How much can you earn by renting an apartment in Novi Sad?
Over the years, Novi Sad has gotten more popular as a place to live, both temporary and for good. Besides a significant number of students who rent apartments, there is one more factor that contributes to this trend – growing business, especially the IT sector. So, renting in Novi Sad can be a lucrative business, but only if you know how to do it.
Is your property close to the university?
The most sought after neighborhoods for rent in Novi Sad are Stari Grad, Grbavica, Liman, Podbara, Detelinara, and Rotkvarija. The type of property everybody wants is a small apartment, a studio, or one-bedroom, because of the lower monthly utility bills. Small apartments move quickly on the market.
For example, if you own a small apartment in Grbavica, you’re good. The center of the city and the university campus are just a short walk away, making your property irresistible to the most prominent renting force – the university students. Studio in Grbavica can make you €140-220, and one-bedroom €200-250 in one month. Bigger apartments are, of course, more expensive. The comparable prices are in everybody’s favorite neighborhood, Liman. If you have a small flat in one of those two neighborhoods, you can earn from €1680 to €3000 per year.
Slightly less popular neighborhoods for rent are Novo Naselje, Telep, and Adice, because they’re farther from the center. The tenants there are usually the families who prefer lower rents. If you have an apartment in other neighborhoods, here are the prices. The smaller apartment in Detelinara and Novo Naselje can bring you around €1800 per year, one and a half-bedroom €2400, two-bedroom in Detelinara €2700, and in Novo Naselje €2500.
Timing is everything
There will always be exceptions, but the rule is that renting high- season is in spring. Novi Sad is a university center, so most of the tenants are students. If you’re looking for student tenants, be ready to “catch” them from June, when they start looking for an apartment, till October, when the academic year starts. There are good sides in being a landlord to students: they will be in the city at least for four years, and if they like your apartment, they won’t leave it so quickly, and if they want to/have to, they’ll probably recommend next tenants from their university circles. It’s a win-win situation: regular tenants and a steady income.
Renting experience talking
If you want to bring the best out of your renting property, the most important thing is to offer a property compatible with the modern world’s demands. Your apartment has to have AC, quality interior joinery, cable TV, internet, and furniture in good shape. Entirely or semi-furnished flats are more in demand.
The second piece of advice is to adjust the price and to ask for the security deposit in the amount of just one monthly rent, not more. Yes, renting is business, but keep in mind you depend on the other side as well, and you should treat your tenants with respect like they are your business associates. For example, if you decide to raise the rent, the only responsible thing is to announce it on time, to give them an option.
The third golden piece of advice is to sign the Lease Agreement. It’s a contract template you fill in with the flat information, including the condition it was in when rented, with the list of terms and obligations for both sides. The Lease Agreement doesn’t have to be certified by a notary public; the signatures make it legally-binding. And it can spare you from stress in the future, but only if both sides respect everything you’ve put on the paper.
The last but not least piece of advice is to find a business partner. At the end of the year, the most innovative real estate service has launched the renting service in Novi Sad. If you want to be a successful landlord, contact City Expert. Besides the best and the most detailed multimedia presentation of your property on the market, that they will make for you, you can count on the high number of property views on their website. The reason for that is an innovation they brought on Novi Sad property market – with them, the tenants DON’T PAY THE COMMISSION.
Let your business flourish with City Expert!