Rent out your apartment in a few simple steps

As a property company, private landlord, or business, it's crucial to have a structured approach to renting out your vacant apartment. Having a clear strategy helps you avoid having an empty apartment and losing money on missing rental income.

If you are looking for an apartment to rent, you can instead follow this guide: How to Rent an Apartment – The Most Important Steps.

1: Start renting out your apartment immediately

As soon as your current tenant terminates their lease, you, as a landlord, usually have 1-2 months to find a new tenant for your apartment. Check your rental contract to see how much time you have available.

The rental process for apartments can sometimes take time, so it's essential to act quickly when you receive a termination notice. However, it's equally important not to let yourself be pressured to rent your apartment to the first interested tenant who comes forward. It's crucial that you thoroughly understand the current market, so you know what type of tenant to look for and what rental price you can realistically expect to achieve. The goal is to find a stable and reliable tenant who wants to stay in your apartment for a long period.

Unfortunately, many landlords wait too long to start the rental process, which can result in lost income due to an empty apartment not generating any rental income. Apartments are rented out every day, so with the right strategy and approach, it will be both easy and quick to find the right tenant for your apartment.

2: Create a detailed description of your apartment for rent

The next step is to create a description of the apartment you want to rent out. Specify the size of the apartment, the monthly rent, the condition of the apartment, and how much you expect in deposit, etc. Make the description positive; for example, if you have a smaller apartment, present it as cozy and intimate, which can be precisely what some tenants are looking for - a place they can make entirely their own with personal touches and decoration.

It's important to clarify what uses the apartment offers. Maybe it's suitable for hosting small gatherings or study groups? Consider what amenities and services you can offer, such as a shared garden, parking options, or perhaps it's close to public transport or shopping opportunities. If you can offer unique benefits that tenants can't easily find elsewhere, it will be a significant advantage.

Be aware of the market standard for rents. You can use Housingtarget.com to get an impression of what similar apartments are being rented for in your area. For example, see apartment for rent in all of Europe, apartment for rent in Germany, apartment for rent in Denmark, apartment for rent in the Netherlands, apartment for rent in Sweden, and apartment for rent in Norway.

3: Identify your target group of tenants for the flat

After analyzing and describing your apartment for rent and its benefits, it's time to think about which type of tenants would best suit the property.

As a landlord, you achieve the most stable income through long-term rental relationships. It can be economically burdensome with tenants who only stay for a short period. Therefore, it is important to create a detailed profile of your ideal tenant, to maximize the chance of finding a reliable and long-term tenant.

The key to a successful rental is having a tenant over many years who appreciates and takes good care of your apartment. Therefore, it is recommended that you find a tenant who not only fits your target group for the apartment but also has stable financial circumstances. The ideal tenant should be able to pay a steady rent, which goes into your account without issues for many years to come.

4: Create a rental advertisement for your apartment

Now is the time to write an ad for your apartment. The purpose of the advertisement is to give a clear overview of the property, tailored to the tenants you wish to attract. The ad should contain information such as area, location, type of apartment, price, annual costs, and other relevant details. Ideally, the rental ad should also include a detailed description of the apartment along with inviting photos.

5: Consider using a property manager

Most property companies and many private landlords handle the rental of their apartments themselves, as the rental process is generally a relatively simple and straightforward task. But there is also the option to seek assistance from a property manager, who specializes in renting out properties.

A property manager can assist you with:

• Preparing a rental advertisement and appraisal
• Finding potential tenants
• Drafting a rental contract
• Handling all communication with tenants and advising on the optimal rental agreement
• Ensuring that the apartment is rented out quickly
• Collection of rent and deposit
• Accounting for the rental

Using a property manager can be advantageous, as they often have a broad network and extensive experience with rentals, which can potentially attract more interested tenants. They also handle all dialogue with the tenants and arrange viewings of the apartment.

6: Market your vacant apartments

Now you are ready to initiate the marketing of your vacant apartment. Here is the ideal procedure:

Advertise your vacant apartment for rent on Housingtarget.com

It is very important that you prepare a compelling advertisement that clearly and vividly presents your apartment and your contact details. Make sure to take some attractive photos of the apartment so potential tenants can get a good impression of what you are offering. Then, you need to post your ad on Housingtarget.com, which is one of Europe's leading portals for property rentals. By marketing your apartment on Housingtarget.com, you get your apartment exposed to a wide array of house seekers who are looking for a new apartment to rent right now.

Contact individuals who are looking for apartments to rent directly

You also have the option to contact individuals directly who are looking for an apartment to rent. Many house seekers who are looking for an apartment to rent describe their housing desires in search advertisements on Housingtarget.com. You can actively search the database for tenants looking for an apartment and directly contact those who are looking for an apartment like the one you are offering, and invite them for a viewing.

Utilize your network to find a tenant

Many tenants discover their new homes through networks and personal contacts. So, if you know someone who is looking for a new home, it is a good idea to contact them and inform them about your vacant apartment. There might very well be an opportunity to make a deal. Friends of friends and acquaintances can become good stable tenants in your rental property.

Use social media

Social media is an excellent way to reach many potential tenants at once. Consider creating an ad on Facebook or other social media platforms, so more people can see your vacant apartment. Housingtarget.com also operates and maintains a number of free property rental groups on Facebook, which you can freely join. By sharing your ad in these groups, you can increase the exposure to potential tenants in the housing market for free.

7: Show your apartment for rent

Now, interested tenants start flowing in for your apartment.

It is essential that you make sure the apartment appears inviting and attractive before viewings. Remember, tenants prefer a property that is well-maintained and welcoming.

Every time you show your apartment, make sure to have a mental list of questions, so you can find out if the tenants who are viewing the apartment are also the right match for your property. Remember to give the tenants time to look around and ask questions. Also, be open to negotiating the price and accommodating the potential tenants' desires regarding the layout, conditions, etc.

8: Check the tenant out

The moment you have found a tenant for your apartment, whom you would like to rent your property to, it is very important that you check the tenant out. The most important thing is to investigate the tenant's financial circumstances, which can be done by requesting documentation of steady income or by conducting a credit check. Also, remember to listen to your gut feeling, as it can become an expensive affair to rent your apartment to the wrong person.

9: Sign the lease agreement

Once you have checked the tenant and are sure that everything is in order, it's time to sign the lease agreement. It's wise to have the lease agreement reviewed by a lawyer to ensure that all legal aspects are in order. The lease agreement should include information about the rent, deposit, binding period, intended use of the apartment, possible expenses, maintenance, and rules for subleasing. It is not recommended to use a random contract template from the internet; always ensure to have a legally knowledgeable person to assist with the lease agreement.

10: Maintain contact with the tenant

Even though you have signed a lease agreement with a tenant, it doesn't mean that you no longer have to keep an eye on your apartment. You still need to monitor how it is being maintained, whether there are damages occurring, and whether the tenant is treating your property with respect and consideration. It is also important to maintain good dialogue with your tenant, so you ensure that they remain satisfied and thus stay as a tenant for a long time – which ultimately secures you a stable income from the rent over a longer period.