, on the other hand, is great if you are looking for short-term tenants since renters and their demands change from time to time. A couple, a group of students, or a family may decide to rent. In this case, you don’t know what furniture pieces they might need, therefore renting from a trusted furniture rental company is a fantastic solution. This can also save you time and effort on transporting and upkeep, and it allows you to replace furniture and request for adjustments. Here’s a summary of the costs of buying vs. renting to help you decide which option is best for you.
(Note: The cost of renting in this chart is based on the price of renting furniture from Singapore Furniture Rental for both short-term and long-term.)
In Singapore Furniture Rental, the longer you rent, the lower your monthly rental fee will be. For example, if you decide to rent this Ceni 3 – seater sofa for 12 months, it will cost you S$96 a month. If you want to rent it for 2 years, the monthly rent will be S$72 only. Basically, the longer you decide to rent, the less you pay per month.
Check out our catalog here to view our furniture items available including their prices.
What’s the best option?
We’ve talked about the price and offered a clear comparison however, it is entirely up to you to decide what is best. (In particular, which solutions are best suited to your situation and needs.) Deciding to properly furnish your rental apartment is only the first step.
Fortunately, our company can assist you in the process and help you in organizing the moving logistics. Our website makes it simple and easier for you to choose and rent high-quality furniture. You can view the monthly price of each item here, or shoot us a message and let us know how we can be of help. We have a dependable, skilled, and professional delivery team, so you can relax knowing that the furniture you select will be moved and arranged smoothly to your unit.