Buying furniture nowadays is extremely expensive, especially when you sought out the best quality products in the market. For some, it isn’t ideal to buy furniture if they’re renting an apartment in a short time so the best option for them is to lease furniture since it is cheaper than buying a whole load of them. Furniture rentals have always been present to rent their products to individuals. If you’re a budding lessor of a furniture rental business, it’s important to know that you need to make an agreement with your client before you rent out your furniture to them. Read the article to find out how to make a furniture lease proposal.
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What is Furniture Lease Agreement?
A furniture lease agreement is a legally binding written contract used when the lessor rents out furniture to a lessee. It states the terms of the rental, such as how long the lessee will rent the furniture and how much they will pay, in addition to the consequences for breaking the agreement. Sometimes, lessors also apply a “rent to own” type of deal where the lessee’s money that’s been put towards renting can be accumulated towards the final purchase price.
Details to Include in a Furniture Lease Agreement
1. Parties Involved in the Contract
Clearly state who’s involved with and responsible for the car wash service business. Include the date, client’s and your name, and the name of your and the client’s business addresses.
2. Lease Duration and Payment Information
The lease duration will depend on the lessee’s needs and the cost of the whole furniture and other matters including the delivery fee, insurance, taxes, etc. Include terms that state the timeline of when payments are due. Include also your terms of when the ownership of the furniture will take place to the lessor after successfully paid the lease until it expires. This is only done if there is a previous agreement with the lessor.
2. Market Value
Include the market value of the furniture. Knowing the market value helps the lessee assess the insurance costs to protect against the furniture from getting lost or damaged.
3. Cancellation Terms
The agreement should also include guidelines for cancellations. Decide your stipulations when the lessee cancels the agreement midway because the furniture is defective or outdated, your cancellation penalties, or whatnot.
4. Lessee renewal options
Provide guidelines regarding the renewal process at the expiration of the lease period.
5. Finalize Your Agreement
End the contract with signature lines where you and your client can write your name and sign and note the date of when the contract is signed by both parties.
How much does it cost to rent furniture for a month?
It depends on the quality and type of furniture you will rent plus its stipulations such as delivery fee, insurance, and interest for the “rent to buy” type of deal. A living room set might cost around $200 to $400 a month while a bedroom set may cost around $100 to $300.
How big is the furniture rental industry?
The market size of the furniture rental industry is bigger than anyone might expect. Its revenue cost around $65 billion in 2021 alone and is expected to increase by the rest of the year.
Once you’re done drafting the agreement, make sure to review it first and check to see if there are any inconsistencies, spelling, and grammatical errors in it. Discuss it with your client first before reaching a mutual agreement with the contents of the agreement before signing it. To help you get started making the agreement, download our free sample templates above to use as your guide!
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