Apartment Furniture Rentals: Furnishing Apartments by Renting Smart

Apartment Furniture Rentals: Furnishing Apartments by Renting Smart

Posted 08.10.2012 in Articles by Ankit

You just moved into your new apartment and you're so excited that you start thinking about all the cool stuff you're going to furnish it with. Flat screen TV, leather couches, contemporary lamps, exotic bed frame, maybe even a giant fish tank. But then here comes to reality to ruin all the fun and you realize you are not on MTV Cribs, your budget is not as big as your head would like it to be, and your credit score isn't exactly ideal. Luckily, furnishing your apartment can still be fun and affordable even if you're on a tight budget or you don't have perfect credit. Apartment furniture rental is an ideal option for someone in this situation or someone who is staying in their apartment for only a short while.

The most obvious advantage of renting furniture over buying is the immediate cash savings. You may end up paying more over the long term, but this would be through a series of payments rather than one large bulk of cash. For example:

A reputable furniture rental company is offering Ashley 'Presley-Cocoa Reclining Sofa & Loveseat' for $29.99/week for 91 weeks. Ultimately the price of the reclining sofa andloveseat over a 91 week period would be $2709.09. But the purchase price for the same reclining sofa and loveseat is $1219.89 (from Ashley Furniture Website). So basically, the furniture rental company charged $1490 (APR-113%) interest over 91 week period. While this seems like a choice you'd never opt for, think about that $1219.89 payment versus a $29.99/week payment. Then again, $29.99/week may look affordable, but monthly rent turns into $129.85 (1 month = 4.33 weeks).

While it's still cheaper than buying in the moment, consider all of your options and all of the factors involved. There are advantages and disadvantages to everything but you should be aware of the advantages and disadvantages associated with furniture rental before you jump into it.

Before even considering whether to rent or to buy, make a list of the things you're looking for in your apartment furniture. While we'd all love a California king bed, your room may only have enough space for a twin if you want to fit in a dresser or a desk. Or that long Harry Potter dining room table may seem like a good idea at the time, your apartment kitchen may only fit a small four person table. For some people, matching all of your furniture isn't a big deal and a couch is a couch. But to others, not matching the furniture to your apartment could cause a brain aneurism. For those of you out there, make sure to take a picture of the colors of your walls or carpets to better match your furniture. You don't want to be stuck in a yearly contract after you realize that your dresser is a golden pecan color, but your desk is a golden oak color. Besides the personalization aspects of renting furniture, think about the duration of your rental contract and your monthly budget. The last thing you want to do is be stuck with rented furniture after your lease is up or be late on a payment and ruin your credit score even more.

Once you're actually at the furniture store with a clear idea of what you need, read over the contract carefully and negotiate with the renter. Some furniture rental stores charge an extra fee for paying your payment with a debit card. Even if it's just $1.50 per payment, if you have 52 payments you're paying an extra $78 per year just for a transaction fee. Because they know not everyone drives around in a truck, the rental companies also charge an extra fee for delivery and pick up. Also talk about what will happen if you need to move out before your contract is up with the furniture renter. If you can't return it early, you may have to pay extra for a storage unit. Another additional charge may be provision for normal wear and tear. Nothing stays new or perfect forever, and especially not something that is used everyday like a bed, couch, dresser, or desk. Make sure you understand the additional fees that come about with the condition in which you have to return your furniture.

As with anything you can rent, there are different rental options that are offered by most furniture rental stores – rent, rent to own, or rent to lease. Standard rental agreements differ because they are generally month-to-month and there is no set period of rental. Both the renter and the rentee are free at the end of each 30-day period to make changes to the rental agreement. These changes could range from an increase in rent to a modification of terms of the rental agreement. A rent to lease, or rent to buy agreement has a set term, such as six months or a year. Neither the leaser or leasee can change any terms of the agreement until the lease expires or unless both parties wish to change it.

When all of your new furniture gets to your house, make sure you give it a once over to take note of anything already damaged or if it's the right model you ordered. Renting apartment furniture can be more affordable to someone who is thinking short term but not ideal if you plan on making a permanent residence. Be aware of the hidden fees or disclaimers in your contract before you sign it. And remember, make a list of what you want and need before you go into the furniture rental store. You don't want to walk out of there with a king size water bed only to realize that the only place it actually fits is in the living room.

 

Image (CC) urbaneapts 

 

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