June 28th, 2017 by Own A Space
Dubai residential landlords are going flexible in terms of their pricing and policies, according to what the leading real estate brokerages in the city say. The increasing supply of units in Dubai has given more options and confidence to the residents to try out those options of cheap rents on lease renewal. The landlords are gradually accepting the new reality and are ready to negotiate with the tenants.
The sales director of Aurum real estate Yash Shah says that they are getting flexible when it comes to the number of rental cheques which are usually 1-4 in number, but there are no incentives associated by the landlords to it yet.
Picture Courtesy: www.khaleejtimes.com
Four to six cheques are started to become common these days, however, it is not available on all the properties and sometimes a tenant has to pay a single cheque. There are very few cities globally which require a tenant to pay the rent of entire year in advance.
From the investment view point, multiple rent cheques shouldn’t be looked upon as a bad thing. It is the way a sound property market works right now. This is the way they can even get bigger returns on the investment. The property management service is attractive to tenants as they are aware that someone will always be there behind the issues.
For standing out in a competitive environment, some landlords are prepared to include the first rent of the month as free. The tenants of Dubai have the opportunity of renegotiating on the renewal as the landlords are easily affected by those negotiations.
If the landlords are flexible enough on a number of cheques they are taking, you can still get best returns on the properties. If you have a good tenant, then you should accommodate them as they deserve more than just the rent.
Picture Courtesy: www.3villaz.com
Landlords that are practical and realistic for pricing and pay cheques aren’t the ones who are facing void periods of a long time on their properties. They have long gestation period which is the reason of more flexibility in renting prices and terms. Landlords are advised not to put numerous brokerages to find a tenant for their property because it is the reason for the owner to research the market and have some sensible marketing advice from an industry specialist.
More money can be earned if being close to the main area like downtown or Marina/ JBR despite the off instances of families downsizing. These areas get relative bargains. Relative to what was paid a few years ago.
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