Many investors purchase apartments in Riga or Jurmala with the aim of renting them out.
For its clients, KOM-INVEST has prepared an overview of rental market prices in Riga.
In Riga or Jurmala, the tenant usually pays a fixed monthly rental fee to the apartment owner, which is set in the lease agreement, plus the tenant additionally pays utilities. The annual property tax is most often paid by the apartment owner themselves, but this is a matter of agreement, and if the tenant agrees, a clause about paying the property tax is included in the lease. For more details about property tax amounts, see here.
Apartments in new projects are the most popular among tenants. A major advantage is the presence of parking, especially underground parking, and an elevator. 3-bedroom apartments are most in demand. These are typically studio apartments with 2 bedrooms. Usually, such apartments are rented by families with one or two children.
It is significantly easier to rent out a fully furnished apartment. You can leave the second bedroom without furniture, but then purchase the necessary furniture later by agreement with the tenant. Apartments with no furniture at all or with only a kitchen are very difficult to rent out.
Rental price depends on the location of the building. On average, a good new 3-bedroom apartment with full furnishings and parking is rented for 500-600 euros per month if the building is located in a residential area of Riga. For information about Riga neighborhoods, see here.
If a new project is located in central Riga, or if it is a renovated historic building with good location, then the rental for such an apartment can be 700 - 1200 euros, the price depends on the class of the building, finishing, and furniture in the apartment, presence of a terrace, concierge, fireplace, etc.
A 2-bedroom apartment in a new building in a residential area of Riga can rent for 350-500 euros.
1-bedroom apartments rent for approximately 200-300 euros.
Old Riga is in high demand among tenants, especially if parking is available, as a parking space in Old Riga is very valuable. A small 2-bedroom apartment in a new project with parking rents for 700 euros, a 3-bedroom apartment in a Stalin-era building with a parking spot in the courtyard also for 700 euros. In Old Riga, apartments are often rented by foreigners working in Latvia, or rented by companies for their employees.
It is more difficult to find tenants for large apartments with 4 or more rooms. Rental for such an apartment can be 1000 - 1600 euros.
From an investment perspective, greater income can be obtained by purchasing 2 two-bedroom apartments than one 3-bedroom apartment.
If you contact our company, we will help you select apartment options for purchase that will be most advantageous from a rental perspective, so you can obtain maximum returns on your investment.
KOM-INVEST specialists handle the rental of apartments that were purchased by our company's clients. We can also monitor the tenant, track timely payment of utilities and rent, and resolve all necessary issues related to servicing the purchased property.
Have questions? We await your email or call!
Phone number: +371 29774775
Email: info@kominvest.com
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