The impact of furniture on renters’ decision making.
When potential renters walk through the door of a property, they are often met with a carefully curated scene. Plush sofas, vibrant artwork and perfectly placed houseplants. But are these impermanent, cosmetic features influencing renters' decisions to pay premium prices for their new home? A recent article in The Guardian highlights fascinating research that suggests they very much are.
According to a survey of UK homebuyers, the average time spent viewing a property before making a decision is just 49 minutes. Yet, within this brief period, viewers focus more on artwork, furniture and ornamental aspects rather than structural elements like walls, flooring or even the condition of critical infrastructure like boilers. This tendency to prioritise aesthetics over substance is not just limited to buyers but extends to renters, who are often faced with the decision of whether a property is worth a premium rent based on its visual appeal.
The Power of First Impressions
For many renters, especially those in competitive markets, the decision to lease a property often happens quickly, sometimes after just one viewing. The Zoopla study mentioned in The Guardian article revealed that nearly two-fifths of home viewers spend more time admiring the furniture and decor than assessing the property's practical features. This inclination towards aesthetic elements can significantly influence renters' willingness to pay higher rents, particularly if the furniture and decor align with current trends or evoke a sense of luxury.
Landlords aware of this trend might strategically furnish their rental properties with stylish, high-quality pieces that create an immediate emotional connection with potential renters. A well-placed mirror, a designer coffee table, or even the presence of lush indoor plants can transform a space, making it appear more luxurious and therefore, justifying a higher rental price.
The Influence of Furnished Rentals on Rent Prices
In many urban markets, where furnished rentals are increasingly common, the quality of furniture provided by the landlord can make or break a deal. Renters are often willing to pay a premium for properties that are fully furnished, particularly if the furnishings are of high quality and visually appealing. This is because renters, especially those who are young professionals or expatriates, may prefer the convenience of moving into a space that is already equipped with everything they need, rather than investing in their own furniture.
Landlords should consider the long-term benefits of providing high-quality, durable furniture that not only attracts renters but also stands the test of time. Investing in well-made, stylish pieces can help secure a higher rent in the short term and reduce the turnover rate in the long term, as satisfied tenants are more likely to renew their leases.
Conclusion
In the current rental market, where first impressions are crucial, the role of furniture and decor in influencing renters' decisions cannot be overstated. As the research highlighted by The Guardian demonstrates, the aesthetic appeal of a property can significantly impact its perceived value, leading renters to pay premium prices. However, both renters and landlords should be mindful of balancing this aesthetic appeal with the practical realities of living in and maintaining the property. By doing so, they can ensure a positive rental experience that is both visually pleasing and functionally sound.
