How to successfully rent out an apartment: tips for owners

Renting out an apartment can be a great way to generate passive income, but it requires careful preparation and good planning. If you want to rent out your property quickly, reliably and at the best price, it is important to know what to expect in the process. We are here to give you some key tips on how to prepare your property, and avoid possible difficulties in letting.

Preparing the property for rent

The first step in successfully renting out an apartment is its adequate arrangement:

• Cleanliness and maintenance – The apartment must be thoroughly cleaned and refreshed before it is ready to be advertised and let. Inspect the wiring, locks, windows and air conditioners, and record the condition of the furniture that remains in the apartment, to ensure that everything is working as it should.
• Small repairs and freshening up the space – Small glitches, like broken switches or dripping faucets, are something you need to address before a tenant moves in. Fix the locks, replace the light bulbs, and painting will not only refresh the space, but also present it in its best form.
• Furnished or unfurnished? - This decision depends on you, but also on who your target group is. Students and young working people usually prefer a furnished apartment, while families often look for an unfurnished space to adapt it to their own needs. In any case, if possible, consider both options and the possibility of removing or purchasing furniture according to the needs of future tenants. If only one of the two options is acceptable to you, be open with potential tenants and let them know clearly in what condition the apartment will be rented out.
• Functionality and aesthetics – Modern, neutral tones and minimalist style make the apartment more attractive to a wider range of tenants, and leave the possibility for future tenants to additionally decorate the space with personal items. Furnish and furnish the apartment so that it is above all functional and that the future tenants have what they need for life, while the tenants will give their personal touch to the aesthetics of the apartment.

Determining the rental price

Setting a realistic and competitive price is key to a quick release! A good agent will thoroughly research the market, the current offer, the location where your apartment is located, and all relevant conditions, in order to give you a precise analysis and a realistic price. What is also important to consider is the following:

• Included costs – Consider whether utilities, internet or building maintenance will be included in the rent or paid separately by the tenant.

• Long term vs. short term lease – Will you be leasing your property for a long term (usually a year or more), or will it be a short term lease (a few days, a month or more). A long-term lease provides stability, while a short-term one can bring more income, but requires more commitment and investment.

Lease agreement, and reliable tenant

Choosing the right tenant is key to a worry-free letting, which your agent will take special care of. Emphasize in advance whether the apartment is good for families, for one person or more, and what is important to you. The agent will familiarize you specifically with the legal framework:

• Lease Agreement – Rely on a lease agreement that clearly defines the obligations and rights of both parties, including payment deadlines, the length of the lease, and the rules for using the apartment.
• Security deposit - A deposit in the amount of (most often) one rent, or in an amount that you clearly emphasize at the beginning of the issue, ensures protection against non-payment and potential damage to the apartment.
• Obligations of the lessor and the lessee - It should be clearly defined who bears the costs of minor and major repairs, overheads and maintenance of the apartment.
• Registration/deregistration of residence and tax - Keep in mind that, especially when the tenants are foreign citizens, it is necessary to register the residence, and after leaving the apartment, to deregister the tenant's residence at the relevant police station. As a lessor, you take it upon yourself to provide the appropriate documentation and register your residence with your tenant. The lessor is also obliged to pay tax on the rental income.

What to expect during the lease?

In order for the lease to run smoothly, it is important to maintain good communication with the tenant:

• Regular communication – A good relationship with the tenant and communication that is regular, but does not interfere with the rights of any of the leasing parties, enables quick resolution of potential problems.
• Inspection of the apartment - Periodic inspections help to keep the property in good condition, and the lease agreement clearly defines when and how the owner of the apartment can visit it.
• Extension or termination of the contract - If the tenant fulfills the obligations and is satisfied with the conditions, the extension of the contract can be a simple process, which is defined in the lease agreement. In the event of termination, the contract also defines how the termination of the contract is resolved, as well as the obligations and rights of both parties in the event of termination.

Renting an apartment can provide great security and benefit both the owner and the future tenant, but it requires good planning and preparation on both sides. From correct pricing and choosing the right tenant to complying with legal regulations and a good lease agreement that outlines the rights and obligations of both parties - every step is important for a safe and successful letting process.

Do you want to sell your property quickly and safely? Our agency offers you professional support in the entire process - from advertising, tenant selection to legal and administrative aspects. Contact us and let the experts find a reliable tenant for you!