Many people around the world rent. Some rent because they can't afford to buy, some don't like to be tied to one place, and others simply rent because they often come for work or vacation.

In Cyprus, a large percentage of people are looking for property to rent. It can be a house, a spacious villa, or a small studio. Many people insist that renting in itself is more profitable than buying and maintaining your own property.

Is it really so?

Below we will review the pros and cons of renting, as well as tips on how to avoid mistakes when choosing a rental property in Cyprus.

So,

Why renting is more profitable than buying in Cyprus?

There is no definitive answer to whether renting is more profitable than buying in Cyprus, as it depends on various factors such as the local real estate market conditions, the duration of the rental agreement, the financing options available for purchasing a property, and individual circumstances and preferences.

That being said, there are several reasons why renting might be more advantageous in Cyprus:

-The property prices in Cyprus can be quite high, making it difficult for some individuals to purchase a home outright.

-Renting offers more flexibility in terms of moving from one location to another, as tenants are not tied to a long-term mortgage agreement.

-When renting, the landlord or property management company is responsible for maintenance and repair costs. This can be a significant financial benefit, as home repairs and maintenance can be expensive.

-By renting, tenants can potentially save money that they can use for other investments, such as stocks, bonds, or a business venture.

-Renting can be a safer option as it eliminates the risk of financial loss due to market volatility.

What are some common mistakes people make when renting an apartment?

Although renting is a simpler process than buying, many people remain disappointed after signing a lease.

Let's take a look at the main mistakes people make when they decide to rent an apartment, house, or other property:

1. Not reading the lease agreement carefully

It's important to read the lease agreement carefully before signing it. Tenants should make sure they understand all the terms and conditions, including the rent amount, lease duration, security deposit, pet policies, and other rules and restrictions.

2. Not conducting a thorough inspection before moving in

Tenants should inspect the apartment thoroughly before moving in and document any existing damage or issues. This can help avoid disputes over security deposits when moving out.

3. Not asking questions before signing the lease

Tenants should ask questions about any concerns they have before signing the lease agreement. This includes questions about maintenance, repairs, parking, utilities, and other amenities.

4. Not communicating with the landlord or property manager

Tenants should communicate regularly with the landlord or property manager about any issues or concerns they have. This can help ensure that problems are addressed promptly and can improve the tenant-landlord relationship.

5. Not euro budgeting properly for rent and utilities

Tenants should budget carefully for rent and utilities to avoid financial stress. They should also make sure they understand what utilities are included in the rent and what they will be responsible for paying separately.

6. Not obtaining renter's insurance

Renter's insurance is a relatively inexpensive way to protect personal belongings and liability. Tenants should consider obtaining renter's insurance to protect themselves against theft, fire, and other unexpected events.

7. Not giving proper notice before moving out

Tenants should give proper notice before moving out according to the lease agreement. This can help ensure that they get their security deposit back and can avoid any penalties or fees.

What should you not say when renting an apartment?

When you are looking to rent an apartment, it's important to be mindful of what you say during your interactions with potential landlords. Certain comments or questions could negatively impact your chances of securing the rental or even lead to legal consequences. So we decided to give you some examples of what not to say when you rent an apartment.

-Negative comments about previous landlords

-Disclosing too much personal information

-Criticizing the apartment or its features

-Making assumptions about rental terms and conditions

On the surface, this may seem like a self-evident thing, but a lot of people do it when dealing with the landlord of a rental apartment.

A few more things you shouldn't talk about when communicating with a rental landlord:

Making Discriminatory Comments

It's essential to avoid making any discriminatory comments or questions when viewing an apartment. This includes asking about the race, religion, gender, sexual orientation, or nationality of the landlord or other tenants. These questions are not only illegal but can also offend the landlord and decrease your chances of being selected as a tenant.

Making False Statements

It's important to always be honest and transparent during your interactions with potential landlords. Making false statements about your income, employment status, or rental history can lead to legal consequences, such as eviction or even criminal charges. Always provide accurate and truthful information to avoid any problems down the line.

Asking for Illegal Accommodations

It's important to remember that landlords must abide by fair housing laws, which prohibit discrimination based on certain characteristics, such as disability. Asking for illegal accommodations, such as a wheelchair ramp in a building that is not accessible or requesting that a service animal be allowed in a building with a no-pet policy, can lead to legal consequences.

Making Demands

While it's important to ask questions and clarify any concerns you may have, making demands can be a turnoff to potential landlords. Demanding that the landlord make specific repairs or upgrades to the apartment before you move in or requesting that they lower the rent can decrease your chances of being selected as a tenant.

Discussing Illegal Activities

It should go without saying, but it's important to avoid discussing any illegal activities when interacting with potential landlords. This includes discussing drug use or dealing, illegal businesses, or any other illegal activities that could get you in trouble with the law.

