Letting Your Apartment in Ulus: Price, Tenant Profile and the Furnished Option

With its central position, quiet streets and established complexes, Ulus is one of the areas of Besiktas where rental demand is strong. Yet how quickly and on what terms an apartment is let depends on the right price, the right tenant group and a well managed process. In this article we bring together the main steps for owners who want to let their apartment in Ulus.

The tenant profile in Ulus

Ulus has a resident profile favoured by senior executives, business people, employees of international companies, foreign professionals and families with children. What this group has in common is the expectation of security, parking, well maintained communal areas and easy access to the business districts. Proximity to ITU, Bogazici University and leading schools also supports the area's appeal to local and international professionals.

How should the rental value be set?

Rental value should be set not on listing averages but on comparables in the same complex and street, the building's features (security, parking, technical infrastructure, management) and the apartment's floor, aspect and view. An apartment that comes to market at too high a price can stay empty for a long time, and every empty month reduces the total return.

Furnished or unfurnished?

Unfurnished letting appeals to tenants who plan for the long term and want to move in with their own furniture. Furnished letting is aimed in the short and medium term at expatriates, company executives, consulate staff and foreign professionals. Furnished letting should not be seen purely as income: the right furnishing standard and target tenant group also support the property's asset value. In one of our cases in Besiktas, when a Bosphorus-view residence apartment was converted from unfurnished to furnished, income rose by around 40% and the rent was paid a year in advance; the outcome is not the same for every apartment.

Choosing the right tenant

The tenant who makes the highest offer is not always the right tenant. Corporate employees, senior executives and tenants with long-term plans are preferred for their regular payment habits, predictable use and low operational risk. Reviewing candidates' employment and references at the meeting stage prevents later problems.

Marketing and timing

How long letting takes depends on pricing, preparation of the apartment and the target tenant profile. In our cases in Besiktas, three apartments in two different residence projects were let within a month through a multi-channel marketing plan built around the target tenant group, and a Bosphorus-view residence apartment found its tenant in 17 days. That plan combined one-to-one briefings to fellow agents, social media advertising, a domestic and international portfolio mailing and professional websites.

Lease and handover

The lease should clearly state the term, the increase condition, which party pays the service charge and the deposit; under the Turkish Code of Obligations, the security deposit for residential leases may not exceed three months' rent. At handover, fixtures and any furniture should be recorded with photographs, and the rules of the complex's management plan should be shared with the tenant in advance.

Sell or let?

For some assets the right strategy is a sale, while for others holding for a period or adopting a furnished letting model can create more value. When deciding, the apartment's current sale value and the net rental income should be assessed together; a property's performance is measured not only by occupancy but by the net income it generates and the asset value it preserves. For owners also considering a sale, we cover the sales market of the area in our Ulus guide.

We set rental value with our data-driven pricing approach. Rental property types in Ulus and what tenants should check are covered in our guide to apartments for rent in Besiktas Ulus, and the effect of furnished letting on value in our article on professionally managed furnished rentals.

To find out the rental value of your apartment in Ulus and plan the letting process together, please get in touch with us.

Özkan ÖZEL
Strategic Real Estate Asset Management
Beşiktaş / Istanbul
ozkanozel.com

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