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Tenants
People who rent in the centre of Tallinn may be character-
ised as people who, in addition to the good location, prefer
There are more and more cases where several people the convenience of not owning property.
want to rent the same flat, which means that the owner can
let it out at the offer price, i.e. without bargaining about the Many people who rent apartments in the centre of Tallinn
price. are local, but the proportion of foreigners is somewhat big-
ger in the centre than in other districts of Tallinn. The scale
The long-term prospect of rent prices depends largely on of the areas of activity of lessees is broad – people who
the general conditions on the market. We can assume that rent range from (foreign) students to senior executives of
rent prices will be on the same level as today in a year’s companies. It is difficult to highlight a common denomina-
time if the economy recovers in the nearest future as ex- tor.
pected. However, we cannot forecast a price increase.
Period of Rent
Vacancy The duration of the average period of rent is six months to
There are not many new offers arriving on the market. The one year. Lessees often prefer contracts without a speci-
number of premises to let has increased by 41% over the fied term as they can be cancelled at short notice.
year, but decreased in the last four months.
Rented apartments are often seen as a short-term solu-
Some offers may appear on the market on account of tion. The temporary nature of renting may be caused by the
speculatively acquired property, where owners feel stran- person working in Estonia temporarily, insured events,
gled by loan repayments decide it would be better to fur- changes in the marital status and studies.
nish their empty apartments and rent them out.
Furnishing Rental Apartments
Speculatively acquired apartments have often not been Apartments that are to let could be furnished. They must at
rented out because owners have not wanted to invest in least have kitchen furniture, light fixtures, curtains and
curtain rods, sanitary equipment. Apartments that have not When an apartment is taken on rent through the RED
been furnished to the minimum level or apartments that do Group, then the RED Group organises subscriptions for
not have kitchen furniture are a challenge for the lessor, services and thereby makes taking the apartment on rent
which usually does not yield a positive result. easier and cheaper for the client.
Standard Transactions
1-bedroom apartment in the centre of Tallinn
Rent: 18,000 EEK + utilities (asking price 22,000)
Details: 278.7 m2, V floor, furnished
Pros: spacious, sauna complex (Jacuzzi, steam sauna,
sauna), fireplace in the living-room and sauna, 3 bath-
rooms, large kitchen
Cons: no elevator and allocated parking, on a busy street
in Old Town
Goodson & Red is a passionate international property con- deavour to provide ease and comfort through considerate
sultancy dedicated to delivering premier residential and personalised and professional service to all our clients,
commercial property services in Tallinn. whoever they are and whatever their needs for property in
Tallinn.
Through more than 6 years of consistency in one of the
most rapid property markets in Eastern Europe we have Our services include comprehensive property brokerage
developed an enviable reputation for our in-depth market services for sellers, home search, long and short term let-
knowledge and expert, considerate personal service. Al- tings services and a comprehensive professional manage-
though our knowledge is extensive both in the letting/ ment service for landlords. We also offer foreign buyers
management and the selling/investing process, in Tallinn consultancy to help investors diversify their portfolio, to-
and throughout Estonia we are widely regarded as the gether with a development consultancy service, providing
market leader in our niche of the property market: serviced effective marketing and branding for developers.
short-lets, mid- and long-term rentals, management ser-
vices, home search, as well as buy-to-let consultancy. Whatever your requirements for Tallinn property, Goodson
& Red is perfectly positioned to help you achieve your aims.
At Goodson & Red we embrace change and are constantly Please do not hesitate to contact should you have any fur-
challenging tradition because we have a strong desire to ther questions.
improve the way our industry operates.
Unlike some established estate agents, who offer every E-MAIL us info@goodsonandred.com
location in Estonia and around the world and claim to be
CALL us on +372 666 1650 or +44 20 8816 8174
experts in all them, we specialise, we grow gradually and
VISIT us in person at Jõe 5, Tallinn 10151
study each our market thoroughly, and we are committed
to going beyond the sale. Our philosophy is plain: property
is our passion, we perform with integrity and values, and
relationships are most important for us; we constantly en-
Goodson & Red Property Experts
RED Group PLC, Jõe Str 5, Tallinn 10151
Ph: +372 666 1650 / +44 20 8816 8174
E-mail: info@goodsonandred.com
Www.goodsonandred.com