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Home Real Estate

Rental Investing In Paris

Kathleen Peddicord by Kathleen Peddicord
Jul 06, 2010
in Real Estate
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One of the apartment residences in the 12th district of Paris.
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How To Maximize Your Returns In One Of The World’s Most Solid Rental Yield Markets

The rental market in Paris has shifted. Last year, when the euro was strong, tourism was down. The short-term rental market suffered.

Today, the Greenback has about 20% more buying power in this part of the world than it did a year ago. Tourism is up sharply, and short-term rentals are back in demand.

Meantime, thanks to la crise, as the French refer to it, many apartment owners in this city have been struggling. With fewer tourists on the scene over the past 18 months or so, landlords did what they could to attract long-term tenants. Business people flow steadily through this city, often with their families in tow during their 3-, 6-, or 12-month placements. More apartment owners fighting to attract a piece of this executive rental pool has translated into falling pricing. Mid- and long-term rental rates are down and more competitive than they’ve been in a long time. On the other hand, again, though, this season, with more travelers coming and going, tourist rentals are up, in terms of both occupancy and price.

This is the advantage of a diversified market like this one. While one market segment softens, another becomes more interesting.

Which is one big reason why I recommend an apartment in Paris as a solid long-term yield play. All markets cycle, including the apartment-rental market in Paris. As in any market, you’ll see ups and downs, but you won’t have to worry about your return flat-lining. You may have to adjust your pricing, but, if you’re flexible, you’ll find a tenant.

Our apartment in Paris has been part of the city’s rental pool for the past two years, since we took our leave for Panama City. We found an initial tenant no problem at a rate that made Lief very happy.

By the time that eight-month rental finished, the market had begun to turn. La crise had taken hold, the dollar was down.

“I can find you a new tenant,” Linda, our rental manager, assured us at the time, “but you’ll have to be willing to negotiate a little on the rent.”

No problem, we told her. The main thing is to keep the place occupied and the yields flowing.

She did. In the 16 months since, we’ve had two other mid-term renters, the second of whom vacated last week. Each of these paid less in rent than did our original tenant, but not dramatically less.

Linda asked to meet with us upon our arrival this visit. She wanted to talk about how to make our apartment more rentable following our departure.

“I think we should make a change,” she explained. “Long-term rentals are tough right now. It’s a renter’s market. You won’t be able to charge enough to make the effort and the wear-and-tear on the apartment worthwhile.

“However, there are many tourists looking for short-term rentals right now and through 2011. I can get you as much in two weeks on the short-term market as you’d earn per month renting long-term.

“You’ll need to make some adjustments to the apartment, though. You’ll need to buy another television, and I think you should add a small table and chairs in the kitchen, a place for people to eat quickly and casually. Short-term clients don’t cook or dine formally in the apartment. They want a place to take croissants and coffee in the morning. Otherwise, they eat out.”

Taking stock after having been away for two years, we see that we also need to paint and to carry out some minor repairs.

We’ll make these further small investments in the property with the hope that they’ll pay off in greater rental yields over the coming 12 to 18 months, perhaps substantially greater. Linda believes she’ll be able to get us short-term occupancy of at least three weeks per month.

Meantime, Lief is off to the hardware store to buy paint. And I have an excuse to go furniture shopping.

Kathleen Peddicord

Tags: apartments rent pariscommercial real estate parisinvestment propertiesinvestment property parisproperty overseas
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Kathleen Peddicord

Kathleen Peddicord

Kathleen Peddicord has covered the live, retire, and do business overseas beat for more than 30 years and is considered the world's foremost authority on these subjects. She has traveled to more than 75 countries, invested in real estate in 21, established businesses in 7, renovated historic properties in 6, and educated her children in 4.

Kathleen has moved children, staff, enterprises, household goods, and pets across three continents, from the East Coast of the United States to Waterford, Ireland... then to Paris, France... next to Panama City, where she has based her Live and Invest Overseas business. Most recently, Kathleen and her husband Lief Simon are dividing their time between Panama and Paris.

Kathleen was a partner with Agora Publishing’s International Living group for 23 years. In that capacity, she opened her first office overseas, in Waterford, Ireland, where she managed a staff of up to 30 employees for more than 10 years. Kathleen also opened, staffed, and operated International Living publishing and real estate marketing offices in Panama City, Panama; Granada, Nicaragua; Roatan, Honduras; San Miguel de Allende, Mexico; Quito, Ecuador; and Paris, France.

Kathleen moved on from her role with Agora in 2007 and launched her Live and Invest Overseas group in 2008. In the years since, she has built Live and Invest Overseas into a successful, recognized, and respected multi-million-dollar business that employs a staff of 35 in Panama City and dozens of writers and other resources around the world.

Kathleen has been quoted by The New York Times, Money magazine, MSNBC, Yahoo Finance, the AARP, and beyond. She has appeared often on radio and television (including Bloomberg and CNBC) and speaks regularly on topics to do with living, retiring, investing, and doing business around the world.

In addition to her own daily e-letter, the Overseas Opportunity Letter, with a circulation of more than 300,000 readers, Kathleen writes regularly for U.S. News & World Report and Forbes.

Her newest book, "How to Retire Overseas: Everything You Need to Know to Live Well (for Less) Abroad," published by Penguin Random House, is the culmination of decades of personal experience living and investing around the world.

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