Is it best to renegotiate or move your rent? Market Trends
It’s really obvious that the rental prices in Dubai have been dropping continuously, and Dubai residents are taking advantage of it. If you wish to upgrade or go for a cheaper home or gain more savings by renegotiating your rent with your landlord, the right time to do it is now! Still, with a lot of options available, you need to carefully plan everything before making a move. There are major factors that you need to sort out in order to find the best option for you.
For instance, if you found an apartment for rent in Downtown Dubai before and you want to look for a much more affordable property, moving would be the better option instead of renegotiation. In any case, the first thing that you need to consider is to know the cost of moving. If the average cost for moving your stuff to a new apartment is at AED 2,000, take into consideration to compare the rate with other movers and packers. You also need to consider the cost of the maintenance if there are issues that you need to resolve. Keep in mind that you need to register your tenancy contract with the Ejari system, pay a connection fee for a new DEWA account, and pay the security deposit. Once you have considered all the costs, then you could decide if it’s best to find a new apartment for rent in Dubai or just renegotiate your rent with your landlord.
Planning ahead of time will also help you with your decision. Consider how much you will save for the next two years. RERA has a rental increase calculator where you can gauge the difference in annual rent, and see how much you can save for the next two years.
So is it ideal to find a new apartment for rent in Dubai or renegotiate with your landlord? It all depends on your preference. If you have the means to upgrade to a new home and it won’t cost you too much, then choose to move to a new home. But if you’re after practicality and you wish to save more after every consideration mentioned above, and if you see that the comfort and security on your new preferred home will not be compromised, choose to move to a cheaper home.
Renegotiation happens when both you and the landlord agree to it. If you are satisfied with your current home and you don’t like to undergo a lot of processes and considerations, looking for a new apartment for rent in Dubai shouldn’t be your option.