My experience as a landlord in Wallonia: 5 years and 4 properties

2020 — the beginnings

I am a civil engineer by training, employed in Mons for 25 years. In 2020, at 48, I bought my first rental apartment: a 2-bedroom of 70 m2 on rue de la Station in Mons, for 115,000 EUR. Motivation: supplementing my pension, which will be insufficient given my current salary.

Five years later, I own 4 properties: 2 apartments in Mons and 2 terraced houses in Jemappes. All rented, all profitable, but not without surprises. The journey between “buying a property” and “being a serene landlord” is longer and more strewn with pitfalls than what property dream-sellers on social media claim.

This testimonial is the honest account of 5 years of learning. With the real figures, not optimistic projections.

Walloon obligations: permits and EPC

My first surprise was administrative. In Wallonia, the rental permit is compulsory for small properties and shared housing. My first 70 m2 apartment did not need one, but my second acquisition — a 25 m2 studio in Mons, purchased for 65,000 EUR in 2022 — did.

The rental permit application in Mons took 3 months: visit from a municipal inspector, compliance work on the smoke detector and bathroom ventilation, then permit issuance. Total cost: 850 EUR (250 EUR administrative fees + 600 EUR compliance work).

The EPC certificate is compulsory for all rental properties. My 4 properties range from EPC C (the renovated house in Jemappes) to EPC F (the poorly insulated studio in Mons). The EPC directly determines the rental deposit: 2 months’ rent for EPC A to D, 3 months for EPC E to G. For the EPC F studio, the 3-month deposit (1,650 EUR) was a barrier for some prospective tenants.

Tenant selection

Over 5 years, I have signed 7 leases (4 initial tenants + 3 turnovers). Of these 7 tenants, 5 were excellent, 1 acceptable, and 1 problematic — the one who generated 3 months of arrears before leaving.

My selection method, refined over the years:

1. Complete file compulsory: last 3 payslips, employment contract, latest tax return. Personal rule: rent must not exceed 33% of net income.
2. In-person interview: not just to assess the candidate, but to clearly explain the lease rules, charges and my expectations.
3. Rigorous lease: every clause counts. Generic leases downloaded from the internet often omit essential clauses (re-letting viewings, boiler maintenance, charge allocation).

The problematic tenant was the only one I had accepted “on gut feeling”, without a complete file. Lesson learned.

The real yield: the true figures

Here is the real yield of my portfolio in 2024, item by item:

Gross rental income: 34,800 EUR/year (4 properties, average rent of 725 EUR/month)

Annual recurring costs:

• Property tax: 4,200 EUR (total 4 properties)
• Non-occupant owner insurance: 1,120 EUR
• Maintenance and repairs: 2,800 EUR (year without major works)
• Vacancy provision: 2,175 EUR (1 average month)
• Accounting and miscellaneous: 450 EUR

Net yield: 24,055 EUR/year, i.e. 4.8% net on a total investment of 498,000 EUR (acquisitions + notary fees + initial works).

This 4.8% does not account for potential capital appreciation, which is significant in Mons (approximately 3% per year over the 2020-2025 period). But I never include capital appreciation in my yield calculation: it is a hypothetical bonus, not real income.

The assessment after 5 years

Being a landlord in Wallonia is a job in its own right. Not a passive investment. Three truths I wish I had known before starting:

1. The real yield is 2 to 3 points below the advertised yield. Charges, unexpected expenses, vacancy and property tax consume a third of the gross rent. Do the complete calculation before buying.

2. Rental management takes time. I spend on average 4 hours per week on my 4 properties: payment tracking, tenant relations, maintenance, admin. A rental management software has saved me approximately 2 hours per week by automating repetitive tasks.

3. Wallonia has specific obligations. Rental permit, EPC, the 2018 residential lease decree: inform yourself about regional regulations before investing. What is true in Brussels or Flanders is not necessarily true in Wallonia.

If I had to do it again, I would do exactly the same thing — but better informed. To go further: How I automated managing my 3 apartments, My tenant is damaging the property and My tenant wants to leave before the lease ends.