What is the best area to live in Paris?Best place to rent in Paris Among the 20 districts of1
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Posted at January 9, 2020
Planning to rent out your furnished apartment in Paris for the long term through a Rental Real Estate agency? Here are some steps to take to help you get started with the process:
A reliable and trustworthy Real Estate agency in Paris can be helpful to rent out your furnished apartment for the long term. These professionals can help you market the apartment, present you with a suitable tenant, and draft the lease efficiently. Suppose you are still getting familiar with the local Parisian market, its regulations, or living abroad. In that case, you will appreciate a serious agency's assistance and care.
Once you have selected a Real Estate agent to work with, you must sign a rental mandate (contract) to the real estate agency. A rental mandate is mandatory in France for the Real Estate agency to market your apartment for rent in Paris and take potential tenants to view your property. In addition, this contract allows the agency to publish your rental property online.
Depending on your situation and preference, you can offer various leases for your long-term furnished apartment in Paris. Here are some types of leases for you to consider:
Primary residence lease:
Renting your furnished apartment with a "primary residence lease" means it is the tenant's primary residence. This type of lease follows the Loi Alur (Law), a French law regulating housing and rental agreements and complying with the rent control regulation.
Secondary residence lease:
Renting your furnished apartment with a "secondary residence lease" means that the tenant has a primary residence elsewhere and is looking for a secondary home while in Paris. The Civil Code Law governs this type of lease. Unlike the Loi Alur, the lease agreement is not standard. Therefore, the parties can fix the lease duration, the rent price, and the principles of the contract.
The owner also has the option to rent out their furnished apartment to a company, organization, or embassy for their employees. It is called a Company Lease. Company leases also follow the Code Civil rule, allowing owners and tenants flexibility in settling prices, lease duration, security deposit, and personalized terms.
Before renting out your apartment in Paris, you must obtain and show specific mandatory real estate diagnoses required by law.
This diagnosis evaluates the property's energy consumption and greenhouse gas emissions and is valid for ten years.
This diagnosis evaluates the presence of lead in the property. And it is only mandatory for residences built before 1949. The validity period of the CREP is unlimited.
This document mentions the presence or absence of elements in an accommodation containing asbestos. It is mandatory for any building constructed before July 1997 in France. In the absence of asbestos, the diagnosis has an unlimited validation period. But in the presence of asbestos, the validity is three years.
This diagnosis evaluates the gas installation safety in residence. All accommodations with a gas installation over 15 years old are concerned by this diagnosis.
This diagnosis evaluates the electrical installation in the property. The accommodations concerned by this diagnosis are those whose electricity installation is over 15 years old. The diagnosis is valid for six years.
This diagnosis evaluates the potential risk for natural disasters, mining, and technological accidents. It is valid for six months.
You must follow the rent regulations if you rent your property in rent-controlled Paris. The rent will be calculated based on three references per m2:
Suppose the rent price is higher than the regulated limit. Then, you may charge a rent supplement called a "complément de loyer" as long as you can justify it. Here are some extra rent examples: double-pane windows, air conditioner, sauna, complete household equipment, etc.
If you have any questions, get professional advice from a rental Real Estate Agency in Paris, such as Paris Rental, or a Property Management Company, Home Management. They will help you determine a rental price based on current market trends and your property's features.
Remember to prepare your apartment before the viewing or rely on a Property Manager to do it for you. Ensure your apartment is clean, tidy, and ready to move in. Remove any clutter and personal items that may distract potential tenants. Ensure everything is in good working order and that any necessary repairs are completed.
If you wish to be present during visits to meet the potential tenants, coordinate with your agency to schedule a time for the viewing. Be sure to provide your preferred days and time slot for viewings. If you are not available to meet potential candidates, then give a set of keys to the apartment to your agency. To simplify the organization, provide the information of the person who detains keys, a caretaker of the building, the current tenant, your Property Manager, family or friends, etc. After the viewing, follow up with the agency to get feedback from potential tenants. If necessary, make adjustments to your rental offer to improve your chances of renting to a long-term tenant.
After the viewing, you might receive different rental applications from your Real Estate agency. Take time to review the candidates' documents and rental guarantee. Do not hesitate to ask your agent any questions concerning the tenant's profile or documents.
The Real Estate agency typically drafts the lease agreement between you and the tenant. Once you have approved the tenant's application, the agency prepares the lease agreement. After both owner and tenant validate the draft lease, the agency organizes the signature. Nowadays, the signing process commonly occurs remotely through electronic signing with a verification code sent to your mobile phone or email address. It is quite practical for owners who live abroad or far from Paris. Then both parties sign the lease agreement after the tenant has paid the first month's rent and security deposit to your account. The last step is check-in.
Typically, the Real Estate agent doesn't participate in the check-in procedure (walkthrough). Instead, the Landlord or their representative organizes the entry inventory with your tenant. You can either conduct the entry inventory yourself with your tenant or enlist the assistance of a third-party intermediary, which can be a "Huissier." The document recording the inventory of the premises records the apartment's condition; the tenant and landlord should apply their signature. Please ensure the water and electricity records are written on the Check-in document.
In conclusion, renting out your furnished apartment in Paris for the long term can be lucrative, but it requires careful planning and attention to detail. To avoid difficulties and errors, please seek professional advice from a Real Estate agency, such as Paris Rental. With the right approach, renting out your apartment in Paris can be a hassle-free and profitable venture.
Editor: Siyi Chen