Do you own or are you considering investing in a property in Paris? Considered by many to be the most romantic and certainly one of the most beautiful cities in the world, Paris is home to thousands of locals, ex-pats, students, and visitors who flock to see the main attractions such as the Louvre and the Eiffel Tower each year. Living in Paris often comes at a premium, but those who have the money and want to live in a sophisticated, stunning city characterised by amazing architecture, art, and food are more than willing to pay top prices for apartments for rent by owner in Paris.
If you are considering getting into the Paris rentals by owner industry, then there are several options to consider. You might want to rent your Paris apartment to students, to tourists on a short-term basis, or on a long-term basis to locals and ex-pats in the city. But why rent out your Paris apartment?
Let’s hear from the Upperkey on some of the main reasons why people want to live in Paris, making apartment rentals a potentially profitable venture to consider.
Despite being a busy capital city, there are flowers everywhere in Paris and the scenery is stunning. People love living in Paris with flower boutiques on almost every corner and a gorgeous flower market, the Marche aux Fleurs, open daily. The combination of classical architecture along with the well-preserved greenery in the city are certainly some of the main things that make Paris so beautiful.
It is no surprise that many people who live in Paris and pay for Paris apartment rentals by owner are art lovers. While most of the most famous artworks in Paris are in the famous Musee d’Orsay or the Musee du Louvre, Paris has a lot of artwork on offer outside of these tourist attractions. From guided art tours to street art and more, it’s the perfect paradise for art lovers. Artistic décor is a must if this is your main target market for your Paris apartment rental.
The extensive Paris Metro means that wherever your apartment to rent is located in the city, finding a tenant should not be difficult. Tenants do not need to worry about renting a place very close to their workplace in the city as they can easily get there using the Metro, which is the fastest and cheapest way to travel throughout Paris.
Despite being a busy and bustling city, Paris has a much more relaxed vibe to it compared to other cities such as London or New York. This is largely thanks to the Parisian cafes, which have always been the main hubs for social living in the city. They’re the quintessential place to relax or meet up with friends, catch up and refuel for both locals and visitors to the city alike. Paris apartments are certainly popular with tenants who enjoy this type of culture.
Why People Want to Rent in Paris
Along with a relaxed culture, stunning scenery, excellent transport links, and of course all the amazing artwork and architecture in the city, more and more people are considering moving to live and work in Paris thanks to the strong economy and excellent work-life balance. People who are employed in France enjoy above-average leisure time compared to people working in other countries, which is an appealing option for anybody who wants to live and work abroad. There are laws dictating how many hours per week employees are permitted to work and employers are restricted when contacting employees outside of working hours. Working overtime is less common in France compared to in other countries.
This makes it an excellent choice of home for anybody interested in spending less time working and more time investing in their interests, hobbies, or leisure thanks to shorter working hours. Along with this, there are eleven public holidays per year in France, on which most businesses, shops, and offices will close for the day.
What to Consider Before Renting Out Your Paris Apartment
If you have or are planning to purchase an apartment in Paris, there are a few different things to consider before you get started. Some of the main things to think about before you get tenants to live or stay in the property include:
· Short- or Long-Term?
Whether you’re going to rent out the property on a long-term basis or a short-term basis is key. Bear in mind that there are regulations in Paris dictating how many days and nights you can rent out properties on a short-term basis without a licence. On the other hand, long-term renting is ideal if you want a regular income with less property management work involved.
· Working With a Property Manager:
Paris apartment rental agencies such as the UpperKey may be an ideal choice for you if you want to rent out your apartment in the city. This is especially necessary if you do not live in Paris and would not be immediately available should your tenants need anything. A property manager will not only be able to list your property available for rent and find suitable tenants, but they can also deal with ongoing maintenance, emergencies, rent collection, evictions, and other issues that are time-consuming and often stressful to do on your own, especially if you are working full-time yourself and have other commitments.
If you are looking for a Paris apartment to purchase as a rental property, then you will need to spend some time finding the perfect location. Where you decide to buy a property will depend on whether you are renting it out long-term or short-term. For long-term lets, close proximity to transport and other necessary amenities may be more important. On the other hand, if you mainly wish to rent your Paris apartment to tourists on a short-term basis, then you may be able to maximise your profits by offering an apartment that is close to the main attractions in the city.
Before committing to renting out your Paris apartment, it’s crucial to weigh up all the costs involved, and compare this to the local rental market prices for either long-term or short-term renting depending on which you wish to offer. Consider not only the cost of investing in the property itself but also any building work that is required, the cost of redecorating, furnishing, paying for utility bills, parking spaces, ongoing maintenance, and giving tenants notice.
What Tenants Look for in a Paris Apartment
Understanding what tenants want when looking for the perfect apartment to stay or live in Paris will help you get the best results from your venture. What you need to offer to your tenants or guests will depend on whether you are offering the rental on a short- or long-term basis.
If you are offering short-term lets, then you may already be aware that tourists are likely going to be your main target market. Tourists to Paris typically look for close proximity to attractions and transport links at a reasonable price and may book a short-term stay in an apartment as a cheaper alternative to a hotel, so it’s important to make sure that you are offering competitive prices in comparison. A short-term apartment should be fully furnished and provide guests with everything that they need for a comfortable stay.
On the other hand, people who want to live in Paris and rent long-term will usually have different requirements. Think about the ease of making the daily commute to work, providing a car parking space, proximity to shops, supermarkets, and healthcare, and providing a comfortable living space that is safe and secure.
Paris is a popular city among both visitors and residents. If you own an apartment in this city that you are considering making an extra income for, or are thinking about investing in Paris property, the rental market is booming with lots of reasons why people love living in Paris. Check out a home rental service Paris like the UpperKey to learn more.