Landlords in Dubai are now changing their rental agreements
12 cheques, free air-conditioning and flexible payment plans? These all sound like a dream, don't they?
Due to the exponential increase in supply of rental units in the city, tenants now have more power to negotiate rental agreements. Landlords are providing incentives such as the ones mentioned above in order to attract tenants.
It should also be noted that rental prices listed on real estate websites and in newspapers are usually on the higher side and should be seen as an estimate. Tenants should always negotiate before signing agreements.
"For example, you may see a two-bedroom in Downtown Burj Khalifa advertised for Dh100,000, however the reality is that we have recently seen many two-bedrooms there close at an average of Dh90,000 and with four cheques," says Lynnette Abad, partner and head of Property Monitor at Cavendish Maxwell, according to Khaleej Times.
The ultimate rental price always boils down to negotiation. "It depends on how aggressive one is, how persistent you are with the agent and/or owner and the willingness to walk away. Take emotion out of the equation and do your homework first, so you have ammunition for your negotiations. Be firm and always have a few options you are working on at the same time. The landlords will buckle as the power has clearly shifted to the tenant," adds Abad.
According to Cavendish Maxwell's Property Monitor, communities such as Discovery Gardens, International City, Dubailand and Jumeirah Village Circle (JVC) are seeing good rental deals and the 12-cheque option is slowly gaining ground in these areas.
Other areas where tenants can expect good deals are Business Bay, Sports City and International Media Production Zone.
Thinking of moving? Remember, it all boils down to negotiation!