UAE: Landlords seek Minimum Lease Durations Amidst Rising Rental Trends in Dubai

asmaa - | Arab News

In Dubai, the rental market is undergoing significant changes, driven by a surge in demand for short-term rentals alongside traditional long-term leases.

Landlords are adapting to this evolving landscape by implementing minimum lease durations and offering more flexible terms to cater to a transient population. The increase in rental prices across various communities is attributed to factors such as the influx of high-net-worth individuals and the UAE's removal from the FATF's grey list, boosting the emirate's appeal for investment and residency.

Karun Luthra, from Foremen Fiefdom, highlights the shift towards prioritizing amenities and services to enhance tenant experience and retain occupants in a competitive market. This shift underscores the importance of clear communication and trust-building between landlords and tenants to ensure a positive experience for both parties. Landlords are also focusing on timely rent payments, security deposits, and adherence to building rules to maintain high occupancy rates.

Moreover, tenants, particularly millennials, are seeking flexibility in lease terms, co-living arrangements, and pet-friendly policies. Landlords accommodating these preferences may attract a broader pool of renters. Additionally, tenants are placing greater emphasis on community within their buildings, prompting landlords to organize social events or create online forums for residents.

Alois Kugendran, from Huspy, emphasizes the value landlords place on continuity and avoiding vacancies by seeking tenants committed to longer-term stays. This aligns with the growing interest among property owners in professional property management services, especially following negative experiences such as disputes with tenants or seeking higher net returns on investment amidst rent increases.

Betterhomes' Jacob Bramley points out that landlords who just have one house to manage tend to favor a more personal approach and building connections with their renters. However, as a more educated tenant population fights for their rights, more and more landlords are considering hiring professional property managers to help them save money and time.

Paul Kelly, from Allsopp & Allsopp Group, observes a trend of landlords turning to property management companies to handle tasks and mitigate conflicts. This rise in professional property management reflects the growing demand for streamlined processes and professional oversight in landlord-tenant relationships.

Dubai's rental market is witnessing a transformation driven by changing tenant preferences and landlord strategies, leading to a greater emphasis on flexibility, community, and professional property management services to meet the evolving needs of both parties.

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