Renting refers to the provision of residential or commercial space in exchange for rent. Landlords must hand over the property in a condition that complies with the lease and maintain it in good repair, while tenants are obligated to pay rent on time and use the property with due care. The basis for a regulated tenancy is a lease agreement that clearly defines the rights and obligations of both parties. It sets forth important aspects such as rent, utilities, and the security deposit. In some cities, rent control measures are in place to prevent excessive rent increases.
Income from renting is taxable; however, maintenance and renovation costs can be claimed as tax deductions. To minimize risk, a credit check, a legally sound lease agreement, and, if necessary, landlord liability insurance are advisable. Digital solutions simplify rental management and help organize the tenancy.
A well-organized tenancy ensures security and long-term appreciation of the property’s value.
