Rental market supplemented by new high-quality apartments in Miera Street 61
30 September 2010
At a time when the demand for good rental apartments is beginning to exceed the offer, the rental market has been supplemented by high-quality previously unoccupied apartments in a new project building in the centre of Riga. In two weeks, real estate company Latio has already rented a fifth of the offered apartments.
“This is a good example of a solution in a situation when the market conditions are not particularly favorable for sale of new apartments. The owners of the building in Miera Street 61 decided not to keep the apartments empty, but instead to offer them for rent, entrusting the entire property management to companies of one group – management of the building is provided by Latio Namsaimnieks, while tenants are sought out by the experts of the Latio rental department. As some of the people who need a high-quality apartment for living are deciding to rent rather than purchase, this is a good time for the owners of new or unfinished apartment buildings to consider making them available for rent,” explains Ģirts Krūmiņš, head of the Latio rental department.
The new seven-story building in Miera Street 61 offers 52 fully completed, previously unused apartments sized 30 to 92 square meters. The rental price, depending on the number of rooms and the size, is 220 to 1000 euros per month, without the utilities and management expenses. For example, the monthly rental of a two-bedroom apartment with an area of 49 square meters is 320 euros. The management fee is 45 santims per square meter per month. The minimum rent period for the apartments is one year, the maximum – five years. The apartments are not offered for sale, they can only be rented.
The apartments offered for rent feature a built-in kitchen unit, new Whirlpool appliances, built-in closets, parquet floors, adjustable heating and individual heat meters. The building is located in guarded territory, with video surveillance and a security guard 24/7. In the tidy territory around the building, there is a children’s playground, a bicycle rack at the building, space for prams on the first story, and a parking lot under the building. The building and its territory is maintained in very good order.
In the fall, the demand for good rental apartments has increased, while high-quality offer has remained generally the same, meaning that tenants have to spend more time to find an apartment suitable for their requirements. “In the two weeks since we have been offering the rental apartments in the new building in Miera Street 61, ten rental agreements have been concluded. It demonstrates that there is high demand for quality apartments in the centre of Riga suitable for moving in right away, and it is possible to quickly find tenants for suitable apartments that are offered at a price corresponding to the market situation,” notes Ģirts Krūmiņš. He adds that a third of the apartments in the building are currently occupied, as more than ten apartments were sold previously, but the rest are being offered for rent.
Ģirts Krūmiņš, head of the Latio rental department;phone: 67502902, 29565007;e-mail: email@example.com
Phone: +371 67032300