How to avoid losing rental income during the renovation?

  • Updated

Rendin is not covering the loss of rental income to the landlord when the rental agreement has ended and the owner's apartment is under renovation or empty due to damage. However, we can guide the landlord on how to avoid this situation.

Agree to meet the tenant in the rental home right before the rental agreement ends, and the property is handed over, ideally a few weeks before. This way, you can review the whole accommodation together. If it becomes apparent on the spot that there are shortcomings in the apartment, the landlord can immediately bring them to the tenant's attention. In the case of deficiencies, the tenant will have a reasonable period of time in which to remedy the situation.

  1. If the tenant is uncooperative and refuses to comply, the landlord still has the opportunity, during the term of the lease, to assess the amount of damage and map out the necessary remedial work to start restoring the apartment as soon as possible. The sooner action is taken, the shorter the time the rental property will be vacant.

  2. If the apartment has the type of damage that does not restrict its use, but it takes time to assess the amount of wear and/or to carry out the necessary repairs, the owner can rent out the apartment. In the meantime, the landlord must continue to take the required steps (e.g. enquiries to building contractors, ordering furniture, etc.) to ensure that the damage is repaired as soon as possible. 
    • It is crucial that the new tenant is aware of what is happening! Thanks to a mutual agreement with the new tenant, the repair work can take place.
    • The carrying out of repair work – necessary to maintain the condition of the accommodation, to remedy defects, to prevent damage or to repair the consequences of lesion – during the tenancy is permitted by law.

Read more about how to deal with property damage.