CONSTRUCTION NEWS
One third UAE residents 'paying less rent than last year'
May 19, 2019 3:37 PM
The proportion of UAE residents paying less rent than a year ago rose to nearly a third in the first quarter of this year according to a recent survey. Specifically 30% of those surveyed in Q1 2019 said...
The proportion of UAE residents paying less rent than a year ago rose to nearly a third in the first quarter of this year, according to a recent survey.
Specifically, 30% of those surveyed in Q1 2019 said they’re paying less than a year ago, compared to 26% in Q4 last year, according to the yallacompare Consumer Confidence Tracker for Q1 2019, which surveyed more than 1000 UAE residents on the state of their finances and attitudes towards work.
The proportion paying more than a year ago fell to 33.1% in Q1, down from 36.3% in the previous quarter. Nearly 37% are paying the same as a year ago, it added.
“It’s not surprising that more and more people are paying lower rents than a year ago,” said Jonathan Rawling, CFO, yallacompare. “The proportion paying more, however, is still high and residents clearly need to do more to secure lower rents,” he stated.
"We repeat our previous advice – that moving home, with all the associated costs, does not necessarily lead to a significant drop in rent. Tenants are more likely to secure lower rates by negotiating with their existing landlord," remarked Rawling.
"This must be done three months before the lease expires, before the contract automatically renews on existing terms," he added.
According to him, the tracker data suggests that residents generally prefer to stay where they are.
The number still in the same home they were living in a year ago stood at 63% in Q1, up from 61.3% in Q4 2018. Asked if they plan to move in the next year, 70% said no, it added.-TradeArabia News Service
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