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8+ SAMPLE Furniture Lease Agreement
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What Is a Furniture Lease Agreement?
A lease agreement for furniture is a legally binding document between the lessor or owner of the furniture to the lessee who will be renting out the furniture. The agreement dictates the terms and responsibilities of both parties bound to the rental period as well as the amount that will be transacted and the details that can terminate the agreement if not upheld by either party. Duration includes a weekly, bi-weekly, or monthly option, at the same time, lessors can include in the deal that the renting money will be accumulated for the final purchase amount. You can proceed to look into the furniture lease agreement template available.
Reasons Renting Furniture Is Beneficial
Furniture is costly, bulky, and huge, and investing in them will take a chunk out of your budget. Rather than spending a lot of money on stuff you might not be able to use in the future, it’s sometimes more cost-effective to rent usable furniture for a short period. Furthermore, many people would like to rent high-quality furniture rather than purchase low-cost furniture for a limited time. Give this curated list a read for further reasons why leasing furniture is more advantageous for you.
Reminders for Renting Out Furniture
According to Environmental Protection Agency, home furnishings are being bought and discarded at a considerably faster rate, with 9.7 trillion tons of furniture ending up in landfills by the end of 2015. This is why companies and environmentalists alike encourage homeowners and renters to turn to rent furniture as opposed to purchasing new ones and disposing of ones that are still repairable and could be sold at a thrift store or garage sale to others for a much lesser price.
How to Write a Furniture Lease Agreement
According to Tweak Your Biz, over the last three years, the global furniture rental market has grown by 1000 percent, and the industry is currently valued at between $5 and $8 billion. This makes more sense as to why people, both homeowners, and renters are resorting to renting out furniture than purchasing a brand new piece to adorn their properties. This is why you must prepare an adequate furniture rental agreement form so that the contents are ensured to be filled with all the important details. Use the templates for the furniture addendum to lease if you are pressed for time.
Step 1: State Names Involved in the Agreement
As do any agreement forms, you will start it out by stating the parties involved in renting out the piece of furniture chosen. Make sure that the names listed are their official names and that you have checked their identification cards to validate them. Afterward, you should also include the address they are staying in or are moving the piece of furniture to. Not essentially relevant but could also be useful is to include their contact information and email address.
Step 2: Lease Duration and Renewal Options
Following suit, once you have stated the specific type of furniture, along with the description of it, you will concretely state the duration of the lease. A rough estimate is not an option for this type of lease because any extension should be considered an extra charge for them keeping a property that is only being rented. Of course, you can allow renters to have an extension if they choose to do so otherwise, the furniture must be returned in good condition if the lease ends.
Step 3: Market Value
This next step will require you to state the price point of the furniture that is being leased, or if there are multiple pieces, then an accumulative amount should be placed in this section. The main point is that the renter is aware of the market value of your furniture. They may have questions as to why certain items are more expensive than others, this is where you show them to answer their inquiries. Don’t shy away from asking the value that equates to the market price because you might end up with a deficit.
Step 4: Payment Information
In the digital age now, the methods of payment have expanded since merely accepting cash. Banking, online payment, and other methods of payment are widely encouraged nowadays. This is the part where you clarify the means of payment that will be transacted between the parties as well as the installment plans if there are any, particularly for larger appliances.
Step 5: Terms and Conditions
As for the last section in the furniture lease agreement, you will need to specify the terms of the agreement that each party needs to uphold. This is especially important for pieces of furniture that are brand new or even for those that have been restored and repaired. Either way, you would want your renter to maintain the quality of the furniture so that once the lease ends, all it needs is cleaning before other renters pick it up. Don’t be afraid to specify that if any terms are broken, then the termination clause will follow through.
What is short-term furniture rental?
Whether you are moving into a new temporary apartment or house for a short-term assignment, you need certain furniture pieces to make your living space comfortable and convenient. Alternatively, short-term furniture rental may be the best option for you if you need a temporary solution before your personal belongings arrive. You may easily rent furniture and appliances through a furniture lease arrangement rather than having all of your belongings go around the world. Most rental firms provide monthly furniture rentals for periods ranging from four to sixty months, with the option to renew your agreement every month.
What are the disadvantages of leasing furniture?
When it comes to presenting a home, the appropriate furniture makes a big difference. Staging a property with furniture allows potential buyers to see themselves living in the area while also making the home appear more inviting and appealing in listing images. If you don’t have any, it is recommended to rent stage furniture from a trustworthy furniture rental provider. Some people may want to rent furniture to change the look to appeal to a wider audience. You can do so while preparing a furnished rental addendum so that clients can sign easily on the document.
Why is furniture leasing becoming more popular?
The psychology of the millennial generation, like that of other rental industries, is driving the furniture rental business. Millennials, unlike previous generations, are prone to an active lifestyle that requires a lot of moving and changing locations. While some say they are motivated by a desire for a different way of life, others say it’s because of work. They relocate to get away from their friends and family or to form new relationships, to name a few reasons. Millennials tend to travel light and appreciate minimalism. This choice of lifestyle has resulted in the growth of online furniture rental marketplaces all over the world.
Reaching the end of the article signifies you are prepared to write the furniture rental agreement now. You can ensure that you have not forgotten any relevant information as you make this. Remember to utilize the templates and samples so you can save time and focus on other important things. What are you waiting for? Begin writing a furniture rental contract now!