How to rent an apartment from abroad?

If you own an apartment and plan to rent it while you are abroad or going on expatriation, it is essential to know the steps to follow and the best practices to ensure a successful rental. In this article, we will present you with a practical step-by-step guide to help you rent your apartment from abroad with peace of mind.

STEP 1 : CONTACT US!

Book-A-Flat is the leader in high-end furnished rentals in Paris. With a solid experience in rental and rental management, the agency has an in-depth knowledge of the real estate market and the best practices in rental management.
Book-A-Flat has a large portfolio of potential clients looking for apartments to rent. By working with us, you increase your chances of finding qualified tenants for your apartment quickly.
Don't have time to devote to managing your apartment? Don't worry, Book-A-Flat will take care of all aspects of renting your apartment (finding tenants, drafting rental agreements, collecting rent, managing repairs and technical problems, coordinating check-ins and check-outs, ...). The washing machine is leaking? We have keys, we intervene! The dishwasher doesn't work anymore? We replace it.
Enjoy your expatriation with peace of mind, Book-A-Flat takes care of everything. Be serene!
Our agency uses online platforms, social networks (@Bookaflat), and other marketing channels to promote your apartment and make it visible to a large audience.
If you are a foreign owner or do not speak fluent French, working with Book-A-Flat can be advantageous, as the agency offers multilingual support.

STEP 2 : GATHER THE NECESSARY DOCUMENTS TO RENT A PROPERTY

To rent a property in Paris, you will generally need to gather the following documents:

• Title deeds proving your ownership of the property you wish to rent.
• Real estate diagnoses, including the energy performance diagnosis (DPE), the lead exposure risk report (CREP), the asbestos diagnosis, the gas diagnosis, the electricity diagnosis, the state of risks and pollution (floods, earthquakes, avalanches, ...) mandatory in Paris, dating back to less than 6 months, the state of the internal electricity installation, the state of the internal gas installation. Specific requirements may vary depending on the date of construction of the property.
• Valid insurance certificate for the property you wish to rent. The insurance must cover rental risks.
• RIB (Relevé d'Identité Bancaire) so that tenants can make rent payments by bank transfer.
• Copy of your identity document (identity card, passport) or of your valid residence permit.
• Statement of annual condominium charges

STEP 3 : SETTING THE RENTAL PRICE WITH BOOK-A-FLAT

The rent that each landlord concludes with his tenant is the keystone of the lease contract that will bind the two parties. The landlord must find the right balance between expected rent and the risk of vacancy. A rent that is too high can discourage tenants. On the other hand, if the rent is too low, it will be a loss of income during the entire duration of the lease as well as for future leases, since the revision of the rent is regulated by law.

The owner is of course free to set his own rent but he needs a method to respect the market law. Do not hesitate to look at the prices charged for the same type of property in the area with the specific characteristics of your property:

- the surface area and the number of rooms

- the floor and the presence of an elevator

- the type of heating

- the presence of a parking lot or a cellar

- the existence of exterior surfaces (balcony, terrace, rooftop, garden, private yard)

Don't forget that the properties you see on the different platforms are properties that have not yet been rented. Conversely, you have no visibility on apartments already rented at the right price. This is one of the reasons why landlords often tend to overestimate their property because they compare themselves with properties above the market price.

Finally, there are clear rules that regulate rents. Starting with rent control.

If your home is located in Paris, Bordeaux, Montpellier, or in one of the Est Ensemble municipalities, the rent (excluding charges) is regulated, i.e. it cannot exceed a certain amount. In Paris, these reference amounts are set by the Observatoire des Loyers de l'Agglomération Parisienne (OLAP) according to the neighborhoods and the type of housing (number of rooms) and the year the building was built. There are two scales depending on the type of rental, empty or furnished. The reference rents are expressed in €/m² and can be consulted here.

The landlord may exceed this amount by paying an additional rent which must be justified by an exceptional feature to be mentioned in the lease. This can be a view over the whole of Paris from the heights of Montmartre, a terrace of extraordinary size, a hanging garden, a high ceiling or any other feature that does not belong to the criteria used to calculate the reference rent. Two other conditions must be met:

- This particularity must be a determining factor in setting the rent, particularly in comparison with dwellings of the same category in the same neighbourhood.

- It cannot give rise to recovery by the lessor under the charges, nor to the contribution for the sharing of energy savings for the work that you (the owner) have done.

STEP 4 : PREPARE YOUR APARTMENT FOR VISITS

Before you start looking for tenants, make sure your apartment is ready to be rented. This means doing a thorough cleaning, fixing any structural or technical problems, and putting in high-end furnishings. If you can't do it yourself, consider hiring a cleaning company, architect or interior designer. Book-A-Flat has many decoration experts and will be able to put you in touch with professionals.

STEP 5 : WE FIND YOU THE PERFECT TENANT AND ALL THIS AT A DISTANCE!

Book-A-Flat takes care of finding you the best possible tenants for your apartment with a complete and solid file (identity documents, proof of solvency, pay slips, last tax notices). Once the visit process is over, we select the best files among all the candidates.
These files are then sent to you electronically so that you can read them. We give you a reasonable amount of time to think about it and we guide you to make the best choice possible.
Our contract department will then draw up the lease contract that will bind you to your new tenant.
If you choose to entrust us with the management of your property, rest assured. Our charming managers will take care of the inventory of fixtures at the beginning of the rental period as well as everything else that can happen in the life of a rental. We will call you and send you emails so that you can be aware of the follow-up of your rental.

In conclusion, while renting an apartment from abroad can be challenging, with the right strategies and resources, it can be a successful and profitable experience. By following the tips in this guide, you will be well equipped to begin this process and maximize your chances of success.

>> To learn more, please see our White Paper.

Article published on 05/15/2023, written by Alexandre Couronne