Rent Out Your House

The rental prices in Northern Cyprus vary depending on the location, size, and quality of the property. It’s worth noting that rental prices are typically lower in the off-season, from November to April, and higher during the summer months, from June to August. However, rental prices in Northern Cyprus are generally more affordable than other popular tourist destinations in the Mediterranean region countries like Greece or Malta, and that is why the Northern Cyprus’ rental market is booming.

As a real estate investor, you may be contemplating whether to rent out your property that you have bought or planning to purchase, rather than selling it or keeping it as a personal residence. Whatever the reason, this decision can be influenced by factors such as a sluggish market or the desire to generate additional income while retaining ownership of the property. Converting your home into an investment property can be a wise financial decision, and we can assist you in making that transition.

”Convert your house into an investment property and rent it out with Senilk Real Estate”

This’s a good time for you as a property owner to consider becoming a landlord. The rental market on Northern Cyprus is hot, with the number of rental households soaring to 50 million in 2022, according to a recent study conducted. Depending on your area and monthly expenses, you could cover your mortgage or even make a profit, with added tax advantages and potential property appreciation. But renting out your home for the long term requires more planning than occasional rentals. Here are some steps to get started as a landlord:

• Determine the right rent amount: Check similar properties in your area to set the right monthly rent rates.
• Prepare your home for renters: Inspect your home, address safety concerns, clean and declutter, and evaluate furnishings and appliances.
• Find a right property manager: To do all rental applications, check their credit and employment history, verify their income, and get references from past landlords.

Rent for the right amount

The house rental prices in Northern Cyprus can vary depending on various factors such as location, size, and amenities. However, the average monthly rental price for a one-bedroom apartment in a central location such as Lefkosa (Nicosia) is around 1,500-4,000 Turkish Lira (approximately £60 – £165 GBP), while a 3-bedroom apartment in the same city can cost around 2,500-5,500 Turkish Lira (approximately £100 – £225 GBP) per month. You may also find the 3 bedroom apartment at the same location but the rental prices is 16,970 Turkish Lira (£700 – £2,500 GBP) per month. It’s important to note that these prices are subject to change and may vary depending on the current real estate market conditions.

At a minimum, most new landlords would like their cash flow from rental income to cover their mortgage payment, as well as taxes, insurance, and other expenses. Times may have changed since you bought your property in Northern Cyprus, so you want to be clear on what the real estate rental market will bear.  In Northern Cyprus, there are several towns that tend to have higher rental prices due to their location, popularity, and amenities. Some of the towns with high rental prices include:

1. Kyrenia: This coastal town is a popular tourist destination and has a vibrant nightlife, historical sites, and picturesque harbor. The rental prices for apartments and villas in Kyrenia/Girne tend to be higher compared to other towns in Northern Cyprus.
2. Lefkosa: As the capital city of Northern Cyprus, Lefkosa (Nicosia) has a diverse range of properties available for rent, from modern apartments to traditional houses. Rental prices in Lefkosa are generally higher than other towns due to the high demand and central location.
3. Famagusta: This town is located on the eastern coast of Northern Cyprus and is home to several universities, making it a popular choice for students. The rental prices for apartments and houses in Famagusta tend to be higher compared to other towns, especially near the university campuses.
4. Lapta: This coastal town is located west of Kyrenia and has several hotels, restaurants, and bars. The rental prices for apartments and villas in Lapta tend to be higher compared to other nearby towns due to its popularity among tourists.

It’s worth noting that rental prices can fluctuate based on supply and demand, so it’s important to conduct thorough research and consult with local real estate professionals before making any investment decisions.

Prepping your rental property

Before you renting or leasing out your property to tenants for the long term or short term, you’ll need to make sure your home is ready to rent. Below is some few things to-do before you put up the “For Rent” sign at the window:

1. Inspect your house. Give your property a thorough once-over and repair any dents. Address potential issues such as roof leaks, sagging or clogged gutters, driveway cracks, leaky faucets or pipes, electrical outlets, and burnt-out light bulbs.
2. Be aware of safety. Install smoke and carbon monoxide alarms in the rental property. Consider putting a fire extinguisher somewhere in the property.
3. Clean your house. Clean the floors, windows, and blinds. Shampoo any carpets to remove stains. Repaint walls with a neutral color to make the rooms seem cleaner and brighter.
4. Evaluate any furnishings and appliances. If you have valuable furnishings or fixtures you don’t want stolen or damaged, remove them prior to attempting to rent. If you’re providing a furnished home, make sure everything you provide is in working order. If you’re providing appliances to your tenant, ensure they are in working order and are clean inside and out.
5. Update your mortgage and insurance. If you’re still paying a mortgage and insurance on the rented property, you should contact your service providers to switch your homeowner’s insurance policy to a landlord property insurance policy to cover any losses due to tenant’s negligence, natural disasters, fire or water damage.

Property manager

Decide whether to manage your property yourself: It may be tempting to manage your rental property yourself when you consider that property managers typically charge 4% to 12% of the monthly rent. But that might be a small price to pay for avoiding landlord-tenant headaches and hassles with the maintenance and repairs of real estate rental property. Based on a survey conducted by an UK based property management company, Sapphire Group it has been found that a significant percentage of rental home owners in Northern Cyprus 69% utilize the services of a property management companies.

When choosing a property management for your investment property in Northern Cyprus it’s crucial to consider more than just the fees. Although fees are an important factor, it should not be the only deciding factor. One of the crucial considerations is the management company’s availability. For instance, if an emergency arises on weekends or outside of business hours, you need to know if your property manager is available to take action or not.

Another essential factor is their ability to manage tenant rent payments. If your property manager is not proactive in pursuing rent payments from tenants, you may have to chase after the money yourself. This can be a significant hassle and defeat the purpose of having a property manager in the first place.

At Senilk Real Estate, we understand the importance of finding the right property manager to take care of your investment property. Our company employs experienced agents who are equipped to handle property management for our clients, or alternatively, we recommend property owners to the reputable property management companies who can fulfill this role on behalf of our clients. Trust us to take care of your property management needs.

Converting your home into an investment property can be a lucrative opportunity, but it requires planning and preparation. Contact Senilk Real Estate for assistance with your rental property needs in Northern Cyprus.