Dubai residents are a heterogeneous community. These are emigrants looking for long-term rentals, professionals interested in short-term rental housing, tourists staying in hotel apartments, digital nomads who can rent housing for several months and go on a journey again… And property brokers in Dubai will easily find an option for everyone. But when the choice is so wide, it is very easy to face confusion when choosing the best option. Let’s look at the pros and cons of long-term and short-term rentals and analyze the benefits of paying rent with multiple checks in Dubai.
Some of us like to plan ahead and make informed decisions about our long-term choices, while others live by impulsive purchases and spontaneous decisions. Therefore, it is quite natural that such an advanced metropolis as Dubai realized the need to satisfy these diverse interests when it comes to renting real estate.
A short-term lease is a type of transaction when a property is leased for a short period of time with the possibility of weekly and monthly payment. It is mainly intended for tourists and businessmen coming to the city in search of a cozy place to spend the night after a busy day of sightseeing or work. Fully furnished apartments, holiday homes and hotel apartments in Dubai are usually rented out for a short term.
Usually, the rental price includes utility bills, cleaning and parking spaces. This option is ideal for the aforementioned categories who do not plan to stay in the city long enough to make long-term commitments, but at the same time want home comfort. However, this property is much more expensive than a long-term lease, and the rent may vary depending on the season and even the day of the week.
Short-term rentals in Dubai are also preferred by those who are looking for the opportunity to pay rent monthly, since the initial costs of long-term rentals are much higher, especially if landlords require payment by one check per year.
• Ability to flexibly move from one place to another
• No large one-time expenses
• Housing is ready to move in, furniture and household appliances are already there
Things to consider when renting short-term in Dubai:
• Lack of stability: the apartment is not assigned to the tenant for a year
• Higher costs: the cost is several times higher
• Limited possibilities: for example, it is impossible to change furniture
With a long-term lease, the property is leased for a longer period of time, usually for a year. The tenant receives an apartment under an annual lease agreement certified in RERA. This is a reliable accommodation option with a fixed rent for a year. Apartments and houses are often rented unfurnished, and you also have to pay for all utilities separately. For long-term rentals in Dubai, some additional costs must also be taken into account, including a security deposit, agency fees and furnishing costs.
Rent is paid in the form of checks on a quarterly, semi-annual or annual basis. Payments are non-refundable: if you move out earlier, you must pay all outstanding amounts, which limits your flexibility in terms of frequent relocation.
• Rent is fixed for a year
• Stability in terms of housing conditions and financial costs
• Personal space with the ability to customize for yourself
Things to consider when renting long-term in Dubai:
• No flexibility in movement
• One-time expenses are higher
• Furniture costs are most often required
A well-known practice in Dubai is when, for long-term rental of villas and apartments, payment for a year is made immediately upon check-in. However, this principle is far from the norm for a large number of expats in the city. British and Russian emigrants, for example, used to pay monthly rent, and it was too expensive for them to pay the entire amount at once. This has led to the fact that many people have considered short-term rentals in Dubai simply in order to avoid huge initial investments in renting an apartment in Dubai.
However, now everything has changed: the former standard of a single check payment has been replaced in most cases by a quarterly one. Some landlords even offer the opportunity to pay rent monthly, but this happens quite rarely.
The option of multiple rent checks provides more stability than a short-term lease, and initial costs are also significantly reduced when payments are distributed throughout the year. Keep in mind, however, that with this option you are still tied to the contract, so you can’t just leave the property on your own.
It is quite predictable that the amount of payment in several payments will be slightly higher than payment by a single check. But for many tenants, this option is a way out, so as not to pay a huge sum at the same time when settling in.
Let’s take a look at some of the initial costs when it comes to renting a one-bedroom apartment in Dubai Marina, where the average rent is currently AED 95,000:
Add to these expenses for furniture purchase, internet connection and other indirect expenses. As a result, your housing expenses may amount to more than AED 120,000. If the same payment is changed to several rent receipts divided into quarterly payments, the costs will be significantly more affordable.
The cost of apartments in a hotel in Dubai Marina starts from AED 9,000 per month, which is obviously more expensive in the long run, but makes life more convenient for those who rent a house in the city for the first time or are not sure about the need for a long-term stay in Dubai.
Seeing the exorbitant cost of rent, it is easy to understand why a large number of people resort to loans when they move to Dubai.
Of course, your expenses will increase by several thousand if you choose the option of rent in several payments, but it still won’t be such a burden on your finances. However, if you have accumulated money, one rental receipt is still the most economical option.
The best way to rent in Dubai depends on your needs and requirements. If you are looking for a short-term rental with a hassle-free arrangement and have nothing against instability and higher rental rates, then a fully furnished serviced apartment may be the best option for you. If you want to settle down and stay in the emirate for a long period, think about the terms of a long-term contract with the ability to pay rent in several checks. For those who have savings, it is best to choose the option of paying with one check in order to ultimately save in the long run.
Finding the perfect home in Dubai is not easy. This requires extensive research, several visits and, above all, careful planning. That is why many expats choose trusted agencies to find real estate that meets their needs. For example, many people use the official website to search and select housing – https://emirates.estate/.
Foreign Exchange trading has become the world stage for all the brokers worldwide who are… Read More
Personalized leather wallets are a necessity as we use them for storing or holding personal… Read More
The term "Artificial Intelligence" (AI) has recently gained popularity in technology discussions. As a result,… Read More
The popularity of messaging apps is exceptional. While WhatsApp is the classic example of a… Read More