With Dubai’s rental market on the rise, numerous tenants are looking for other options due to the significant rent hikes imposed by their current landlords.
If you’re seeking a cheaper choice, considering newer or recently constructed properties could be your top choice.
Landlords in recently completed properties with fewer tenants are usually more open to discussing rental terms, as stated by Prathyusha Gurrapu of Cushman & Wakefield. These landlords might also provide alternative payment methods, like accepting various checks or electronic transfers.
For instance, Wasl, a real estate company owned by the Dubai government, is noted for offering monthly payment options to help tenants better handle their finances.
New areas like Town Square, Damac Akoya, and other developing locations are witnessing independent landlords providing comparable flexibility to entice renters.
Nevertheless, Dubai continues to experience a high demand in its rental market, resulting in notable rises in rent prices throughout different areas. Rent in areas such as Discovery Gardens, Dubai Sports City, and Dubailand has increased by 32%, 28%, and 24% respectively, compared to the previous year.
The rent hikes of 8-15% have been intensified by the recent update of the RERA Rental Index. In spite of these difficulties, there have been a significant amount of lease renewals, with renters opting to stay put rather than deal with rising expenses of moving.
