When renovating a rental property, many landlords want to find the best balance between budget and quality. However, the cost of renovating a rental property is not fixed, and it is affected by multiple factors, such as the size of the property, the style of decoration, the materials selected, and the local labor costs. By understanding the cost of renovating a rental property, we can help us make more informed decisions to ensure that we can increase the rental value without breaking the budget.
When renovating a rental property, there are several key considerations. The first is functionality and durability. After all, the rental property needs to be able to withstand frequent use. Secondly, the choice of decoration style and design will also directly affect the total cost. Simple and practical decoration styles are usually less expensive, while high-end and sophisticated designs require a higher budget.
This article will take a deep look at the cost structure of renovating a house, analyze the cost of various decoration styles, and provide some practical suggestions for saving decoration costs to help landlords make the most cost-effective decoration decisions.
The cost of furnishing a rental house can vary greatly depending on several factors such as the size of the property, the quality of furniture, the style of decor, and the overall budget. Whether you are looking to furnish a single unit or an entire property, there are many considerations that will affect the total cost. Below is a breakdown of the main factors and estimated costs for furnishing a rental house.
The size of the rental property is a major factor influencing how much it will cost to furnish. A smaller property, such as a one-bedroom apartment, will obviously cost less to furnish than a larger house with multiple bedrooms and living spaces. As a general rule:
Studio or 1-Bedroom Apartment: $3,000 - $7,000 USD
2-Bedroom Apartment/House: $7,000 - $12,000 USD
3-Bedroom House: $12,000 - $20,000 USD
Larger Homes (4+ Bedrooms): $20,000 - $40,000 USD or more
These estimates include essential furnishings like beds, sofas, dining tables, storage units, and basic appliances.
The quality and style of furniture you choose will significantly impact your budget. Here are three general categories of furniture styles and their associated costs:
Basic Budget Furniture: If you are furnishing a rental house on a tight budget, you can opt for affordable, functional furniture that may not be as stylish but will serve the purpose. This may include budget-friendly brands, Ikea-style furniture, or second-hand pieces.
Cost Range: $3,000 - $5,000 USD for a small to medium-sized rental
Mid-Range Furniture: For a more comfortable and visually appealing look, you can opt for mid-range furniture from popular retail stores. This will include slightly higher-end pieces that offer good durability and design without breaking the bank.
Cost Range: $6,000 - $12,000 USD for a small to medium-sized rental
High-End Designer Furniture: If you're aiming to create a luxury feel for your rental property, high-end designer pieces will elevate the space but can be quite costly. Luxury brands, custom-made items, and premium quality materials are usually part of this category.
Cost Range: $15,000 - $40,000+ USD for large or luxury homes
Regardless of style, there are essential items you’ll need to furnish a rental property. Here’s an estimated cost for each room:
Sofa: $200 - $2,000 USD (depending on quality and size)
Coffee Table: $50 - $300 USD
TV Stand or Entertainment Unit: $100 - $500 USD
Bookshelves/Storage Units: $50 - $500 USD
Dining Table and Chairs: $200 - $2,000 USD
Buffet or Sideboard: $100 - $500 USD
Bed Frame and Mattress: $200 - $1,500 USD (depending on size and quality)
Nightstands: $50 - $300 USD each
Dresser or Wardrobe: $150 - $1,000 USD
Appliances: If not already provided, you will need to factor in appliances like a refrigerator, microwave, stove, and washing machine. These can cost anywhere from $1,000 to $3,000 USD for basic models, with high-end models costing more.
Kitchenware: Utensils, pots, pans, and dishes can add another $100 - $500 USD.
Shower Curtain/Screen: $10 - $50 USD
Storage Units or Vanity: $50 - $500 USD
Towels and Accessories: $20 - $200 USD
Lamps & Lighting: $50 - $500 USD per room
Curtains or Blinds: $20 - $300 USD per room
Wall Art & Decorative Items: $50 - $500 USD
In addition to furniture, essential appliances and electronics can add to the cost. These include:
Refrigerator: $400 - $1,200 USD
Washing Machine: $300 - $1,000 USD
Dishwasher: $300 - $1,000 USD
Microwave: $50 - $300 USD
Air Conditioning: $200 - $2,000 USD (depending on type and size)
If the property already has appliances, this will lower your furnishing costs. However, if they need to be replaced or added, the costs can quickly rise.
The finishing touches can add significant style to your rental property without costing a fortune. Items like rugs, throw pillows, vases, and small decorative objects help create a welcoming environment.
