The sustained growth of the Senegalese real estate market has encouraged many investors to venture into apartment rentals. With ever-increasing demand, rentals offer a reliable source of income for those who commit to this activity. However, renting out an apartment is not an easy task. Adopting best practices is essential to ensure a smooth process and maximize the profitability of your real estate investment. This article will outline the steps to take to rent out your apartment in Senegal and secure a return on your investment.
Precise definition of the rental project
Whether in the heart of Dakar or on the edge of seaside areas like Mbour or Saly Portudal , the type of property you own and its location will influence the type of rental you might consider.
- Furnished rentals: Highly sought after by tourists , expatriates , and those on short-term business trips, furnished rentals are attractive because they offer all the necessary comforts without the tenant having to invest in furniture. With the dynamism of Dakar, more and more expatriates are looking for move-in ready apartments. Furthermore, offering a furnished apartment often allows you to set a higher rent, thus offsetting the initial costs associated with furnishing.
- Unfurnished rentals: This option generally attracts long-term tenants, such as families looking to settle down. As a landlord, this saves you the initial investment in furniture. Furthermore, with longer leases, you'll have stable income and avoid frequent tenant turnover, thus reducing vacancy periods.
- Seasonal rentals: Tourist areas in Senegal , such as Saly , are ideal for this type of rental. Tourists, often seeking more authentic experiences than hotels, look for apartments or villas for short stays. However, this requires active management to keep the property clean between tenants and to handle bookings.
Set a fair rent amount
Determining the rent is crucial. It must reflect not only the value of your property but also current market rates. The valuation is generally based on the size, location, condition of the property, and available amenities. To avoid underpricing or overpricing, it can be wise to consult a local real estate expert. These professionals have in-depth market knowledge and can provide an accurate valuation based on current prices and demand.
In Senegal, the determination of residential rents follows specific rules. According to Article 572 of the Code of Civil and Commercial Obligations , the rent price for a rental in Senegal is based on the estimated value of the property.
To give you an idea of the rental rates, here is a list of all the apartments for rent in Dakar . You can compare market prices before considering renting out your apartment in Senegal.
Searching for the ideal tenant
Finding a responsible tenant is essential to protecting your investment. If you choose to manage the rental yourself, it's crucial to check the background and creditworthiness of applicants. Another option is to partner with a local real estate agency . They typically have access to a wide network of potential tenants and can streamline the selection process.
At Keur-Immo , we always advise you to use the services of a real estate professional . They will be able to ensure a smooth rental process and will carefully select the most qualified tenant.
Drafting the rental agreement
Once a tenant is found, the next step is drafting the lease. This is a legal document that protects both the landlord and the tenant by defining the rights and responsibilities of each party. The contract must detail all the terms, including the rent amount, the lease term, and the conditions for termination. Furthermore, a detailed inventory of fixtures and fittings at the beginning and end of the lease is crucial to avoid any future disputes regarding potential damage.
Once again, if this step frightens you somewhat, do not hesitate to contact a real estate professional who will ensure the proper execution of this administrative procedure.
Insurance and protection against non-payment
Although insurance is not mandatory in Senegal, it is a prudent measure. A good insurance policy protects your investment against potential damages. Furthermore, given the risk of non-payment, consider taking out rent guarantee insurance ( GLI ). This insurance covers the landlord in the event of tenant default.
Maintenance and upkeep
The success of a rental also depends on regular property maintenance. Schedule semi-annual or annual checks to ensure everything is in order. This also strengthens the relationship with the tenant, who will feel heard and taken seriously.
Furthermore, it is better to plan for a shower repair or to review a gas installation quickly in order to avoid a rental vacancy that is too long and thus lose the profits that a rental would have brought us.
In conclusion, renting out your apartment in Senegal is a profitable venture, but it requires careful planning and management. By following these steps and paying attention to detail, you can maximize your return on investment while protecting your valuable property.
You can find all real estate listings in Senegal on Keur-Immo .
See all apartments for rent in Senegal.
Looking to hire professionals? Here is a list of real estate agencies in Dakar and real estate agencies in Saly .