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For more information about the letting procedure,
please click FAQ, or read about property
management costs and services.
You rent the flat for long term with a minimum rental period of 1 year which can be extended after the expiry of the contract. This is the most usual type of rental in Budapest. Letting agencies charge as a finder’s fee an amount equal to 1 month rent. Your target group varies from local and foreign students, young professionals, couples, families till expats and company managers depending on the type, quality and location of apartment you own. Rental yields you can expect here is 4-5%. If you are offered more, be suspicious!
If you are open for tourist rentals, you can choose agencies doing daily rentals. Please note that it is not suitable for every apartment. It depends not only on its condition and location, but mainly on the rules of the condominium. The restrictions of short-term lets became quite serious by now and you always have to enquire upfront from the building management company. Even if it is not prohibited, you need to get the written agreeement of the residents to start such a business and and apply for a permit from the municipality and pay certain charges which vary from district to district. This way you can aim a higher yield of 6-8%, but you need to count also on bigger fluctuations of income depending on the season and quicker deterioration of the condition of your flat.
There is a also rental market for 3-6 months periods which is driven typically by foreign students and the film industry. Budapest has a number of well-known Universities with English courses which attract hundreds of foreign students every semester. The city became also a location very much sought after for movie shooting. Keep your eyes peeled while crossing the city, as you might run into celebrity or two in your local bar or bookshop. Great advantage of this rental period is that you can keep your apartment free certain times of the year and use it your own!
For more information about the letting procedure,
please click FAQ, or read about property
management costs and services.