Renting your Romanian property
September 10th, 2007
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Bucharest and medium-large cities offer a fantastic growing rental market sustained by the ever-increasing number of Romanians that came to work and live in big cities. Another important segment of the market is represented by expatriats working in multinational companies or having their own business in Romania.
Bucharest is not a targeted tourist destination but short rental is highly demanded by foreigners doing business in the capital. There is a shortage of hotel rooms with estimates saying 2000 rooms are missing on the market. Hotel room rates are some of the highest in Europe.
Other cities in the country are well known as tourist destination, cities like Brasov and Constanta offering very interesting opportunities for holiday rentals.
Long term rental varies from two to twelve months and are for people in between property purchase, expats based in Romania, students, other people who can’t afford or don’t want to buy.
The property must be suitable for young professionals between the ages of 20-30, singles or couples. The most lucrative market consists of expats working for big multinationals companies. In this case the rent is paid by the companies.
There are several real estate agencies offering property management services including finding tenants, collect payment and transfer balance to you, service and manage your property.
It’s also possible to market the apartment yourself on various specialized websites.
Increase your rental income:
- Furnished the property to a highly-luxurious standard. Make it look modern, stand out from the others. Use modern, contemporary wooden furniture and neutral earthy colors.
- Fit-out the apartment with TV (plasma for top level apartments), DVD player, surround audio system.
- TV cable is a must
- Internet connection is cheap and will increase the demand for your apartment. Wireless network is a plus.
- Kitchen must be fitted to a high standard.
- Air conditioned is highly demanded since the temperature exceeds 30° Celsius in summer.
- Buy sofa beds in living area. Is common thing to share the apartment for short time so sofa beds are essential for guest or those sharing the apartment.
More about investing in Romanian properties in the Independent Guide
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