Letting Rates
Rental rates and how to increase your rental income
Rates vary greatly according to the season, the region, and the size and quality of a property.
An average apartment or townhouse sleeping four to six in an average area can be let for between €500 (low season) and €850 (high season) per week. A villa in a popular area can be let for around CY£700 per week in the summer.
Most people who let year round have low, mid- and high season rates. The high season usually includes the months of July and August and possibly the first two weeks of September. Mid-season usually comprises June, late September and October, and the Easter and Christmas/New Year periods, when rents are around 25 per cent lower than the high season. The rest of the year is classed as the low season. During the low season, which may extend from October to May, rates are usually up to 50 per cent lower than the high season.
Note that rates usually include linen, gas and electricity, although electricity and heating (e.g. gas bottles) are usually charged separately for long lets in winter.
To get an idea of the rent you can charge, simply ring a few letting agencies and ask them what it would cost to rent a property such as yours at the time of year you plan to let it. They’re likely to quote the highest possible rent, so this should be adjusted as appropriate. You should also check advertisements.
Increasing Rental Income
Rental income can be increased outside high season by offering special interest or package holidays – which can be organised in conjunction with local businesses or tour operators – to broaden the appeal and cater for larger parties. These may include:
Activity holidays, such as golf, tennis, cycling or hiking;
Cooking, gastronomy and wine tours/tasting;
Arts and crafts such as painting, sculpture, photography and writing courses.
You don’t need to be an expert or conduct courses yourself, but can employ someone to do it for you.
Also in this section
- Introduction: An introduction to buying property in Cyprus
- Advantages & Disadvantages: What to take into account
- Legal Advice: What you should know
- House Hunting: How to find your dream home in Cyprus?
- Estate Agents: All you need to know to deal with estate agents
- Cost of Property: Can you afford to buy property in Cyprus?
- Property Prices: How much does property cost in Cyprus?
- Permission to buy property: Application to the Council of Ministers
- Fees: Extra costs when buying property in Cyprus
- Inspections & Surveys: What you need to know
- Buying Off Plan: How to buy property off plan
- The purchase procedure: Buying a house step by step
- Payment: All you need to know about the payment process
- Sale Contract: The final step
- Transfer of Inmovable Property: How is it done?
- Letting: Restrictions to letting your home in Cyprus
- Letting Rates: Rental rates and how to increase your rental income
- Using an agent: All you need to know about letting agents
- Doing your own letting: All you need to know to do it yourself
- Information Packs: What they should include
