In this article I want to illustrate the market situation regarding residential real estate rentals in downtown Verona. And give users an idea of what a property given for rent in the Scaliger capital may be worth.
In 2017, 1 ,348,161 housing leases were recorded.
source:IMO
Our city has a very unique situation regarding the rental market:
- is a tourist town
- is a university town
- Is an important medical hub
- Is a strategic logistics hub for the northeast
- has a very active fair with events that attract a lot of interest ( including international )
This mix of characteristics has resulted in a market where there is a strong housing need, where many companies are based and consequently also their employees and collaborators. The strong tourist vocation has, in addition, caused an exceptional development ( in the last 3/4 years ) of accommodation facilities/Extralberghiere, to satisfy the numerous presences of tourists, travelers and visitors to our beautiful city that, between the province and the lake, can count on a basin of more than 15 million presences a year ( source ANSA )
It is precisely this wave of tourist hospitality facilities that has generated a shortage of supply in the Scaliger real estate market, which has a heavy effect on housing demand.
The recent ( and past say ) economic crisis of the past few years has forced many people to have to develop new entrepreneurial projects that could exploit the enormous potential of our beautiful city. Many have entered the world of tourist and short-term rentals, thanks to web platforms that help find customers ( airB&B, booking.com, etc ) the income from the management of a property can be such as to ensure a worthy salary against a real WORK that keeps the managers of these facilities busy.
From a simple system for reinventing themselves, once they understand the pattern, many people who perhaps used to rent out their son's room that is now empty, want to develop the business model in an entrepreneurial way, to increase revenue and meet the demand that fortunately never lacks.
As of August 2018 there are 3516 accommodations on the airB&B platform(+75.80 compared to 08/2016) of which 2436 are in the city the others in the province of Verona.
Not being able to buy properties in the city center and then use them for b&b or tourist rentals, many ( facilitated by the lack of legislation on the subject ) rent any type of housing solution to convert it to accommodation, thus leading to a sharp decrease in the real estate proposal on the market and a consequent increase in prices. Furthermore, landlords, often enticed by slightly higher offers than the previous rents received, agree to this type of use, generating a vicious circle in which unsuspecting tenants lose out.
But let's come to some values, to identify what an apartment for rent in downtown Verona is worth:
In the city center (old town, borgo trento, veronetta, valverde, citadel court, porta palio and san zeno )
- two-room apartment understood as living room with kitchenette bedroom and bathroom fluctuates between 500 € and 750 € per month ( depending on the size, finishes and equipment ) generally this type of property is always found complete with furniture and in some cases even kit ( dishes, dishes etc )
- three-room ( 2-bedroom apartment ) here we begin to find the first apartments free of furniture or equipped only with a kitchen, and the price range for this type of unit is from 700 to 1200 € per month
- four-bedroom apartment or higher: here we begin to talk about 3-bedroom apartments a market that has been raided by tourist type leases ( 3-bedroom in fact is the ideal solution for a b & b) for this reason only very large (150/200 or + sqm) or prestigious apartments are left on the market, with very high rents. In this case it ranges from 1200 to 2500 € per month for the most valuable "pieces", but it is not uncommon to find properties that reach even 3500 € per month ( maximum value - in my opinion - absorbable by the current market ).
An eye must also be given to the market for studio apartments and rooms for rent, although solutions that have a market apart from "normal" rentals. In fact, the former are very rare, and are almost always rented out in very short time frames with values ranging from €400 to €500 per month. The second ones, on the other hand, are a habit dominated by university students ( the prevailing market being that of the Veronetta/university area ) in which we can find values ranging from 200 to 280 € per month for a bed in a double room ( thus shared with another tenant ) to 300/380 for a single room. Often these rents also include running expenses ( electricity,water and gas ) for easier landlord management.
With regard to timing, it should be pointed out that the ratio of applicants for rental housing to the availability of apartments is very disproportionate in favor of the latter, so a landlord today has the luxury of being able to choose from a large list of applicants, the tenant that best meets his or her needs, and to find a tenant in a short time, i.e., a few weeks for smaller apartments and 2/3 months for larger ones or those with special characteristics-
I report this experience from my own skin recently.
I post a one-bedroom apartment in a central area on Sunday evening at about 10:30 pm . On Monday morning until 12:30 p. m. when I decided to remove the ad from the web, I received 53 contact requests for the unit. Following initial "skimming," after scheduling inspections, a contact person was found within a few days.
If you are interested in a PRACTICAL GUIDE ON HOW TO RENT YOUR REAL ESTATE IN VERONA HERE'S THE LINK
if you are looking for help making a lease click here.
