What kind of tenants are property owners in Dubai expecting? Real estate experts provide their insights
Renting out an apartment on your own is actually a big deal. It’s like diving into a pool of tasks. You’ve got to give your place a makeover to meet the potential tenants’ standards, play the marketing game to sell your property in a crowded field, and end up constantly stressing about your apartment. To minimize the risks of picking the wrong tenants, property owners stick to their own vision of the “perfect” renter.
The property management experts at Colife surveyed Dubai owners to find out the kind of tenants they would love to have in their apartments.
The data we’ve got tells us that 60% of apartment owners in Dubai care about who lives in their place. For 20%, it doesn’t matter at all, and another 20% have completely entrusted this matter to the management company.
Of course, it matters a lot who lives in my investment property. It directly impacts the preservation of my apartment, its interior, furniture, appliances, and everything else. Preserving all of this means avoiding unexpected expenses and increasing income from renting out the property.
— shared owner of an apartment in Business Bay.
For those owners, who are less concerned about the personality of tenants, the apartment is only a source of income, so they don’t have specific requirements for tenants. The main thing for them is that the apartment is valued, and the rent is paid on time.
It doesn’t matter at all. For me, the apartment is not an object of emotional attachment but a source of income. The main thing is that they don’t cause significant financial damage, but Colife takes care of that.
— shared Sergey, one of the apartment owners in Dubai.
For the majority of surveyed owners, it’s crucial (80%) to have tidy people living in their apartments, who take good care of the place and its belongings. 40% mentioned that the perfect tenant is someone who always pays the rent on time; 30% of respondents expressed a desire to rent their apartment out to decent and responsible individuals, and 10% are looking for friendly and communicative tenants. Property owners also want their tenants to be free of bad habits (30%), not have children (20%) or pets (20%).
The ideal tenant for my apartment in Marina is a young professional, aged 20–35. No bad habits, holding a job in Dubai, which means we can expect a long-term lease agreement.
— described Andrew, owner of several apartments in Dubai.
According to Colife analysts, half of our tenants perfectly fit this description. The other half works remotely, but they can still reliably pay the rent for their apartments in Dubai due to employment in IT and other crucial sectors.
In general, Colife Dubai’s tenant audience can be divided into three groups:
- Young IT professionals (20–30 years old) planning to stay in Dubai for at least 6 months. For them, the main priorities are inclusive services and a stylish interior. They are willing to pay more for beauty and “all-inclusive” features, taking care of their home as they spend a significant amount of time in it.
- Young office workers in Dubai-based companies (20–25 years old) who relocated from their home country. They plan to reside in Dubai for at least 4 months. For such tenants, community and our support are crucial, helping them adapt to the new city and handling all household matters.
- Mature and affluent individuals planning to stay in Dubai for a minimum of 1 year, valuing comfort. These tenants are willing to pay for a premium quality of the building and apartment.
This audience values personal space and understands that they are paying for a stylish apartment, inclusive services, and events. Our tenants recognize that it is not in their best interest to damage or break furniture or equipment in our apartments since the Colife team diligently oversees the preservation of the apartments. Any shortcomings left by tenants are deducted from the security deposit.
I entrusted the task of finding tenants to the professionalism of the agency that manages my property. Colife’s approach seems reasonable — a balance between profitability, the neatness of tenants, and caring for the property, along with addressing legal nuances associated with long-term leases. Another plus is confirming the tenant’s financial stability (employer payment or prepayment in the case of a long-term contract). In general, I envision tenants in my apartment who pay on time, maintain the property’s cleanliness, and don’t cause issues for neighbors. Ideally, finding a good company specializing in this is the best solution.
— said John, client of Colife Dubai.
In a nutshell, apartment owners in Dubai are looking for decent, tidy, and responsible tenants who pay their rent on time and don’t cause any damage to the property. But for those who aim to receive a steady income from their Dubai apartments, the specifics of tenants often take a back seat. These property owners are more focused on finding a reliable management company that will handle all worries related to apartments.
That’s where Colife comes in: we assist in buying a property or take on the management of existing ones, make stylish repairs, select responsible and financially capable tenants, keep a close eye on the property’s condition, and consistently pay rent to the property owners. We take tenant hunting seriously and usually coordinate potential candidates with the owner to obtain approval for both the rental period and its cost. Only after the owner gives the green light do we proceed to welcome the tenants.
Written by Colife PR department
