The unrenovated 55 square meter apartment was just a cross street away from the famous Szimpla Kert and therefore right in the middle of the “Ruin Bar” district, for which Budapest is famous all over the world. So it was actually predestined for Airbnb. But the situation on the short-term rental market is extremely complicated. That’s why we planned the complete refurbishment and fit-out in such a way that different tenant target groups can be served. The aim: to ensure that the property can be rented out all year round for no less than €20/sqm (basic rent).
For the implementation, we decided to create two independent apartments that share a common kitchen – in principle, a two-person shared apartment where each party has their own full bathroom, or where two couples who are friends can stay overnight but also have breakfast or cook together. In Airbnb use, such apartments are particularly popular because business travelers can also stay here as a couple – an apartment with two independent suites and a complete kitchen is cheaper and also more comfortable than two hotel rooms.
The most important steps of the refurbishment:
- New SPC laminate was laid over the old parquet flooring, which is protected against water and also withstands frequent cleaning (as is common in short-term rentals) excellently.
- Completely new layout of the apartment – non-load-bearing walls were removed and new ones built in drywall construction with sound and moisture insulation.
- The electricity grid was renewed and all electricity and water pipes were re-laid.
- Heating and coolingheating and cooling is provided by two separate inverter air-conditioning systems that can heat and cool.
- The kitchen, but also the glass doors of the showers were all custom-made – the space was used optimally and the furnishings fulfill all the functions that an (Airbnb) guest or long-term tenant expects.
- Although some features are dispensable under Airbnb, they are essential for long-term tenants: workspace, TV connection, washing machine, a large fridge and a fully-fledged stove.
Result
Before the apartment was even finished, we were able to sign the rental contracts with two overjoyed students who previously had to live in unworthy accommodation in other European cities for significantly higher rents. They are now finishing their studies in Budapest.
You found us via wg-zimmer-budapest.de, our own rental platform.
And if the situation changes after a year or two and Airbnb becomes an option again, we can tackle this together with the owner without having to remodel or upgrade the apartment.
We believe in the value of quality and outstanding design. It attracts (student) tenants who appreciate and respect such an environment, while maximizing the options for the owner – and ultimately the return on investment.