Estimated Costs:
Rugs: $50 - $500 USD
Throw Pillows: $10 - $50 USD each
Wall Art: $50 - $500 USD
Decorative Objects: $50 - $300 USD
Don't forget to include the cost of delivering and assembling your furniture if you're not able to do it yourself. This can add another $500 - $1,500 USD, depending on the size of the property and the number of items.
Based on the above estimates, here is a breakdown of the total costs:
Budget Furnishing for a Small Property: $3,000 - $5,000 USD
Mid-Range Furnishing for a Small to Medium Property: $6,000 - $12,000 USD
Luxury Furnishing for a Large Property: $15,000 - $40,000+ USD
Furnishing a rental house can be a significant investment, but it's essential to balance cost with quality to ensure the property is attractive to potential tenants while also providing a good return on investment. The style of the furnishings, the target rental market, and the size of the property will all influence the total cost. By carefully planning and choosing the right pieces, you can furnish your rental property in a way that appeals to tenants and maximizes its value.
If you need inspiration or expert help with designing your rental property, platforms like Eclife Home Design can provide valuable resources and ideas for creating a beautiful, functional space on any budget.
Now that we’ve explored the costs involved in furnishing a rental house, you might be wondering how these costs compare when furnishing other types of properties, such as apartments or smaller homes. Whether you’re setting up a cozy apartment or furnishing a larger family home, understanding the cost breakdown can help you make informed decisions and avoid unexpected expenses.
For example, furnishing an apartment—whether a studio, one-bedroom, or two-bedroom—can present unique challenges and opportunities for budget-friendly design. Similarly, furnishing a three-bedroom house requires careful planning to ensure all spaces are not only stylish but functional.
Each of these different types of properties comes with its own set of considerations. The cost of furnishing an apartment or house varies based on size, location, and the quality of furniture selected. From minimalist designs to more luxurious setups, the choices are endless, but each comes with a price tag that must be factored into your overall budget.
The cost of furnishing an apartment depends on its size, the furniture's quality, and your style preferences. For a studio apartment, you might spend between $1,500 to $4,000, while a one-bedroom typically costs between $3,000 and $7,000. A two-bedroom apartment can range from $5,000 to $10,000, and a three-bedroom may cost $7,000 to $15,000. Budget-friendly options will cost less, while higher-end or designer furniture will increase the total cost. These estimates cover essential furniture like sofas, beds, dining tables, and chairs, but prices can vary based on location and the quality of materials.
The cost to furnish a house depends on its size, style, and the quality of furniture you choose. For a small home or apartment, furnishing could cost between $5,000 to $10,000, while a larger three-bedroom house may range from $10,000 to $25,000 or more. High-end furniture and designer pieces will increase the cost significantly. Basic essentials like sofas, beds, dining tables, and storage solutions typically make up the bulk of the expense. Additional decor, lighting, and accessories can also contribute to the total, with the price varying based on personal taste and budget.
Furnishing an average three-bedroom house typically costs between $7,000 and $15,000, depending on the quality and style of furniture you choose. Basic furniture like a sofa, beds, dining table, and chairs will cost around $5,000 to $10,000. Higher-end pieces, such as designer furniture or premium materials, can push the cost to $15,000 or more. Additional expenses include home decor, lighting, storage solutions, and accessories, which can further increase the overall budget. The cost also varies based on location and whether you choose budget, mid-range, or luxury items for each room.
Furnishing a 2-bedroom apartment typically costs between $3,000 and $7,000, depending on your budget and the quality of furniture. Basic essentials like a sofa, beds, dining table, and chairs will range from $2,500 to $5,000. If you opt for higher-end furniture or designer pieces, the total cost could exceed $7,000. Additional items such as home decor, lighting, and storage solutions can increase the overall cost. The total amount also varies based on personal preferences, the quality of materials, and the location of the apartment, as prices for furniture can differ regionally.
The cost of furniture varies widely based on quality, brand, and style. Budget furniture can start as low as $100 to $500 for basic pieces like sofas, beds, and tables. Mid-range furniture typically ranges from $500 to $2,000, offering better quality and design. High-end or designer furniture can cost $2,000 to $5,000 or more for a single piece, such as a luxury sofa or bed. The total cost of furnishing a room or home depends on the number of pieces, quality, and personal preferences. Additionally, decor, lighting, and accessories can further influence the overall price.