Key Tips for Renting Out Your Residential Property

Looking to rent out your residential property? Here is a handy list to keep in mind.

Understand what is involved.

Can you handle the responsibilities that come with being a landlord? While the benefits of being the owner of a property rental are numerous, it also comes with obligations such as the ability to sometimes deal with difficult tenants, vacant periods and stay on top repairs and maintenance.

Know the law.

You must give the tenant 90 days’ notice if you wish to change the lease terms or not renew the tenancy contract (unless otherwise agreed by the parties). This also applies with respect to rent increases. If you wish to sell or use the residential property for your personal use, you must provide a 12 months’ notice stating the applicable reason, through notary public or registered mail.

Prepare your residential property.

Renters are spoilt for choice in a market like Dubai where new units spring up every day. You need to ensure that your home is well kept and clean, appliances are working, and are in a good condition.

Talk to a professional.

We have agents who specialize in Dubai’s key communities; so get in touch to discuss pricing, marketing, local real estate laws and the steps involved in renting out your residential property.

Advertise.

Our agents advertise your property rental on major property portals in the UAE, and on bhomes.com, one of the UAE’s most visited websites by property seekers, and highlight all the valuable aspects of your home on a dedicated property unit page.

Screen tenants carefully.

Select someone who will not only pay the rent on time, but also keep your home in good condition. Gather references and check credit histories. Once you’ve found the right tenant, secure your security deposit and agree on an appropriate payment schedule.

Rent increases are dealt with by Real Estate Regulatory Agency (RERA).

RERA reserves the exclusive authority to specify the percentage of rent increase in Dubai. RERA’s website (www.dubailand.gov.ae) provides a rental increase calculator for calculating the legally permissible increase in rent. The maximum increase permitted is 20 percent against the rent index. A property would need to be undervalued by over 40 percent to be legally eligible for a 20 percent rent increase.

Looking for a tenant for your Dubai property rental? Give us a call on +971 600 52 2233 to talk to a area specialist.