The real estate market in Hungary has experienced a rise in sales but professional property management – including renting - has become a serious business as well in the housing market.
It can be hard to find an affordable long-term let in Budapest
Finding an apartment or a house to rent in Hungary, especially in the capital can be a serious challenge. There is a significant housing shortage and in the city. Rental apartments are seeing a massive increase in their prices not only in the downtown of Budapest but now also in its outer districts and outskirts. A proper renting property cannot be found under 100, 000 HUF in the capital. On ingatlan.com the average rent for smaller apartments (40-80 sqm) is 140, 000 HUF, whereas the larger ones (80-120 sqm) can even cost 250,000 HUF. Cheaper offers have been scarce and offered to friends only, typically outside the market.
Putting Pen to Paper
A lease or rental agreement sets out the rules landlords and tenants agree to follow thus providing safety for both in their rental relationship. It is a legal contract, as well as an immensely practical document full of crucial details, such as how long the tenant can occupy the property. The agreement should specify the amount of rent, when it is due, how it's to be paid, what happens in case of delay, how to pay the costs, who can live there and the normal conditions of use. It is useful to carry out a detailed photo inventory too. The agreement needs to be notarised, which ensures that at the termination or expiry of the contract, moving out can be solved by any legal process.
The Value of the Security Deposit
It’s standard practice in Hungary to ask tenants to pay a security deposit of the equivalent of two months’ rent from the prospective tenant to cover unpaid rent and perform needed repairs or cleaning that result from more than normal use. The use and return of security deposits is a frequent source of friction between landlords and tenants. To avoid confusion and legal hassles, your lease or rental agreement should be clear on the amount of the security deposit when and how you will return the deposit as well as details on where the security deposit is being held.
(Source: http://www.napi.hu)
