Dubai is known as a tenants' market. Even after the freehold property laws were introduced, there was no significant decrease in the number of people opting to rent homes. When residential rents went through the roof during the peak period, tenants had no option but to take any unit that they could grab for the cheapest rate, and understandably, there was nothing much they could demand for the money they paid.
Today, with the demand-supply dynamics changing, rents have come down drastically. The days of tenants chasing real estate agents are gone. In this transformed market, landlords are ready to go that extra mile to please prospective customers.
However, the question is whether tenants know their rental package well. Laura Humphrey, leasing manager, Ocean View Real Estate, says most tenants seem to be unaware of the facilities, amenities and ‘extras' they can get when renting a property. "Some properties offer free chiller service and kitchen appliances, others have access to private beaches, and the majority include a private swimming pool, gym and children's play areas. We give a detailed overview of each area or development including the facilities in the area such as schools, shops, and so on," she says.
Property spoke to a few agents in the market to find out what different properties have on offer for tenants. Tareq Gouda, senior residential leasing consultant, Better Homes, says that a rental contract can typically include a number of ‘extras' such as free pest control, maintenance, chiller, pool, gym, sports facilities, party hall, guest parking, children's play area, building security, retail outlets and much more.
Shoreline Apartments, Palm Jumeirah
Units on the Palm have always found takers, primarily because of the location, the quality of build and, of course, the facilities and amenities on offer. For example, Shoreline Apartments' one-bedroom units are going for Dh80,000, two-bedroom for Dh110,000, three-bedroom for Dh145,000 and four-bedroom for Dh250,000. Laura says, "The units come with an exclusive range of amenities and facilities, which include private pools, private gyms, private beach, dance studios, resident parking, visitor parking, 24-hour security, 24-hour grocery shops, restaurants, beach clubs, retail outlets, children's play areas, beauty salon, massage salon, pharmacy and nursery." Moreover, the rents also cover maintenance charges.
Dream Towers 1, Dubai Marina
Dubai Marina is undoubtedly one of the most desirable addresses in town. However, it was beyond the reach of most people during the boom time. Now that the rents have cooled off, it has become an affordable location. A one-bedroom apartment in Dream Towers 1 is available for Dh50,000 and the flexible payment term of 12 cheques makes it an attractive rental option in the current market. "The facilities in this tower include three outdoor pools and 24-hour supermarket, says Tareq of Better Homes. "Also, the Marina offers a choice of amenities to its residents including five-star hotels, beaches, marinas, restaurants, cafés and a variety of retail outlets within five minutes drive," he says, adding, "You can choose to do whatever your mood dictates — shop, eat, swim, sail and enjoy."
The tower is located within walking distance of the Marina Walk and it is only two minutes to the Metro station.
Sulafa Tower, Dubai Marina
Sulafa Tower is another project in the Marina, which offers plenty of extras to its residents at reasonable rents. A one-bedroom apartment is available from Dh63,000 while rents for two- and three-bedroom units start from Dh83,000. Mohanad Alwadiya, managing director, Harbor Real Estate, says, "These brand new units come with a leasing deal of zero commission and one-month free stay. Also, the payment plan comprises six cheques, which can be extended to 12 cheques." Another factor making the property attractive is its proximity to the Dubai Marina Metro station — just five minutes away. This tower also offers three-year rent-to-own schemes, which might be appealing to a few tenants. "The tower is equipped with smart security and cost-saving systems. Residents can also enjoy panoramic views of the Arabian Gulf, Palm Jumeirah and the Emirates Golf Club," says Mohanad.
As far as extras are concerned, the project has a health club featuring a gym, swimming pool and a jacuzzi. Other services include a kids' area, underground parking, eight lifts, 24-hour concierge, modern building security and an on-site maintenance team. For shopping needs, there is a Carrefour Express outlet nearby. What makes it more attractive to tenants is the availability of a full maintenance package offered by a leading supplier.
Marina Promenade, Dubai Marina
A residential project that gives good value for your money in Dubai Marina is Marina Promenade. Rents vary from Dh90,000 for a one-bedroom to Dh130,000 and Dh180,000 for two- and three-bedroom units, respectively. However, the extras this project offers to tenants make it an attractive rental choice. Laura says, "The rent that you pay for a unit in this development covers a wide variety of amenities and facilities, including private pools, private gym, squash courts, badminton courts, billiards room, conference and meeting rooms, resident and visitor parking, 24-hour security and children's play area. It is also in close proximity to The Walk at JBR, supermarkets, retail outlets, restaurants and coffee shops. The units come with kitchen appliances and chiller bills and maintenance charges are also included in the rent."
Jumeirah Beach Residence (JBR)
Ocean View has listed a few properties in JBR that offer good value for money for tenants. The rent for a one-bedroom apartment is Dh60,000 while two-, three- and four-bedroom units cost Dh75,000, Dh100,000 and Dh140,000 respectively. JBR is considered a popular rental destination and the extras it provides its tenants add to its popularity, says Laura. Resident and visitor parking, 24-hour security and maintenance charges are taken care of. Besides, there is easy access to pools and the public beach, retail outlets, restaurants, supermarkets, hotels, coffee shops, leisure elements and children's play areas.
Downtown Dubai
While units in the Downtown area appear to fetch more in terms of rents, Laura of Ocean View says the area does have a few units that offer excellent value for money for tenants. Rents for one-, two- and three-bedroom apartments range from Dh75,000. Dh110,000 and Dh180,000 respectively. These cover maintenance and chiller charges and kitchen appliances as well. "The rent that you pay also gives you access to the pool, gym, squash and badminton courts, resident and visitor parking, meeting and conference rooms, party halls, children's play areas and a nursery," says Laura, adding, "Residents will have a number of retail outlets, restaurants, clubs and hotels in the vicinity apart from the Dubai Mall."
Villa 26, Al Barsha 3
Renting a villa is an option many people, especially families, consider but often decide against because of the amount they have to shell out for maintenance and other related costs. What most people are not aware of is the rent that you pay for your villa often covers maintenance as well, apart from a number of other facilities. For example, Harbor Real Estate has listed a villa in Al Barsha, which is available for Dh210,000 per annum.
The rent, says Mohanad, covers pest control during the tenancy period, swimming pool maintenance once every week, weekly landscaping services, major maintenance covering air conditioning, electrical and plumbing, etc. "The villa has a well to water the lawn and garden, which generates great savings on the tenant's utility bill," he says. In addition to these, tenants also get one-month free stay and a flexible payment plan of up to 12 cheques.
