If you are a landlord, then you are aware of the different types of tenants that get rent your properties. In extremely diverse cities, no tenant will have the same life story. This is true in the city of Dubai in the United Arab Emirates (UAE), and around the world. However, there will always be enough similarities so you can generally gauge how you can attract tenants to your apartments.
There are four primary factors that will help you determine the type of tenants your apartment will have: rental prices, the amenities offered, the features of the apartment, and the features of the neighborhood. First, rental prices will tell you the annual income that a tenant will most likely have. The higher the rent prices, the higher the annual income a tenant will have. This is because they will not only need to afford the annual rent, but will also need to afford necessities, groceries, utilities, entertainment, and more.
Next, the amenities offered could tell you about the personalities of the tenants. For example, a private gym and swimming pool might indicate that the tenants keep to themselves, while a business center could indicate that the tenant is employed.
Then, the features of the apartment will tell you about how many people will live in the apartment. You can usually project this through the types of rooms that are provided, such as a laundry room, maid’s room, and more, or through the number of bedrooms there are.
Finally, the features of the neighborhood could tell you how old the tenants are. For example, a quiet neighborhood may imply older people, while an apartment near nightlife and other entertainment could imply younger tenants.
If you are a landlord looking to purchase apartments for sale in Dubai, read on to discover the type of tenants that could rent apartment for sale in Dubai Marina.
From the Middle Class and Beyond
First, you can make a prediction that your tenants will be from the middle class and beyond. Dubai’s main currency is the dirham (AED). The lowest annual rent in Dubai Marina is AED 26,000 for one person, while the highest annual rent is AED 649,999 for four bedrooms. Assuming rent is split evenly, then the people living in the four-bedroom apartment will have to make AED 162,500 per year. These numbers go even higher when the price of utilities, necessities, and entertainment are added on.
They Will Live By Themselves or with Roommates
Second, you can reasonably assume that tenants will live by themselves or with roommates for several reasons. First, amenities such as concierge service, a security service, and a maintenance service indicate that tenants will be out of the apartment a lot or will have a hard time bringing things home. Second, a maid service and maid’s room indicate that tenants might need help cleaning the apartment. Third, pets are allowed, which will allow bachelors to have a companion. Fourth, free gas and free air conditioning will help a tenant with a limited income. Perhaps the best indicator that tenants can live either by themselves or with others is that there are studio apartments as well as apartments with multiple bedrooms.
Younger Adults
Finally, you can project that your tenants will be younger adults using attractions in and around the neighborhood. First, major shopping destinations, including the Marina Mall, JBR the Walk, and the Marina Walk are nearby. Then, attractions that young adults would enjoy, such as the Barasiti Beach, a gym, a fitness center, and a shared swimming pool are all in the area. Next, the famous Le Meridien Hotel and Al Maktoum International Airport are in the area, and younger adults like to travel. Finally, Dubai Media City and Dubai Internet City, neighborhoods that are nearby, focus on technology, which is what younger adults are in tune with perhaps more than any other generation.
Conclusion
There are various clues that can be used for a landlord to predict what kind of tenants they will have in a purchased apartment for sale. Using hints from rental prices, amenities offered, features of the apartment, and attractions in the neighborhood, we can a landlord can reasonably predict what type of tenant they will have in their apartment. A landlord can predict that a tenant in a purchased apartment for sale in Dubai Marina will be from the middle class and beyond, be a bachelor or live with roommates, and be a younger adult.
If your ideal tenant is a young adult who lives by themselves or with roommates and is from the middle class, now is the perfect time to purchase an apartment for sale in Dubai Marina!
