Some Dubai Landlords Set Minimum Lease Duration Amid Rising Rents

Amidst the dynamic landscape of Dubai's rental market, some landlords are adopting a proactive approach by implementing minimum lease durations. This trend comes amidst a surge in demand for both short-term and long-term rentals, driven by various factors contributing to the emirate's attractiveness as a destination for investment and residency.

According to data from Betterhomes for the first quarter, rental prices across all communities in Dubai have experienced a consistent upward trajectory. This trend can be primarily attributed to the growing presence of high net-worth individuals and the recent removal of the UAE from the FATF's grey list, bolstering the emirate's allure as a preferred destination for investment and residence.

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Karun Luthra, Vice President for Global Operations at Foremen Fiefdom, highlights that landlords are adapting to this evolving market by offering shorter lease terms or incorporating lease break clauses to cater to a transient population. Moreover, landlords are prioritizing amenities and services to enhance the overall tenant experience and maintain competitiveness.

Luthra emphasizes the importance of clear communication and trust-building between landlords and tenants to navigate this changing landscape successfully. He notes a shift towards a more tenant-centric approach, with landlords striving to maintain high occupancy rates and meet the evolving needs of tenants.

In line with rising rentals, landlords are imposing certain conditions such as timely rent payments, specific security deposit amounts, minimum lease durations, and adherence to building rules. Additionally, tenants, particularly millennials, are seeking flexibility in lease terms, co-living arrangements, and pet-friendly policies.

Alois Kugendran, General Manager for Real Estate at Huspy, observes that many landlords prioritize continuity and avoiding vacancies by seeking tenants committed to longer-term stays, typically for at least 3-5 years. Furthermore, there is a growing interest among property owners in professional property management services, driven by the desire to streamline operations and reduce costs.

Jacob Bramsley, Leasing Manager at Betterhomes, notes a growing preference among landlords for professional property management services, especially in light of negative experiences such as disputes with tenants. Similarly, Paul Kelly, Operations Director at Allsopp & Allsopp Group, highlights a surge in demand for property management services, driven by landlords seeking professional management to prevent conflicts and enhance tenant satisfaction.

Alina Adamco, Head of Sales at Metropolitan Homes, underscores the pivotal role of property management companies in educating both landlords and tenants on their rights and obligations. This collaborative approach fosters a smoother and more harmonious rental experience for all parties involved.

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