When you’re looking for an apartment, one big decision is whether to rent a furnished or unfurnished place. This choice affects both your budget and lifestyle. Furnished apartments tend to come with furniture and everything else you’ll need for a comfortable stay, making them a great option if you want to move in quickly and easily. On the other hand, unfurnished apartments give you an empty space that you can decorate and fill with your own furniture, often at a lower rent.
In this blog article, we’ll break down the financial aspects of both options, comparing upfront costs, long-term expenses, and other factors. Whether you’re a travel nurse, a relocating professional, or just someone looking for a short term home for an extended visit, our guide will help you figure out which option is right for you.
Furnished Apartments
Furnished apartments typically come with everything you need to just walk in with your suitcase and live comfortably from day one. They usually include all the major furniture like a bed, sofa, TV stand, coffee table, dining table, chairs, washer, dryer, and more. Most also include at least one TV, as well as decor items to make the place feel like home (such as lamps, curtains, art, and other decor). And they typically also come with kitchenware, bedding, towels, and sometimes even cleaning supplies. This setup is extremely convenient, especially if you’re only planning to stay for a short time.
Pros of Renting a Furnished Apartment
The biggest advantage of renting a furnished apartment is the convenience. You don’t have to worry about buying or moving furniture, which can save you lots of time, money, and stress. Many companies also offer all-inclusive pricing, which means you also won’t have to manage or pay separately for utilities and other services like WiFi, cable, and parking. This is especially helpful for professionals on temporary work assignments, or anyone who’s in a transitional phase of life. In addition to convenience, most fully furnished apartments tend to come with shorter lease options such as 6 month, 3 month, or even month to month terms. Another perk with most providers is that once you reserve an apartment, it’s yours for as long as you want to stay, and you’re simply expected to pay once a month or 30 nights at a time. Customer-focused companies like Epicurean Furnished Apartments often go above and beyond with flexibility, allowing guests to move out any time with just 14 days notice and providing refunds of any unneeded nights that have already been paid for. This can be a big perk vs. vacation rentals which typically require you to know and commit to the entire length of your stay upfront (which puts you at risk of either paying for more nights than you’ll need, or having to find a new place if another guest books future dates you end up needing). In short, furnished apartment providers give you the convenience and flexibility of staying at a nice hotel, but with the spaciousness of a full-size apartment that feels like home.
Cons of Renting a Furnished Apartment
However, all this convenience and flexibility does come with a higher monthly rent. Companies that offer furnished apartments for short term rental usually have a contract with the apartment community that allows them to furnish and re-rent units within that community to temporary guests. When charging for this, they have to cover not only their obvious costs (such as monthly rent, utilities, etc.), but also the expense of payroll for their staff who help manage the business and provide customer service to guests. They also have to earn enough profit to cover vacancy risk (the unknown cost of apartments sitting empty between guests), and to recoup the upfront investment of furnishing, outfitting, and decorating the place which can easily exceed $10,000 even for a small 1BR. While the higher rent might seem like a lot at first glance, it can be totally worth it if you’re only planning to stay for a short time or if you value the convenience of not having to furnish and manage a place yourself. Just keep in mind that you get what you pay for. Before booking, be sure to read reviews, and ask for lots of recent photos, as well as a list of everything that’s included. If you’re going to pay a premium for housing, you want to be confident that it will be worth the money – comfortably furnished, generously outfitted, and in a prime location.
Unfurnished Apartments
An unfurnished apartment is a blank slate, meaning it’s totally empty doesn’t come with furniture or many appliances. You’ll need to bring or buy all of your own items including a bed, mattress, sofa, kitchenware, cleaning supplies and equipment, bedding and towels, washer and dryer, decor, and electronics. This option can give you the freedom to decorate and set up the space exactly how you like it, which is great if you’re planning to stay long-term or if you already own furniture.
Pros of Renting an Unfurnished Apartment
The main benefit of renting an unfurnished apartment is the freedom to make the space your own. You can choose furniture and decorations that fit your style and needs. In some situations, this option can also be more affordable because unfurnished properties usually have much lower monthly rents, especially if you sign a typical lease (12+ months). If you plan to stay for several years, the savings on rent can add up and make this a much more budget-friendly option. However, it’s important to note that people often significantly under-estimate the amount of effort, time, and expense that’s involved in fully outfitting an empty apartment from scratch. If you expect to have a lot of demand on your time and energy (dealing with a medical situation, adjusting to a new job, etc), the stress factor alone could make a furnished apartment worth the price.
