Situation
This two level 44 m², recently renovated apartment in District VIII (Orczy area) had been on the market for 3 months without finding a tenant.
The owner, based in the Netherlands, expected a higher rent based on a similar-sized property their friend owned in District V .
The property remained empty, with no rental income over that period.
The problem
The apartment itself was not the issue the pricing did not reflect the location.
The owner was comparing the property to a similar apartment in District V, which is a much more central and expensive area.
In reality, the location of this property did not support that price level.
It took time to recognise this, as the expectation was based on what their friend was achieving in a different part of the city.
As a result, the apartment was priced above what tenants were willing to pay and failed to attract serious offers.
What we did
We showed how pricing needs to reflect the location and compared the apartment to similar properties in District VIII.
Once this was understood, the asking price was adjusted to match the local market .
We then relaunched the property and managed all enquiries and viewings .
The result
The apartment moved from no serious offers in 3 months to a signed agreement within 2 weeks.
The property was rented at €490/month.
Why it worked
Tenants compare properties based on location first. If the price reflects a stronger area, the apartment is often ignored, even if the condition is good.
Client perspective
"We were comparing it to a property our friend owned in District V and didn’t realise how much the location affected the price. Once we adjusted our expectations, the apartment was rented quickly."
Final insight
Price is not only about the property it must reflect the location.
Even a well-renovated apartment can remain empty if it is priced as if it were in a stronger location.