What to do with an apartment that was used for short-term rentals?

26. 10. 2020

The Airbnb apartment business has collapsed and suddenly there is a big loss from the originally profitable activity. 11 thousand flats have become vacant and are completely empty. They are often not even set up and equipped for long-term rentals, even though their location is one of the most sought after. How to deal with an apartment that cannot be rented as a short-term lease at this time?

Reconstruction of a property
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One of the ways to deal with your property is to adapt to current events and transform the apartment into long-term housing for a family or an individual. The property, which was suitable for a large group of people without the need for cooking, will probably not be sufficient for a family of four or a young working couple. Therefore it is necessary to consider the target group for your property. Whose home will it become and how to meet their needs? ( for example an entrepreneur will certainly appreciate an office).
However, this step can be costly, and since we know that homeowners of Airbnb flats are currently often burdened by large mortgages, the question is whether to consider this step at all.

Selling a property
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If you decide to sell your property for financial or business reasons, the apartment or house may be attractive to investors. However, it should be considered that due to the current market situation, thousands of properties have appeared on the market and even have a good address and luxury amenities. So when creating an advertisement, think about the text that attracts attention, professional photos, the right price, or use the services of a real estate broker, who mediates the entire process of selling a property for you.

Long-term lease
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Property owners most often use the possibility of long-term leases to get regular stable income, which will help them repay their own liabilities even during or after the crisis. Of course, that is if they find quality tenants with a stable income who plan to pay the rent and not destroy the equipment. This step is a bit more challenging especially if you need new tenants ideally from tomorrow, given that every day you will find dozens of apartments for rent on real estate portals and in Facebook groups, where there is often a big drop in prices. If you do not know what price to ask for your property, consider the following: the location and size of the property you are offering, the quality of the apartment and its equipment and the monthly cost of energy and services.

Property management
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If you do not have time to look after your tenants, supervise contracts and documents, check the timely payment of rent, etc., choose the services of professionals in the real estate field. This service is offered both for housing cooperatives and residential real estate.
Under the experienced care, you will have comprehensively taken care of the property and you don’t have to worry about your apartment or house.

We offer a wide range of luxury properties for rent in Prague and the surrounding area. Whether you are looking for a long-term lease or trying to sell your property, contact us. We will "provide you":https://www.philip-frank.com/en/#contact with a complete service in this field.