How to Make Your Rental Apartment Generate More Income?
When entering the rental business, you can plan your business model in several ways. One option is to invest in one or more two-room apartments, which are very liquid and most in demand among tenants. Another variant is to put into play an expensive luxury apartment, for which you can ask a high rental price. Thirdly, you can invest in short-term rental instead, using Airbnb or another intermediary, but there are other good options as well. Regardless of what your business model is, there is one component that almost always helps increase the attractiveness of rental investment and, along with it, profitability – rental space that is furnished stylishly and taking into account the needs of today's people. Estonian interior design brand OCCO helps you furnish your rental investment without worry and with minimal costs.
Example 1 – two-room apartment
According to statistics, the majority of tenants are young people who have only recently started living independently. Having worked for a relatively short time, they lack the means to purchase a home of their own. For this reason, smaller rental apartments in a reasonable price range work well for them. The most popular are two-room apartments, which is reflected in the high competition in renting out such apartments.
In order to stay competitive and for the apartment to find tenants quickly, it's worth investing in interior design. This doesn't mean you need to spend a fortune. According to OCCO's experience, you can furnish a two-room apartment stylishly and functionally for just 9,000 euros, including kitchen furniture. When you turn to the company, a personal consultant comes to your aid, who creates an attractive complete solution for your apartment, the price of which is also attractive – by purchasing the entire interior from one place, you enjoy discounts offered by suppliers that only apply to OCCO complete solution customers.
Example 2 – luxury apartment
Besides young people, the second large group of tenants is foreigners who live in Estonia temporarily and for whom renting is the most sensible solution. Often these are top-class specialists who come here due to specific work commitments, bringing their families with them. This target group needs and can afford much more luxurious living conditions. If you've invested in a luxury apartment, it's worth focusing on them.
Looking at the Estonian real estate market, a clear shortage of quality and tastefully furnished luxury apartments emerges. The high price is usually due to either a good location or an apartment with above-average floor space, but the apartment itself is furnished quite thoughtlessly. For this reason, a modern and striking furnished apartment is an important competitive advantage, making it possible to ask for an average of 17% higher rental price. Thus, apartments furnished by OCCO have been rented for an average of 2,200€ per month.
You can confidently turn to OCCO if you want a luxurious and well-thought-out furnishing solution for your rental investment that increases the value of the property and allows you to ask for above-average rental price. A personal consultant offers all necessary products and solutions, the total cost of which is significantly more affordable than buying all furnishing items separately.
Example 3 – apartment for short-term rental
Nowadays, Airbnb-style accommodation is becoming increasingly popular, as tourists appreciate more direct (and, let's be honest – cheaper) contact with local life and home comforts that hotel rooms don't offer. If you've decided to invest in an apartment that profits from short-term rental, the visual appearance of the apartment is almost the most important criterion for a potential customer. Most short-term tenants can't even visit the apartment beforehand, so the decision is made purely based on photos.
OCCO helps you furnish an apartment intended for short-term rental so that it looks good both in photos and in real life. Since the offered interior is also very high quality, it remains nice for many years. This way you get higher ratings for your apartment and attract new customers.
As you can see, you can approach the rental business in several ways. The above are only a few of the possible solutions and there are certainly other good methods for making profit with a rental apartment. Whatever business idea you choose – OCCO offers a complete furnishing solution in an appropriate price range for your apartment, making it an attractive and profitable rental investment.
Want help furnishing your apartment? Find out more here!
