Are you considering renting out that empty apartment? Maybe you’ve just inherited a property, moved in with your partner, or simply want to generate a stable income without selling your property. Whatever the reason, renting your apartment can be a great decision… if you know how to do it correctly.
At BizTrip, we’ve been helping property owners profit from their homes without complications for years. That’s why we’ve put together this step-by-step guide to renting your apartment, avoiding the most common mistakes, and maximizing the potential of your property. Ready to join us?
Is It a Good Idea to Rent Your Apartment? Pros and Cons
Before jumping into renting your apartment, it’s worth analyzing whether it’s truly the best option for you. Not everyone has the time or willingness to manage the paperwork, the tenants, and all the details.
Let’s start with the advantages of making this decision.
- Recurring income: Whether you rent it monthly or for short terms, you can generate a steady income to supplement your personal finances.
- Keep ownership: It’s obvious, but important to note: renting doesn’t mean selling. Your apartment is still yours, and you can reclaim it when the lease ends.
- Property appreciation: Keeping your property inhabited, clean, and in use can prevent deterioration and increase its market value.
However, before choosing to rent, it’s important to remember that there are factors that may make it less suitable depending on your situation.
- Constant management: You’ll need to deal with repairs, inquiries, cleaning, payments… it demands dedication.
- Risk of non-payment: Although not common, problems with tenants can arise.
- Legal and tax paperwork: You’ll need to comply with regulations, declare income, and keep everything in order.
If you’re not using the property, want to profit from it, and are willing to get involved (or delegate it to a specialized company like BizTrip), renting your apartment is a great idea.
Documentation and Legal Requirements to Rent Your Apartment
Before putting up the sign or uploading the ad, make sure you have all the necessary documents in order. This will help avoid legal issues.
- Energy Efficiency Certificate (CEE)
- Deed of the property or simple note from the registry
- Latest utility and community bills, paid in full
- Cadastral reference
- ID or NIE of the owner
- Habitation certificate, if required in your autonomous community
- Tourist license (for vacation rentals)
- Proof of IBI payment
How to Prepare Your Apartment for Renting: Cleaning, Furniture, and Photos
An attractive apartment rents faster, at a better price, and with better tenants. Presentation is key in this case.
Cleaning and preliminary maintenance is probably the most important step. Make sure that appliances are working properly, there are no leaky faucets, no broken blinds, and, of course, everything is clean: kitchen, bathroom, windows, floors, etc.
Furniture and decoration also say a lot on a first visit. You don’t need magazine-quality decor, but it should convey comfort and functionality. It’s recommended to use neutral, practical furniture and avoid visual overload. An extra advantage is adding cozy details like cushions, lamps, and plants.
As you know, a picture is worth a thousand words, so uploading high-quality photos of the spaces is crucial. Start by tidying up and clearing the rooms, and make the most of natural light. Don’t forget to show all rooms (and also the lobby, terrace, or common areas). And if you want to go the extra mile, a virtual tour or short video will help you stand out from other listings.
How to Set the Right Price for Your Apartment Rental
Setting the right price is one of the most delicate aspects. If you set it too high, the apartment could stay empty for months. On the other hand, if you set it too low, you’ll lose profitability. Therefore, it’s important to consider various factors.
- Location and neighborhood
- Size, number of rooms, and condition of the property
- Included services (Wi-Fi, cleaning, utilities, etc.)
- Compare prices for similar properties to see how the market is moving
- Type of rental: long-term, monthly, tourist, etc.
Extra tip: If your goal is a tourist rental, you can adjust the price according to the season. In touristy areas or major cities, you can increase the rent in summer or during special events and lower it in off-peak months to ensure occupancy.
Selecting Tenants: What to Ask and How to Filter with Criteria
At this point, it’s not just about renting—it’s about renting well. A good tenant gives you peace of mind, while a problematic one can bring more headaches than it’s worth.
Here are some essential questions to ask your potential tenant:
- What is their employment situation or source of income?
- How long do they want to stay?
- Will they be coming alone or with others
- Do they have pets
- Have they rented before?
To confirm that the information they provide is accurate, you can request documentation like a work contract, pay slips, and references from previous landlords.
A very important point is to be clear about the conditions from the start: security deposit, house rules, renewal options, etc. Also, trust your intuition. Sometimes, a face-to-face conversation can be more telling than all the paperwork.
Drafting the Rental Contract: What It Should Include
The contract is the foundation of any rental agreement. It should protect your interests and those of the tenant in a clear and fair manner. It includes several essential elements:
- Details of the landlord and tenant
- Property address and cadastral reference
- Contract duration and renewal options
- Monthly rent, security deposit, and payment method
- Inventory of furniture and appliances
- Usage and maintenance rules
- Clauses for early termination, non-payment, or damage
If you’re not familiar with these documents, you can use an official template or seek help from a professional.
Why Renting Your Property with BizTrip is Beneficial
Renting a property can be profitable… but it can also be exhausting if you do everything on your own. At BizTrip, we handle everything so that all you need to do is receive your payment each month. We provide all the help you need to make the process almost seamless.
- Personalized and free advice
- Photo shoot and ad publication
- Tenant selection and management
- Check-in, check-out, cleaning, and maintenance
- Contracts, invoicing, and payment control
Additionally, we optimize your property’s price according to the season, ensuring that you always get the highest profitability.
And if you ever need to use the apartment for yourself or your family, you can easily reserve it. If you want to maximize your property’s potential without the hassle, rent with BizTrip and start earning right away.
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