Many people actually buy Dominican Republic property for investment purposes with a view to having it pay for itself through rental. Others use renting as a way to offset costs associated with the property when they are not in residence.
Properties rent very well, especially during high season (the North American winter months). You can generally count on an average yearly occupancy rate of 65-80%. This depends on the unit, of course: it's location, size, condition, etc.
Many condo and housing developments have on-site rental management programs and cater to owners who are not in residence. Dominican Republic Properties works with several developers and companies that offer this type of product.
If you choose to buy a property in an area that does not provide this service, then there are several reputable property management companies in the area. Please let us know and we will be happy to put you in touch with one of them, as well as provide information about how their programs work.
Some general monthly costs associated with operating a rental property:
Condo/subdivison fee (to pay for: outside maintenance of grounds, facilities, etc.; security; garbage pick-up; utilities (can also be excluded and be a separate fee); lighting; - $150-$400/month depending on the property
Cleaning and yard/pool upkeep: if your property is rented, tenants will expect daily cleaning service and in the case of a house, your yard and pool must be maintained. - $300-$400/month for both services
Utilities: you may be responsible for paying your utilities separately. Some general costs: electricity - $100-$600/month (use the higher amount if the property is fully rented - this is a good problem to have); cable & internet - $30-$60/month; telephone - $50
Costs associated with replacing appliances, dishes, towels, bedding, etc.
The key to having a profitable rental is choosing the right property. We are happy to help you find the right one, as well as point out those that will not be as profitable.