Monday, April 21, 2014

Rental property market explained

Most landlords don’t pay attention to the rental property market. However, any given rental attracts a particular market, depending on the location, property type and amenities, among others. Assessing your market will help you know which avenues are best to advertise your rental property and what kinds of upgrades will work best for your property market.

Bonifacio Global City, Makati and Ortigas have constant traffic jams during rush hour. Because of this, condo unit rental has become a practical choice for single professionals, as they can save on travel time and expenses.

University students

Rental properties located within walking distance of major universities and colleges usually cater to students. For those who live in the province or from a long drive away, renting a condo unit near the school may save precious time on the road and gas expenses for travel. A condo unit may also provide more privacy for students than campus dorms do. However, some still share with a roommate or two as a means of reducing living expenses. Student renters may appreciate free Internet access for schoolwork. 

Single professionals

Heavy traffic to and from central business districts in Metro Manila is an everyday reality for professionals working in these areas. Bonifacio Global City, Makati and Ortigas have constant traffic jams during rush hour. Because of this, condo unit rental has become a practical choice for single professionals, as they can save on travel time and expenses. Living amid the city also makes it more convenient to attend social events and visit hip establishments. 

Young couples

Since young couples are usually just starting out in their life together and putting aside money for buying their future home, renting has become a good alternative in the meantime. Lower costs and fewer responsibilities make rentals a good stepping stone to owning a home. 

Small families

Some families rent condo units or houses purely by choice, as some just don’t want the hassles of routine repairs, maintenance and the financial burdens of mortgages and other expenses. Small families in particular can benefit from renting a small space instead of a large home. Growing families may also appreciate the flexibility that rental properties offer. 

Travelers

Instead of booking hotel accommodations, some tourists or those traveling on business may opt to rent housing instead. Particularly for those who plan to stay for extended periods of  time, renting can be a cost-effective solution.


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