I've seen studios available as low as AED 28,000 in Int. City and you can get a studio in Discovery Gardens for around AED 35,000 - which is a better location and quality than International City. So AED 30,000 is about right.My current tenants in International City are requesting that the rent in their studios (Spain & Persia) be reduced from 38,000 per month to 30,000 AED per month.
Can anyone let me know if this is a fair market rent at the moment?
Many thanks.
Jim, if I had rental units and deemed the tenants to be good and reliable, I would reduce the rents to keep them. Especially, if it may take you a month or two to re-rent the flat - money lost you'll never be able to recapture only to find that you'll have to re-rent it at a lower rate anyway. If you have good tenants - make a deal to keep them. It will be good for and them.My current tenants in International City are requesting that the rent in their studios (Spain & Persia) be reduced from 38,000 per month to 30,000 AED per month.
Can anyone let me know if this is a fair market rent at the moment?
Many thanks.
+1 That's really good advice financier888, if they are good tenants keep them = no loss of revenue. Especially as my last agent was renting out my studios to 8 workers, then after they left took 2 months to do the repairs.Jim, if I had rental units and deemed the tenants to be good and reliable, I would reduce the rents to keep them. Especially, if it may take you a month or two to re-rent the flat - money lost you'll never be able to recapture only to find that you'll have to re-rent it at a lower rate anyway. If you have good tenants - make a deal to keep them. It will be good for and them.
