How much extra charge for furnished one bedroom apartment?

Question

Looking to price my 1br 1ba rental and the closest one I could find is $2k furnished.  (My unit does include washer and dryer) There are a few other props I’m using to come to a fair figure but wanted to know how much fully furnished increases rental price.  Internet says everything from 10-40% but can’t find anything recent.

Patricia Steiner · Answer

We actually found that a furnished unit - in the Tampa Bay market - was less attractive to tenants than an unfurnished one with the following exceptions:

vacation rental and visting nurses which you would then price to those specific markets (use sites that are specific to those renters).

Best and highest use for a property is a key success driver.  Hope this helps.

Jeremy Kloter · Answer

This is challenging, what is the market rent for a unit like yours without being furnished? I'd say maybe a few hundred bucks at most.

Will Fraser · Answer

Hey @Chris M., it only matters what the market rate for a furnished 1 bed is in your area.  This should be simple enough to figure out by searching any of the large STR booking platforms for properties in your area bookable for over a month.  Be mindful of the 30+ day stay discounts there and you'll arrive at a good rough estimate of the monthly value of your furnished rental.

Gone are the days where a furnished rental rents for X% more than an unfurnished one.  The STR market use-cases keep expanding and the market better understands them so the value of a furnished place has become untethered from an unfurnished place.

Be wise, have fun, and keep going!