Tips for renting out an apartment/flat

Discussion in 'Housing' started by kanmani, Nov 22, 2014.

  1. kanmani

    kanmani Junior IL'ite

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    Dear ILites,

    Here is the details of our apartment that I posted sometime back that is yet to get rented out - http://www.indusladies.com/forums/housing/258240-residential-apartment-available-rent-perungudi.html

    I am finding it very challenging to get our Apartment in Chennai rented out. Wondering what we are doing wrong or what we should be doing to get it rented out. Please share your recommendations here.

    1. This is a spacious and luxury apartment, located very close to the IT and Non-IT offices in OMR. Thought it should attract a lot of office goers there who would be trying to avoid the commute in peak traffic to and from the other parts of the city.

    2. Has a couple of good schools nearby the apartment - BVM Global school, Little Millenium, Jumbo Kids, Abacus Montessori school, etc. Hence, thought it should attract families with kids.

    3. The rent (negotiable to a decent extent) and maintenance charges seem to be justified for the space and services available.

    4. It is a new apartment (3-4yrs old), had just a single family as tenant for about 3 years, well maintained by them, repainted, cleaned and minor fixes taken care to rent out again.

    5. We had advertised over the weekends in The Hindu and few leading real estate services websites like Sulekha.

    6. We have put "Tolet" boards on apt gate, apt balcony, informed watchman, local departmental stores etc. to get to the attention of those locally looking for renting.

    Is people around this area more looking for buying their own apartments than renting?

    Can anyone throw some light on what more can be done?
     
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  2. KashmirFlower

    KashmirFlower IL Hall of Fame

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    In Bangalore , broker/mediators (they have their own offices) do good job in finding tenants, don't know if it works this way in chennai or not.
     
  3. kanmani

    kanmani Junior IL'ite

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    Hi KashmirFlower,

    In Chennai too there are brokers in finding tenants, but they work out to be pretty expensive. Also, the brokers work good for buying properties than for renting properties, IMO.
     
  4. kanmani

    kanmani Junior IL'ite

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    During a conversation with a friend based in Chennai, he brought up a point that Perungudi area itself is losing its real estate value because of the trash dumping that is happening in Perungudi area. This trash dumping has caused increased air pollution and underground water pollution in Perungudi area. Hence, people are more hesitant to buy / rent in Perungudi area. Is this true?
     
  5. zingy

    zingy Local Champion Staff Member Platinum IL'ite

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    KashmirFlower ,

    Most of the people who will looking for rent in perungudi will be IT People working in OMR .
    If you have friends in IT Companies like Wipro , TCS , CTS , Infosys etc you can ask them to post advertisement in their internal Site .
     
  6. NirmalaGoofy

    NirmalaGoofy Gold IL'ite

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    In general I thinking renting in chennai is very difficult as there are lot more properties available than customers. People prefer to buy than rent IMO. I had one flat without rent for more than 4 years and not advt or bokers could help. Chances of the flat being rented depends on locality, proximity to main road and schools and customers who like that area. Being though trauma of not being able to rent we have stopped the idea of buying and renting a flat.
     
  7. sakshidhawan

    sakshidhawan New IL'ite

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