Whether you are a landlord or a tenant, you may be interested to read about some research that has been carried out that looks at the difference charged by landlords for furnished and unfurnished two bedroom flats in different cities in the UK.
There are pros and cons of both types of property lets for both tenants and landlords such as a furnished property may appeal more to a single tenant who is moving around the UK on a very frequent basis as he or she may not want to be bothered with the prospect of having to move their furniture frequently. However, a family looking for a long-term rent may prefer to bring their own furniture with them every time they move. A landlord may find it easier to rent out a furnished property and the additional rental income emanating from a furnished property may far outweigh over a period of time the initial financial outlay of buying the furniture and white goods.
The city in the UK where there was the biggest difference between the rental income charged on furnished and unfurnished two bedroom flats was Sheffield. The difference in that city was an average of 21%. A furnished property was being rented out at an average of £726 per calendar month whereas an unfurnished property was being rented out at an average of £598 per calendar month – a difference of £128 per calendar month.
In London the difference was 9% with this equating to an extra £128 per calendar month.
In Birmingham there was a difference of 20% that, in monetary terms, was an extra £127 per calendar month.
In Manchester there was a difference of 15% that equates to a price difference of £101 per calendar month.
In Cardiff there was a difference of 7% that equates to a price difference of £50 per calendar month.
In Glasgow there was a difference of 13% that equates to a price difference of £86 per calendar month.
Whether you are a landlord looking to arrange buildings and contents cover on either a furnished or unfurnished property or are a tenant looking to arrange cover on your own contents and personal belongings in an unfurnished property then why not make contact with us here at AIB Insurance on 02380 268 351 and speak with a friendly, knowledgeable member of our team. He or she will discuss your requirements and arrange for you to receive a competitive quotation from one of the insurance companies on our extensive panel.