In summary, it's important to be respectful, honest, and transparent during your interactions with potential landlords. Avoid making any discriminatory comments, false statements, illegal requests, demands, or discussing illegal activities. By doing so, you can increase your chances of securing the rental and avoiding any legal consequences.

What things do you need to consider before renting an apartment?

There are many things to pay attention to when looking for a rental villa in Cyprus. This includes things like location, convenient infrastructure, etc. However, in addition to these things, keep in mind the following:

- Budget: Cyprus offers a range of accommodation options at different euro cost points, so you need to determine how much you can afford to spend on rent each month. Be sure to factor in additional expenses, such as utilities, internet, and parking fees, when calculating your budget. It is also important to specify right away if you are going to pay the first installment in a currency other than euros.

- Size and Layout: consider the size and layout of the apartment in relation to your needs.

- Amenities: check what amenities the apartment building or complex offers, such as a gym, pool, laundry facilities, or 24-hour security.

- Lease Terms: read the lease agreement carefully before signing. Pay attention to the rent amount, security deposit, lease duration, renewal policy, and late fees. If you have any questions or concerns, ask the landlord or property manager for clarification.

- Landlord or Property Manager: get to know the landlord or property manager before signing the lease.

- Maintenance and Repairs: ask the landlord or property manager about the maintenance and repair policy. Who is responsible for repairs and how quickly can they be addressed? Is there an emergency contact in case of urgent repairs? Make sure you understand the process for reporting maintenance issues and how they will be resolved.

- Parking: if you have a car, consider the parking options available. Make sure you have a clear understanding of the parking situation before renting.

- Renting an apartment in Cyprus can be an exciting and rewarding experience if you take the time to consider these important factors. By doing your research and asking the right questions, you can find an apartment that fits your budget, lifestyle, and needs.

What are tenants’ rights in Cyprus?

As a tenant in Cyprus, you have specific rights that are protected by law. These rights ensure that you can live in your rental property without fear of being mistreated or exploited by your landlord.

Rent Control

Rent control is a system in Cyprus that regulates the amount of rent landlords can charge for their properties. The government sets the rent prices based on the type of property, location, and size. Landlords are not allowed to charge more than the government-regulated amount, and any attempt to do so is illegal.

Security Deposit

Landlords in Cyprus are allowed to ask for a security deposit from tenants. The security deposit is usually equal to one or two months' rent and is held by the landlord as security against any damages or unpaid rent. At the end of the tenancy, the landlord must return the security deposit to the tenant, provided there are no damages or unpaid rent.

Notice of Termination

Both landlords and tenants in Cyprus have the right to terminate a tenancy agreement. However, the law requires that either party must give notice to the other before terminating the agreement. The notice period depends on the length of the tenancy, with longer tenancies requiring a longer notice period.

Repairs and Maintenance

Landlords in Cyprus are responsible for maintaining their properties in a habitable condition. This includes making repairs promptly and ensuring that the property is safe and secure. Tenants have the right to request repairs and maintenance, and landlords are legally required to respond to these requests promptly.

Quiet Enjoyment

Tenants in Cyprus have the right to quiet enjoyment of their rented property. This means that landlords are not allowed to interfere with their tenant's peaceful use and enjoyment of the property. For example, landlords cannot enter the property without the tenant's permission, except in an emergency.

What to do if your rights are violated?

If you believe that your rights as a tenant have been violated, you should take action immediately. The first step is to contact your landlord or property manager and try to resolve the issue directly. If this does not work, you can file a complaint with the Rent Control Department or the Court. This department is responsible for enforcing the rent control laws in Cyprus and can help you to resolve disputes related to renting repairs and other issues.

If other options have failed, you may need to file a complaint with the court. This can be a complex and time-consuming process, so it is advisable to seek legal advice before taking this step.

Be careful

Renting an apartment in Cyprus can be an exciting process, but it's important to be aware of the potential mistakes that can occur. From misunderstanding rental terms to failing to inspect the apartment thoroughly, there are many pitfalls to avoid. It's crucial to do your research, ask the right questions, and be mindful of what you say during your interactions with potential landlords. By being cautious and taking the time to consider all of the factors involved, you can ensure a positive renting experience and a comfortable living situation in Cyprus. Remember, each rental situation is unique, so it's important to be adaptable and flexible as you navigate the process of renting an apartment in Cyprus. With the right approach and a bit of patience, you can find the perfect apartment that fits your budget, lifestyle, and preferences.

Take our tips into consideration and you will surely conclude a successful contract with the landlord.

On our website, you can find lots of apartment rentals in all cities of Cyprus from reliable and licensed agents that we cooperate with.