Your Guide to Renting Out Your Apartment
The real estate industry in Dubai encourages international and local investors with its efficient regulations, governmental entities, and fair legal systems. If you own an apartment or are looking to buy one, you can earn a high income from renting out your apartment. But before you do so, continue reading this article to discover more about renting your owned property.
Renting Out Your Apartment: The Ins and Outs
Before you rent your house in Dubai, here are a few things you need to know:
- Significant Profitability and Returns: If you rent your house in Dubai, there is a high chance of yielding good money and income from rent, as residential properties witness high demand at all times in the Emirate since Dubai attracts an influx of people from many countries.
- Good Source of Passive Income: Renting your house can give you a good source of passive income in Dubai, and since the market is growing rapidly, you can expect good returns.
- Online Guest Booking Platforms: There are a lot of common platforms where you can list your rental property and rent it to suitable tenants. What makes these platforms especially beneficial is the features they provide property owners. If you own an apartment and you want to rent it out, you can set its availability dates and when it is open for booking, providing you with convenience and a passive income on your timing.
- Ease and Trustworthiness of Regulations: In Dubai, the government proactively manages the real estate market, including transactions and documentation, ensuring protection and security for property owners and tenants. With this in mind, renting out your apartment in Dubai should be a safe option as it is facilitated by governmental entities.
Rules for Renting An Apartment in Dubai
Here are a few rules for renting out your apartment in Dubai:
- Work With Registered Brokers: You must work with registered brokers to avoid fake real estate deals and significant issues when renting out your apartment. So, check brokers’ ID cards and the brokerage firms they work for.
- Consider the Rent Index: You should consider the rent index set by the Real Estate Regulatory Agency (RERA), which lists guidelines regarding renting and pricing. For example, one rule states that an owner cannot increase rent if it is 10% less than other similar property values.
- Intimation of Raising Rent: According to the laws and to preserve tenants’ rights, property owners must give tenants a 90-day notice if they want to increase their property’s rent price.
- Eviction Notice: Property owners must give tenants a 12-month notice if they want them to move out; this notice period is an intimation to evict.
- Register with Ejari: Ejar is an initiative by the Real Estate Regulatory Agency (RERA) to regulate the rental market and tenancy contracts in Dubai. Therefore, registering with Ejari means officially registering your rental contract under Dubai Land Department (DLD) laws.
Short-Term vs. Long-Term Contract: What to Choose?
Before renting out your apartment, you must choose between short-term and long-term contracts, as each type offers different benefits. Short-term contracts benefit those looking to rent out their houses and apartments for a specific period. As Dubai is an international tourist destination, many tourists prefer to stay in apartments during their visits. If you want to benefit from the flourishing tourism in the Emirate, then short-term contracts are ideal for you.
On the other hand, long-term contracts are an excellent option if you are renting out your apartment for passive income or if you live abroad and want to rent your house and make use of it.
New Apartments for Rent from Azizi Developments
If you are a tenant looking for a new apartment for rent or an investor who wants to buy properties to rent them out, you are in the right place. Azizi Developments is a leading and innovative real estate development company offering various residential projects with apartments suitable for all tastes. Azizi Developments is the address for elegance, luxury, and convenience, as all its properties grant you this lifestyle you’ve always dreamed of. Check out Azizi Riviera projects and other residential properties now.