Renting out apartments – an interesting way to make money from property

When it comes to making money from renting out property, people usually think of flats, or possibly of letting commercial premises or garages. Investing in apartments is mentioned less often.

It must be stated at the outset that investing in apartments differs significantly from investing in "ordinary" residential and commercial premises. A larger sum has to be invested right at the start, and later you have to accept that, instead of a permanent tenant, you will most often rely on short stays by a succession of guests. The process of finding clients will also be different – in practice, apartments are best promoted as an alternative to hotels.

Interior design is the foundation

Since an apartment should compete with hotel rooms, it is worth investing from the start in the help of an interior designer, and possibly also a decorator. The individual elements of the design should be consistent with each other and look good in photographs, so that even at this stage they encourage a quick decision to book.

Remember that, since an apartment is meant to be a substitute for a hotel, most of the people renting it will make their decision on the basis of photographs, and on arrival may judge strictly whether they match reality.

Prices and costs

When renting out apartments, for example in Katowice, you must expect that it will be relatively hard to find someone who would stay in them long-term. On the other hand, since they are meant to be a comfortable alternative to a hotel, you can make up for this by charging more for stays of a few days. Remember, however, that apartments need looking after on your part. You must arrange for them to be cleaned and regularly refurbished so that their condition continues to attract guests.

READ ALSO – BUYING PROPERTY AS AN INVESTMENT

Formal matters

When you rent out residential premises as apartments, remember to prepare special house rules for the guests on the use of these premises. They help prevent disputes and clearly state, for example, whether apartment guests may bring pets with them.

Does renting out apartments pay off?

Yes, provided that a few conditions are met. Above all, you need to ensure a good location, and the city itself should be suitably large and frequently visited by, for example, people travelling on business (in this respect, Katowice and Gliwice are excellent choices in Upper Silesia). Finally, you need to ensure good promotion of a property rented out in this way. You can handle this yourself or leave it to specialists from an estate agency.