How long an individual would have to reside in an unfurnished flat in Bucharest in order to recoup the initial furniture costs?
According to furnished housing aggregator Nestpick, the price difference between furnished and unfurnished single-person apartments in Romania’ Capital is EUR 27, ranking the fifth among the best cities for renting furnished apartments.
2017 Furnished Apartment Index, detailing the cost of both furnished and unfurnished apartments around the world, Spain’s Zaragoza, Seville and Malaga have the most cost-effective single-person furnished apartments, at only EUR 19, EUR 23, EUR 27 respectively more a month than unfurnished.
Vilnius, Lithuania ranks fourth with a cost difference of EUR 27 as well, but with smaller values for renting.
Nestpick’s Furnished Apartment Index shows that Boston, USA has the most expensive single-person furnished apartments, at almost EUR 400 more than unfurnished.
To rent a single-person furnished apartment in San Francisco, USA, an individual must earn a minimum of EUR 7,005 per month.
At the same time, Romania ranks 7th in top 10 least expensive countries for furnishing an apartment – EUR 1,004.
The research began by hand-picking 100 cities for the final index, focusing on capitals, economic centres, and large expat hubs, as well as cities with an IKEA store. By choosing a well-known furniture retailer with an international presence, the study was able to directly compare the cost of equipping an apartment with the exact same set of furniture.
The study then looked at the online asking price of both furnished and unfurnished apartments in every city’s greater metropolitan area, focusing on two size classes; single-person apartments (39 sqm) and family apartments (74 sqm). These sizes are based on the Housing Standards advice published by the Greater London Authority.
“What the results clearly show is that it’s a very different story depending on where you live in the world. While it makes perfect financial sense to rent unfurnished in Boston where you can recoup your furniture costs in just three months, in London it would take over a year to recoup the same investment, so renting a furnished flat makes much more financial sense”, Ömer Kücükdere, Managing Director of Nestpick stated.