Are Furnished Apartments Worth It? The Pros and Cons
Unpack the full spectrum of factors to consider when deciding if a furnished apartment is right for your needs.
A furnished apartment provides a residential unit equipped with furniture and household items. It is designed for immediate occupancy, offering a convenient solution for individuals or families who prefer not to purchase or transport their own furnishings. Furnished apartments contrast with unfurnished units, which require tenants to supply their own goods.
Common Inclusions
A furnished apartment comes equipped with a comprehensive set of items. In the living room, tenants can expect a sofa, coffee table, end tables, lamps, and an entertainment center or television. Bedrooms include a bed with a mattress, nightstands, lamps, and a dresser or chest of drawers for clothing storage. The dining area is furnished with a dining table and chairs.
Beyond major furniture, furnished apartments provide a kitchen with major appliances such as a refrigerator, oven, stove, microwave, and dishwasher. Smaller kitchen appliances like a toaster and coffee maker are included, alongside dinnerware, silverware, cookware, and utensils. Bathrooms are supplied with a shower curtain, bath mats, and towels. Linens, including sheets, pillowcases, and blankets, are also included.
Many furnished apartments include basic utilities like electricity, water, sewer, and trash collection, bundled into the monthly rent. High-speed internet and cable or streaming services are also provided. Some properties offer access to communal amenities like laundry facilities, fitness centers, or swimming pools. The range of inclusions varies based on the property owner, location, and rental price.
Financial Considerations
The rent for a furnished apartment is higher than an unfurnished unit, ranging from 15% to 40% more. This premium accounts for the convenience of provided furniture and household items, and the landlord’s investment in purchasing and maintaining these assets. For example, an unfurnished one-bedroom apartment might rent for $2,200 monthly, while a comparable furnished unit could cost around $2,600.
Security deposits for furnished apartments can be higher to cover potential wear and tear or damage to the included furnishings. While standard security deposits often equate to one to two months’ rent, recent legislative changes in some areas have capped deposits for both furnished and unfurnished rentals at one month’s rent. These deposits ensure the tenant fulfills lease terms and maintains the property, including its contents.
Tenants in furnished apartments realize upfront savings by avoiding the purchase of furniture and major appliances, which could cost thousands of dollars. Furnishing a basic apartment can involve expenses ranging from $1,000 to $5,000 or more for items like a bed, sofa, and kitchenware. The absence of large items to move reduces relocation costs, as professional moving services for furniture can be expensive. When utilities are included, tenants benefit from predictable monthly expenses, with average basic utilities around $250 per month and internet adding approximately $125.
Rental Duration and Flexibility
Furnished apartments offer shorter lease terms than unfurnished units, providing flexibility for tenants. While traditional unfurnished leases span 12 months or longer, furnished rentals feature month-to-month options or leases as short as 30 days. This allows for adaptability, accommodating individuals whose housing needs are temporary or subject to change.
This flexibility makes furnished apartments suitable for various renters. Corporate professionals on temporary assignments, individuals relocating for new jobs, and traveling medical professionals utilize these units for their convenience. Students seeking housing for academic terms or internships also find furnished apartments beneficial, as they eliminate the need to buy and sell furniture for short stays.
The ease of moving in and out, coupled with a reduced long-term lease commitment, influences many. Tenants transition quickly into a new city or temporary living situation without the logistical challenges and financial burdens of furnishing a place from scratch. This model supports a mobile lifestyle, offering a practical housing solution for those who prioritize convenience and flexibility over long-term residency.