A Comprehensive Guide to Long-Term Rentals in Turkey
Long-term rentals are an excellent opportunity for property owners in Turkey to enjoy a steady and reliable income stream. With increasing demand for stable housing solutions from both locals and expatriates, renting out properties for extended periods has become a practical and profitable option. This trend is particularly popular in urban areas and regions with a high number of professionals, students, and families seeking secure and long-term living arrangements. Long-term rentals offer owners consistency and minimal turnover, which is comforting for property owners while sustaining the highest value of their investment.
What is long-term renting, and How does it work for property owners ?
Long-term lets are those properties that are let for longer periods, usually for six months or more. This provides the property owner with a regular income and the tenant with security of tenure, with legal frameworks and responsibilities on both parties. For property owners, the key regulations and best practices to know will help ensure a smooth and profitable rental experience. Done correctly, long-term letting can be a sound and secure investment.
What are the legal responsibilities of property owners and tenants in long-term rentals?
As a property owner in Turkey, the first step towards a smooth and successful renting process is to be fully aware of your legal responsibilities. Here are some of the most important points:
- Long-term rental contracts are to be in writing. It is a protection for both you and your tenant since it clearly states the terms and conditions of the agreement.
- You can ask for a deposit, which is usually 1-2 months‘ rent, to cover possible damages. If no damages are found when the lease ends, the deposit should be returned to the tenant.
- Rent can be increased once a year by taking into consideration the rate announced by the Turkish Statistical Institute as the Consumer Price Index. This ensures that increases in rent are fair, corresponding to inflation.
- You are not allowed to evict tenants at will. Eviction is subject to legal causes, such as nonpayment of rent or other damage, and must follow the course of Turkish law.
- Tenants are required to exercise reasonable care in maintaining the property, ensuring no damage occurs beyond normal wear and tear. Additionally, they are responsible for undertaking minor repairs and routine maintenance, except where otherwise specified in the terms of the rental agreement.
Flatix’s RENT & GO Long-Term Rental Package is designed to streamline property management for landlords, offering a simplified and efficient approach to managing long-term rentals.
Included Services:
- Identifying and securing reliable tenants.
- Drafting and executing legally compliant rental contracts.
- Collecting rent and ensuring timely payments.
- Managing income tax and property tax obligations.
- Acting as the primary point of contact for tenant inquiries.
- Providing online account access and detailed monthly statements.
- Delivering an annual rental ROI tracking report to evaluate property performance.
Additional Paid Services Available:
- Legal assistance in case of disputes or compliance issues.
- Professional cleaning services to maintain the property.
- Comprehensive maintenance and repair management.
With Flatix, property owners can enjoy a seamless rental experience while maximizing the potential of their investment.
The Flatix Long-Term Rental Package provides landlords with a seamless and efficient solution for managing rental properties. By handling key responsibilities such as tenant acquisition, timely rent collection, tax payments, and tenant communication, Flatix alleviates the complexities of property management, allowing property owners to focus on maximizing their investment returns.
In addition, the package offers optional paid services, including legal assistance, professional cleaning, and maintenance management, tailored to the unique requirements of each property owner. With Flatix, landlords can enjoy peace of mind and optimize their property’s potential. Let us manage the details, so you can reap the benefits of a steady and profitable rental income.