How much additional value does a fully furnished apartment have over an empty apartment?

Asked by Dr. Byan, Chicago, IL Thu Apr 18, 2013

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Brendan Ross, Agent, Chicago, IL
Thu Apr 18, 2013
BEST ANSWER
Dr. Byan,

The answer to this question is entirely dependent on the size, location, and quality of the apartment, among other things.

While someone that is looking for a furnished apartment will expect to pay more for it, you also have to consider the possibility that it might have a negative effect on the rental value. A lot of people do not want a furnished apartment. This is why the answer to this question really depends.

Can you tell us a little more about the property?
2 votes
Manuel Brown, Agent, Chicago, IL
Thu Apr 18, 2013
Brendan,

Gave a good answer. It has been my experience long term furnished apartments are harder to rent ans stay on the market longer. However, people who are willing to rent furnished apartments for 30 days to 6 months can do so for a great premium. The sweet spot is 3 months.
1 vote
Joe Schiller, Agent, Chicago, IL
Thu Apr 18, 2013
they are harder to rent and it's not necessarily a premium price.. short term rental is where the money is at and that requires you pay an agent
0 votes
Matt Laricy, Agent, Chicago, IL
Thu Apr 18, 2013
It depends on the size, the type of furnishing, etc. Most people dont want them this way though.
0 votes
David Hanna, Agent, Chicago, IL
Thu Apr 18, 2013
Most tenants in Chicago have possessions and want to use them to furnish their own place, As others have pointed out, a furnished unit can bring a sizable premium if it is a short term rental, otherwise most do not see much value in the furnished unit.
0 votes
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