5 Tips for Renting Out Your Home in Jaipur

Renting out your home/flat is one of the most common methods of passive income for most people. Renting out your home brings several benefits. It offers a reliable source of income, helping you maximize your investment and potentially cover mortgage payments or save for future financial goals. When it comes to real estate investments and rental yields, Jaipur is one of the most popular cities among the investors.

The real estate market of the pink city is growing rapidly, thus creating favorable conditions for homebuyers and investors to consider renting out. Thriving economy, expanding infrastructure, and increasing population have been major driving forces towards a rising demand for ready to move flats in Jaipur. Some sought-after areas which provide the best apartments in Jaipur include Ajmer Road, Vaishali Extension, Mansarovar Extension, Jagatpura, Malviya Nagar, C Section, etc.

Although, renting out an apartment in Jaipur or anywhere else for that matter allows you as an homeowner to build equity and leverage your assets, yet it is fairly crucial to follow best practices while doing so. Here are five tips which will help you in minimizing flaws and maximizing returns –

Tip 1: Understand the Rental Market in Jaipur

Before diving into the rental business, it’s important to familiarize yourself with Jaipur’s rental market dynamics. Here are some essential steps to get started:

• Analyse the Demand: Determine the demand for rental flats/apartments/properties in various locations of Jaipur. Investigate and become acquainted with area housing and rental trends. Finally, make an effort to comprehend the preferences of possible tenants in your neighbourhood.

• Identify prominent Neighbourhoods: Pay attention to prominent locations such as Ajmer Road, Vaishali Nagar, and regions near Mahindra SEZ. These neighbourhoods attract a large number of tenants and have high rental potential.

• Target Tenant Profile: Identify the renters you wish to attract, such as young professionals, families, or students. Understanding your target demographic will allow you to better adapt your property and marketing efforts.

Tip 2: Prepare Your Property for Rent

To attract high-quality tenants, it’s essential to present your property in the best possible light. Follow these steps to prepare your property:

• Clean and Declutter: Start by thoroughly cleaning the property and removing any clutter. A clean and well-maintained home creates a positive impression on potential tenants.

• Make Necessary Repairs: Address any maintenance issues or repairs before listing your property. Fix leaky faucets, paint faded walls, and replace broken fixtures. This proactive approach demonstrates your commitment to providing a comfortable living space.

• Stage the Property: Consider staging the property to showcase its potential. Well-placed furniture, tasteful decor, and appealing aesthetics can greatly enhance the visual appeal and help tenants envision themselves living there.

Tip 3: Set the Right Rental Price

Setting the right rental price for your property in Jaipur is crucial to attract tenants while ensuring a profitable return on your investment. Consider the following tips when determining the rental price:

• Thorough market analysis: Do this by researching similar properties in your area. Look for flats and apartments with similar features, amenities, and locations to gauge the prevailing rental rates.

• Property Location: Take into account the specific location of your property. Factors such as proximity to schools, hospitals, shopping centers, and transportation networks can influence the rental value.

• Evaluate your property: Larger units with more bedrooms or additional amenities like balconies or parking spaces may command higher rents. Similarly, upgraded or recently renovated flats and apartments tend to justify higher rental prices.

• Determine a Competitive Price: Strike a balance between attracting tenants and generating a reasonable return. Overpricing may discourage potential tenants, while under pricing could lead to missed opportunities for higher income.

Tip 4: Advertise Effectively

Now, as they say, ‘Sell the sizzle, not the steak’, it is now time to strategically advertise your property to make it more visible. Here are some pointers to do the same –

• Use Internet Listing Platforms: Take use of famous internet real estate platforms and websites that serve the Jaipur market. Websites like MagicBricks, 99acres, and Common Floor are well-known platforms for showcasing your property to a large audience.

• Highlight Unique characteristics: Write captivating property descriptions that highlight the unique characteristics, amenities, and benefits of your flat or apartment. Display the spacious layouts, modern furnishings, spectacular views, or easy access to popular locations. Highlighting these distinctive features will catch the curiosity of future tenants.

• Graphic over Text: It is a human tendency to give more attention to the visuals than the text. Click some good pictures and capture the best angles of your property. High-quality, well-lit images will grab attention and leave a lasting impression on potential tenants.

Tip 5: Screen & Select

Screening tenants is the final, yet an important process. A good tenant would mean timely rent, hassle-free transactions, as well as more responsible living. Moreover, as a responsible homeowner, here are some things to keep in mind –

• Short telephonic interview – Well, it will not exactly be an interview but more of a screening. It is important for you to gather some information about your potential tenant so as to gauge if they will be able to afford the rent or not.

• List strict policies in ads – If you have any strict policies like no liquor or no smoking, make sure to mention it upfront or it can turn out to be a major issue later on.

• Clear miscellaneous charges – Charges above rent should be made crystal clear before hand, like electricity bills, LPG pipeline bills, water bills, etc.

• Get all the necessary documents – Make sure to get necessary tenancy paperwork done, which includes police verification and tenant agreement.

Hassle free renting with Ashiana Amantran

Ashiana Amantran is a premium homes project by us at Ashiana Housing, and offers luxury flats in Vaishali Extension. Spanning across a vast area of 8.3 acres with 9 towers, this project features a total of 492 spacious flats available in 3BHK and 4BHK configurations.

We at Amantran ensure a well-rounded living experience by providing essential amenities such as power backup, piped LPG, round-the-clock security with guards and CCTV surveillance, common area maintenance, and efficient garbage collection services. The meticulously designed campus is adorned with beautifully landscaped gardens, inviting walking and jogging tracks, serene water bodies, a dedicated kids’ play area, an open gym, a basketball court, net cricket facilities, a skating rink, and an amphitheater.

At the heart of Ashiana Amantran lies its grand clubhouse, which happens to be our largest clubhouse to date, spanning an impressive area of 25,296 sq. ft. Strategically positioned at the entrance of the project, facing the central garden, it ensures easy accessibility from all 9 towers. The clubhouse offers an extensive range of amenities, including a refreshing swimming pool and a separate kids’ pool, a fully-equipped gymnasium, engaging indoor games such as pool table, foosball, and table tennis, a card room, lawn tennis and badminton courts, as well as a cozy cafe to unwind.

Ashiana Amantran presents a host of amenities and conveniences that cater to the diverse needs and desires of its residents. It stands as an excellent choice for those seeking a comfortable and convenient lifestyle in the vibrant city of Jaipur.

Moreover, investing in a flat with us at Amantran also makes it easy for you to liquidate. Ashiana Housing’s in-house Resale & Rental teams connects homeowners with potential tenants, and also helps with the paperwork, which means all the important tips mentioned earlier in the blog, are already taken care of.

Conclusion:

Renting out your home in Jaipur can be a lucrative venture in the thriving real estate market. By understanding the rental market, preparing your property, setting the right rental price, advertising effectively, and screening tenants thoroughly, you can ensure a successful and profitable rental experience. Remember, maintaining a good landlord-tenant relationship is crucial for long-term success, and seeking professional advice from real estate experts in Jaipur can provide further guidance tailored to your specific needs. Embrace the exciting opportunities Jaipur’s rental market has to offer, and get ready to capitalize on the demand for the best apartments and luxury flats in the city.

If you’re someone interested in investing and renting out flats in Vaishali Extension, Ashiana Amantran is easily one of the best options, which is not only a great luxury project but also provides a hassle free experience for both investors as well as residents.

Click here to learn more about the same.