Would you rent the apartment? But the boom around the beginning of the school year has passed in the Budapest rental market, and this is clearly reflected in the development of rents…
As is well known, the spectacular jump in turnover at the end of July and August was mainly due to students studying in higher education, including foreign students coming to Hungary this year as well. Since then, the capital market for rental housing has stabilized, and so far the recurrence of the coronavirus epidemic has had no effect on demand and prices, according to Rentingo.com’s latest rental market analysis.
In this situation, it is even more important for landlords to be aware of the real market conditions and what the biggest pitfalls of sublet advertising are.
So after the attack in late July and August, a much quieter period arrived in the Budapest rental market in September. Following the increase in turnover and price increases generated mainly by foreign university students, a correction was observed in the rental housing market – according to the latest analysis of the Rentingo.com community apartment search platform. On the landlord side, rents have risen by only half a percent, so now on average 148 thousand forints they are asking for an apartment for rent in the capital.
At the same time, tenants ’willingness to pay has fallen by 0.7 percent, meaning they are willing to pay less for a rent than a month ago. The forthcoming fourth wave of epidemics has not yet been accompanied by a measure restricting everyday life, so it has not yet affected the behavior of market participants. With the current moderate rental market turnover, landlords are able to rent out their property sooner who are asking for a realistic price and know what a competitive ad looks like.
Rentingo.com has now summarized what the 3 + 1 mistake landlords make when compiling an ad.
1. Rent overpricing
Nearly a third of landlords make the mistake of offering their property for rent at an unrealistic price, Rentingo.com points out. The biggest pitfall of a sublet ad is when the landlord thinks of renting as selling a home, i.e. looking for the highest paying tenant instead of the most reliable.
And with overpricing, you get less interested, you can grab the property for rent for weeks or even months and you won’t be able to find the best tenant. So the first and most important step is realistic pricing, for which you need to find out about the rents in the area. This orientation is simplified by an interactive apartment map such as alberletkalkulator.hu, which helps to determine the realistic rent based on the address and the parameters of the apartment.
2. Amateur photos
Professional photos and video are the most important attention-grabbing tools. Ninety percent of owners take pictures of the apartment for rent on their own, which in many cases results in poorly set up and poorly lit shots.
The landlord should definitely consider hiring a professional photographer to take the pictures for a negligible amount compared to the cost of the apartment, which can help with the publication for several years – Rentingo.com recommends. Floor plans are now a must for more serious ad pages, and a well-composed video makes advertising even more effective. In the case of more expensive rental housing, it is worth considering using a home staging service when a specialist service provider prepares the property for release.
3. Unjustified beautification of reality
Many still make the mistake of trying to draw the attention of those interested to the property with incomplete or meaningless text. It is worth listing the advantages of the apartment in every advertisement, but always stay on the ground of reality in connection with possible disadvantages. As suggested by Rentingo.com personal tone matters a lot and preferably don’t use nerve-racking real estate templates for tenants. With a correct description, the landlord saves his own time, because anyway, only those who are really interested in knowing the parameters will look at the apartment.
+1. Use free ads
The landlord can rent out his apartment first, who pays attention not only to the content and quality of the advertisement, but also to the fact that his advertisement to the top of the lists.
If someone advertises exclusively for free, practically hiding your apartment behind the other rental properties, because it will be left on the long supply list until the potential tenant even reaches. As a result, out of two apartments of exactly the same size, location and rent, you will always find the tenant who appears in the paid advertisement sooner, Rentingo.com highlights. The value of the advertising fee will therefore be reimbursed in any case, as long as the apartment is empty, the landlord may fail to multiply the advertising fee.
Source: Ingatlanhírek by ingatlanhirek.hu.
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