“Should I sign the contract or search for other options?”, “Is this rental amount overpriced or not?” “Is this the best deal or not?” You surely have these questions in mind while you’re renting a unit in the UAE.
One way to eliminate this uncertainty is to check the market prices before renting, and this inclusive guide will show you how. There are different ways to make sure you are getting the best deal; scroll down to learn about them.
- Check the Community’s Rental Prices
- Check the Residential Building’s Rental Prices
- Uncover Past Rental Prices
- Find Out the Current Rental Value of the Unit
- See Similar Properties’ Rental Prices
Check the Average Rental Prices for the Community
Having a closer look at the rental prices in the community you’re considering is one of the most important ways to check the market’s behaviour and trends. Additionally, it gives you more understanding regarding if
- This community fits your budget or not
- Such a range of rentals worth the services and amenities supported or not
- This location is well connected to the other areas of the city or not, which will directly reflect on how much you pay for commuting, meaning an added budget to the rental amount or maybe the opposite
- You will have to trade living in a villa or townhouse to afford living here in case you’re opting for a spacious home.
You get all these insights and information when you check the average rental prices for the community before deciding. Fortunately, you can see such data with one click through the Community Insights tool powered by Data Guru on Property Finder’s website.
Additionally, while using this tool, you will get to know
- The average rental prices for all the available units in this community
- Know about the area’s top buildings/sub-communities
- The different types of properties inside the area
- The frequently asked questions about the area
You can access this tool freely and directly through Data Guru on Property Finder’s official website; find the steps below.
- Open Data Guru
- Choose the emirate
- Choose “Community Insights”
- Enter the community you’re interested in; then, you will get all the information about it
In addition, exploring the market’s leasing prices for the community helps you narrow down your options and make an informed decision that ensures you a sustainable living with no future surprises or concerns.
Check the Average Rental Price of Residential Building
Checking the average leasing prices for the residential buildings you’re considering is as important as for the main community.
Surely, the price is a factor that impacts your choice, so this is one way to ensure you’re aware of the market range and decide which option to choose before signing the contract.
Moreover, for example, you might have a unit that ideally matches your demand and at a good price which might be what you think, but not the accurate picture.
Doing your research before taking any real step will leave you assured and confident about your choice because if you skipped this step, you might later find out that.
- There was a better unit option at a lower price at a neighbouring sub-area/building.
- You would have rented a unit in a newer building and better condition with a slight money difference, but it was worth it.
- The rental you’re offered is way beyond the average market prices in this building.
It’s not a hassle to have such visibility with Data Guru’s Residential Insights tool in hand; you can access it from the comfort of your home through Property Finder’s website. Through it, you will learn valuable data like
- Price insights throughout 1, 2, and 5 years
- Average rental prices
- Prices at the nearby residential buildings to the one you’re searching for.
- The building age
- Number of floors
- The renewal rate
- The rate of short and long-term rentals
You will not only find out about the average rental prices of the building or sub-community you are looking into but also different insights that will allow you to make a data-driven decision.
Uncover Past Rental Prices
One good way to understand the market performance and ensure that the rental amount of the unit you’re considering is realistic is to check its historical transactions.
The historical transactions information is simply a list of past transactions for the unit, including the time of rental, type of unit, and the value of rent at this specific time.
With this information in hand, you can reflect on
- Does the proposed leasing value match the market range or not
- What is the estimated rate of rental increases for this type of unit in this location so you can decide if you will be able to finance it or not
- The demand for the unit as a high number of transactions reflects a high demand and vice versa. Such input tells you if previous residents enjoyed their stay or not which is an important indicator according to real experience.
No need to get such information on your own; you can access the historical transactions of the unit you want through Data Guru on Property Finder. Through it, you will find the Historical Transactions tool, which offers you many insights in this regard, like
- The list of past transactions for the unit you’re searching for
- The number of new and renewed rentals in this location
In addition, you can have visibility on this data over different time periods, as follows, which is insightful in case of long or short-term rentals
Find Out the Current Rental Value of the Unit in the Market
If you’re in the final step and settled on a specific unit, finding out about the rental value of units with the same specs is the easiest way to see whether you’re on the right track or not.
It’s a direct and straightforward one that removes any doubts you have regarding the deal you’re offered by the landlord or an agent. However, you need to make sure that the source of information is a trusted and authorised one.
Furthermore, when it comes to a trusted source for data, an insightful tool that can help you in this task is the Home Estimator Value powered by Data Guru on Property Finder’s platform.
The tool provides you with an estimation of the rental value of the property you ask for, taking into consideration the following factors:
- Location
- Property type
- Property size
- Bedrooms
- Bathrooms
- Facilities
The tool enables you to enter all the details of the property you’re viewing to get an estimation of the average leasing amount of the unit; these details are
- Its location (community/residential building)
- Number of bedrooms
- Number of bathrooms
- Area in sqft.
See Similar Properties’ Rental Prices
For those still in the early stages of looking for a unit in Dubai, seeing other properties with similar specifications to what you have in mind is an effective way to know more about the market prices.
In addition, this helps you assess
- what are the factors that impact the rent value
- which locations offer the best services and facilities and have good prices in relation to your finances
- Identify your priorities and needs when it comes to choosing a unit to rent so you can know which points to trade and which not to.
You can also easily do so through Property Finder’s website, where you will find a huge variety of properties in the different Emirates’ locations.
