Dubai is the city of dreams. The luxurious lifestyle and the promising job opportunities tempt many bright minds and heavy wallets to relocate to Dubai. Since the pandemic, the city experienced an influx of high-net-worth individuals and foreign professionals. This population influx has resulted in a 10% hike in property prices in the first half of this year. As a budget-conscious tenant, you don’t have to worry, we have compiled the best tips and smart strategies on how you can save money on rent in Dubai.
Importance of finding budget-friendly living solutions in Dubai:
Nobody is unaware of the high inflation in Dubai in recent times. Major contributing factors are high import-to-export ratios, luxurious lifestyle, price hikes in petrol, etc. Finding budget-friendly living solutions for working-class families is important in such high inflation. Living in stable and economical housing helps you focus on more important expenses and relaxes you mentally. We will look into current trends and budget-friendly rentals in Dubai so you can save money on rent as a tenant in Dubai.
Best practices/strategies to save money on rent:
1. Utilizing online platforms and real estate websites:
The best practice for finding a reasonable apartment or house is using online platforms and real estate websites. Many platforms like Azco Real Estate help you filter the property based on your budget, location, and other preferences. Shortlist the properties that interest you. You can also book a virtual tour to inspect the property better without giving in too much. In this way, you can find affordable rental apartments in Dubai online.
2. Living slightly away from the city center:
You can also save money on rent in Dubai by looking for accommodation far from the city’s center. Living in the center has many charms and opportunities, but the rent is comparatively high. You have to compete with upper-class men and aristocrats of Dubai. However, apartments on the city's outskirts might have lower rents while offering the same facilities and amenities you would have in the central city.
3. Exploring emerging neighborhoods with more affordable rents:
Dubai is one of the most expensive cities to live in, but you can surely find neighborhoods with affordable and reasonable housing options. It is a city with skyscrapers and tall buildings and many housing complexes available for common people. For example, the most affordable area to rent apartments in Dubai is Al Warsan. DSO is a business park that has cheap rental apartments. It is also on the Dubai Metro route, which many working-class people take.
4. Considering shared accommodations:
You can also save money on rent in Dubai by legally sharing apartments with roommates. There are laws to abide by when sharing living spaces in the UAE. You can only share an apartment with other people if your landlord allows it. registration with the government is also required before co-owning a living space. Once legalized, you can share apartments or houses with others and
save money on rent.
5. Checking for seasonal variations in rent prices:
Rents may change throughout the year. If it is feasible, try looking for rental apartments during off-peak seasons. When the demand is low, landlords might be willing to negotiate for lower rents. The off-peak seasons are usually when people leave the city, including summer and winter holidays, shopping festivals, etc. Don’t hesitate to negotiate rents with the property owners. Many landlords in the UAE are willing to negotiate rents if you sign a long-term lease with them. By being polite and persuasive, you bring down your rent.
6. Comparing different listings:
If you still have time, don’t rush into things. Shortlist 3 or 4 properties and then compare them. By listing the pros and cons of each accommodation, you can find the best place within your budget. When looking for a flat, it is tempting to get caught up in the thrill of discovering a property with all the facilities you desire. In addition to low rent, other factors should also be considered, including safety, transportation, and neighboring amenities such as grocery stores, health centers, restaurants, etc.
Overview of current rental trends and prices in different areas:
Rental prices in Dubai vary considerably depending on the property size and location. Compared to 2023, rental costs are predicted to grow by 3 to 10 percent in 2024. The increase in rental prices decreased new registration rates by 12.6%, while renewal rates increased by 26%. This means people are avoiding relocation to avoid the additional costs of new leases.
The rule of thumb is that you should not spend more than 30% of your income on housing. Here are the current trends for reasonable rental areas.
- International City, where you can get a studio apartment for an annual rent of 26,000 AED and a family 3-bed apartment for 86,000 AED.
- Muhaisnah, which offers even better rent for families. 27,000 AED for a studio apartment and 3 beds for only 68,000 AED average rent.
- Al Warsan, where the family rents an apartment, is only 70,000 AED.
- Damac Hills 2, On average, those looking to rent a one-bedroom flat would have to spend AED 34,000. The typical rent for a two- or three-bedroom flat is AED 63k to AED 86k, respectively.
The rent of each apartment or property may vary depending on the facilities offered, location, old or new building, number of tenants, etc. You should never be hasty and jump on the first property offered to you. By being vigilant, frugal, and convincing, you can find budget-friendly family living solutions in Dubai and save money on rent!
FAQ’s:
How to save rent money in Dubai?
You can save money on rent in Dubai by checking online listings, comparing offers, living slightly away from the city, and sharing accommodation.
How much of my salary should I spend on rent in Dubai?
The rule of thumb says you should not spend more than 30% of your income on rent.
Can you negotiate rent in Dubai?
If you sign a long-term lease, many landlords in Dubai are willing to negotiate rent and find common ground.
How do you live cheaply in Dubai?
You can live cheaply and save money in Dubai by considering affordable neighborhoods, following a budget, buying groceries in bulk, making your meals, and being aware of utility bills as they are not covered in rent.
Why is rent so expensive in Dubai?
The population growth, luxurious lifestyle, and influx of wealthy people in the city have caused increased rents in Dubai.
What is the average rent in Dubai per month?
In the city center, the average rent of a one-bedroom apartment is AED 5300 per month.
How do you reduce rent in Dubai?
You can reduce rent in Dubai by researching properties, prioritizing needs over wants, and finding a good real estate agent.
Published on: August 13, 2024