Cons of Renting an Unfurnished Apartment
While the monthly rent is usually significantly lower (usually half, or even less), you’ll need to budget for the cost of furnishing the apartment and outfitting with everything you’ll need to live comfortably. You’ll also need to pay separately for utilities, cable, Internet, and any other required fees charged by the community. Just the major furniture items alone (bed, sofa, etc) can be very expensive to purchase and move, and the cost of all the smaller items like kitchenware, curtains, and lamps can easily end up in the thousands. You also have to take into account the cost and logistics of the move-out. It can take considerable time and energy to move out of an apartment if you own all of the furniture and housewares and need to sell, donate, or move everything. Furniture usually ends up being sold for a tiny fraction of the price that was originally paid. However, if you plan to stay in the same place for a while or to keep all of the purchased items for your next home, these items can be seen as an investment. In this case, the lower rent can help you save money over time, making unfurnished apartments a good choice for tenants who value affordability more than time, flexibility, or convenience.
Cost Comparison Between Furnished and Unfurnished Apartments
When comparing the prices of furnished and unfurnished apartments, it’s important to look beyond just the monthly rent. While furnished apartments usually have higher rent, other factors can also impact the overall cost, such as how long you plan to stay and any extra expenses.
Side-by-Side Rent Price Comparison
On average, furnished apartments can be 2-3 times more expensive than unfurnished ones. This is because you’re paying for the flexibility and convenience of a professionally managed place that’s totally move-in-ready with all-inclusive rates and a flexible short term lease. For example, in a city like Columbus, Ohio, a fully furnished 1BR in a prime location will typically cost between $2,500-$4,000 per month, while the rent for an unfurnished 1BR apartment with a 12-month lease might cost $1,200-$1,800 per month.
In areas where short term leases and corporate housing are common, like near Ohio State University in Columbus Ohio for example, the rent for furnished apartments can be even higher. Companies charge more because they need to cover the cost of their own lease on the place, as well as the cost of maintaining and replacing furniture, payroll for their staff, and even the cost of vacancy (unoccupied nights between guests). Unfurnished apartments, on the other hand, usually have much lower rents because they focus on renting to long-term tenants who cover all utilities and outfitting costs themselves.
Furniture and Moving Costs
While a furnished apartment may have higher rent, you won’t have to spend money or time on shopping for, purchasing, and hauling furniture. If you rent an unfurnished apartment, you’ll need to budget for these items. Furnishing an apartment can cost anywhere from a few thousand dollars for the most minimal setup to $15,000 or more, depending on what you buy and where you shop.
Moving costs are another thing to think about. Furnished rentals are easier and cheaper to move into because you don’t have to transport large furniture. Moving into an unfurnished apartment might mean paying for movers or renting a truck, which can add to your upfront expenses. Renters also often forget about the expenses involved in moving out when they no longer need the place. Packing up and moving an entire home of items can take a surprising amount of time and energy. Selling the items can also take a lot of time, and you’re likely to recoup only a small fraction of what you originally spent.
Long-Term vs. Short-Term Costs
How long you plan to stay in the apartment is one of the biggest factors in deciding which option is more cost-effective. If you’re only staying for a few months, the higher rent of a furnished apartment might be worth it for the convenience and the savings of not having to buy everything you’ll need upfront (not to mention the value of your time). But if you’re planning to stay for a year or longer and willing to endure the stress of outfitting and managing your own place, the lower rent of an unfurnished apartment may save you a lot of money over time.
A great example would be a recent guest we worked with by the name of Chloe. She needed a temporary home for 3 months while in town for a Summer internship, but all the corporate housing companies in the area were fully booked. She decided to lease a small apartment directly from a community, and she expected to save a lot of money by outfitting it herself. But by the time she paid rent on a 3 month lease ($1,950/mo due to the shorter term), utilities ($400/month with WiFi), and renters insurance ($15/month), her monthly cost was already up to $2,365. Then, to avoid the upfront time and expense of buying furniture, she chose to rent furniture and supplies from a local furniture rental company. The cost of this came out to around $750/month. But that wasn’t everything! She still had to purchase all the little things she’d need…like blankets and bedding, curtains, towels, cleaning supplies/equipment (those floors won’t vacuum themselves!), and more. By the time she added it all up, the cost of her DIY furnished apartment for a 3-month stay ended up totaling over $10,000. Surprisingly, she could have actually saved money (and a lot of time and energy!) by just renting a fully furnished apartment from a corporate housing company.
The savings of leasing an unfurnished apartment are often offset by the cost of paying separately for furniture, decor, supplies, electric, gas, water, trash, WiFi, TV, moving services, etc. For this reason, the savings of leasing an unfurnished apartment may not be worthwhile unless you plan to stay for a year or longer.
