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Back You are here: Home Property Buying, Selling, Renting A Gap in the Rental Market

A Gap in the Rental Market

Bulgaria’s rental market is growing as more tourists visit the country and the local populous becomes more affluent and seeks out better living quarters closer to their place of work. This means that if you own a city pad or a resort property, renting it out should be easier.

The market for long-term rentals is growing and indeed finding a cost-effective long-term property is becoming difficult. Many landlords still favour and seek out income from the tourist market because this yields higher rates, although it means that their properties stand vacant for at least half of the year.

 

One area of potential rental income that is often overlooked is the rental market for village properties. Quest Bulgaria takes a look at how you can maximize your rental potential in this area.

 

The Target Market

The market for a village property is diverse. It consists of young villagers with jobs who are becoming more independent and are looking to move out of their family homes and share with friends just as youths do in the West. Additionally, the mass of construction across the country has meant that many builders employed in an area often come from the other side of the country and need accommodation to cover their stay during the term of their project. Many of these construction workers are extremely skilled and transfer to a neighbouring build as their project completes.

Expats also belong to this target group; more and more families are choosing Bulgaria as their permanent place of residence and they need accommodation whilst they wait for their homes to be built or whilst they shop around or put a toe in the water trying the Bulgarian lifestyle. Finally local and expats who have decided to separate also need alternative accommodation. Additionally, if you are prepared to be open about taking smokers or people with pets you will increase your rental potential.

 

Finding Tenants

There are many ways to put the word out locally that your place is for rent. An ad in the local shop in English and Bulgarian is a good place to start as is a poster in the local English bars. Tell your neighbours to spread the word that you are looking for a tenant and post messages on all of the expat websites.

You will need to find a reliable key-holder to show people round your property and deal with any issues whilst you are away. Make sure you find someone you can trust – most people come to an arrangement about paying the key-holder for a job well done with products from the UK or a few Levs each time you visit.

 

The Benefits

Believe it or not your house needs to be lived in to combat problems like damp. Air circulates in a lived in house allowing the property to literally breathe.

Moreover, you are less likely to come on holiday and find that your pipes have leaked and the place is flooded in dank water or thieves have broken in and stolen everything you own.

A tenant will ensure that routine maintenance is carried out when it is needed, most will bring in a friend and tackle the issue themselves. If they see it as their long-term home they will also add to the property by doing the garden, renovating the kitchen or painting the rooms.

 

Getting a Tenancy Agreement

No matter how well you know the people you are renting your home to, it is still worth going to the notary with them and drawing up a tenancy agreement.