So you’ve move into your very first apartment, now what? You would think the next step is to buy furniture and start decorating your space, and most people will head straightaway to the local furniture store. Yet there is another option to consider, which is renting furniture. Yes, you can rent furniture. Just pick out what you like and need, pay for the monthly furniture bill, and you’re all set. But is it really worth the money? Wouldn’t the cost of renting furniture be more than buying new pieces?
Here are the pros and cons:
PRO: You don’t have to move your furniture. This is especially great for students and short-term buyers who will eventually move from one place to another in a year or less.
PRO: You don’t have to spend too much money on furniture. A quality sofa can cost you up to $1,800 in IKEA, whereas if you rent a furniture, the rental rates can range from $300 a month to $106 a year, depending on the package. If you are living with roommates you can split the bill and save money. Founder and CEO of furniture rental service Feather, Jay Reno believes that it’s no longer about owning a dream house. “Today, people aspire to have freedom and flexibility,” he said. His company allows his customers, usually millennials, to hire furniture that would usually be out of their price range. For students, and those in short-term contracts, this allows them to furnish their apartment with pieces ranging from a “plush velvet sofa to a geometric coffee table”.
PRO: You’re making a greener choice. When you buy a piece of furniture, you pay for its manufacturing and shipping, which means you contribute to the world’s overall carbon footprint, not to mention the loss of resources. This also goes double when you move and decide to leave the furniture behind and buy a new piece for your new location.
CON: Some stores charge a few miscellaneous fees. You may be charged for insurance and any damages that the furniture incurs while it’s in your possession. High-interest rates might also dissuade you from choosing rental furniture over brand new ones. If you have a poor credit score, it might increase interest rates. Late payments can also affect your credit history. All in all, as long as you’re disciplined and diligent when it comes to paying your monthly furniture rentals and looking after them, you don’t need to worry about extra fees and charges.
Outside of finances, the next most important factor to consider is time, as it all really depends on how long you’re going to stay in your new home. If your renting an unfurnished apartment for a short period of time, say a year or two, it could be a good money saving option, compared to buying new furniture and then facing the prospect of having to move it to a new place in the near future. If you have bought a property and are only planning on staying in it for a short duration before you sell, then renting furniture is an option to consider. However, when it comes to buying a property, James McGrath in his buy versus rent article on Yoreevo states that five years is the minimum to give it the best chance to increase in value and generate a future profit. For long-term residence like that, purchasing, rather than renting furniture would be the best option as it could also increase the value of the property when you come to sell it.
With furniture now available for rent at the click of button, homeowners have more choices than ever with how to furnish their home. It is just a case of working out which is best for them.
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