More Factors to Consider
When deciding between furnished and unfurnished apartment rentals, there are other important factors to consider beyond just the cost. These factors can affect not only your finances but also your overall living experience.
Lifestyle and Convenience
Your lifestyle plays a big role in this decision. If you have a busy schedule or move often for work, a furnished rental might be the best choice. It’s easy to move into a place that’s already set up with everything you need. On the other hand, if you enjoy having control over your living space or already have lots of furniture and decor, an unfurnished rental might be better for you.
Wear-and-Tear From Other Guests
Another thing to think about with furnished apartments is potential of wear and tear from other guests who have stayed before you. When you rent a furnished place, it’s likely that many different tenants have already used the furniture and supplies. It’s not unusual for a place to look less fresh in person than it did online in photos. That’s why it’s so important to rent from a trustworthy company that has a great reputation and lots of recent 5-star reviews. Ultimately, furnished apartments come in a very wide range of quality, and rates can vary quite a bit as a result. The best companies are typically not the cheapest, but they go above and beyond to make sure every guest moves into a sparkling clean, lovingly prepared apartment that feels brand new.
Is It A Good Idea To Rent A Furnished Apartment?
Key Questions to Ask Before Deciding
What’s Your Budget?
Take a close look at your monthly budget and compare the costs of a furnished and unfurnished unit. If you’re okay with paying a bit more each month for the convenience, a furnished rental might be the right choice. But if saving money over the long term is your priority and you have the money to invest upfront in outfitting your temporary home, an unfurnished apartment with lower rent might be better.
How Long Do You Plan to Stay?
The length of your stay is a big factor. If you’re only staying for a few months or less (or if you’re not sure how long you’ll need to stay), it likely makes sense to choose a furnished apartment that comes with flexibility of a month to month lease. However, if you’re planning to stay for a year or more, the savings from an unfurnished apartment could add up, making it the more cost-effective choice.
How Important is Convenience to You?
Think about what your time and energy are worth, and how much you value convenience. Furnished apartments are great for people with busy lives, stressful work or family situations, or tight schedules. They make moving in easy since everything is already set up and ready for you to live comfortably from day one. But if you have ample free time, enjoy personalizing your space, and don’t mind the effort and upfront cost of furnishing an apartment…or if high-quality corporate housing companies like Epicurean Furnished Apartments aren’t available in the area you’re needing…then an unfurnished option might suit you better.
Situations Where a Furnished Apartment Makes Sense
Temporary Work Project Or Internship
If you’re only staying in town for a few months for work, school, or an internship, a furnished apartment can save you the hassle and cost of buying and moving furniture or the risk of signing a lease longer than you might need.
Relocation / While Searching For A Home To Buy
If you are moving to a new city and don’t want to rush into buying a home, a furnished short term apartment can be a great way to give yourself comfort and flexibility while you get to know the city and search for the right deal. Purchasing a home is a major decision, and many savvy buyers feel its worth the investment to rent for a few months so they can take their time searching for a more permanent place to live.
During A Home Remodeling Project
If you are remodeling your home and need a place to stay away from the dust and noise, renting an unfurnished apartment with a long-term lease won’t make any sense – especially if you’re not sure exactly how long the project will take. A hotel would work, but who wants to live in a tiny hotel room for months? Renting a furnished apartment with a flexible lease can be a great way to make sure you stay comfortable and focused on the most important things even while your renovation is happening.
Situations Where an Unfurnished Apartment is More Cost-Effective
Long-Term Residency
If you plan to stay in the same place for a long time, the lower rent of an unfurnished apartment, combined with the investment in your own furnishings, can lead to big savings.
You Like Decorating
If you enjoy decorating and want a home that reflects your style, an unfurnished apartment allows you to create a space that’s uniquely yours.
Budget-Conscious Renters
If saving money is a priority to you, the lower rent of an unfurnished apartment can free up your money for other things, like savings or your hobbies. That is, assuming you have the budget to cover the upfront cost of outfitting your own place before you move in.
Contact Epicurean Furnished Apartments Today
Fully Furnished Rentals in Columbus, Ohio
If you’re looking for a stylish, fully-furnished apartment that feels like home, we’ve got you! Our furnished apartments offer the perfect blend of comfort and convenience, making your stay easy and stress-free. Whether you’re in town temporarily for a job at a data center or need a temporary place to stay while visiting grandkids for the Summer, we provide everything you need to feel at home.
Contact us today to learn more about our beautifully furnished apartments and how we can make your next stay easy.
