According to recent reports and studies, landlords are now accepting multiple cheques for their properties. Tenants can pay up to four cheques, or even more for Dubai rental properties.
In previous years, landlords would only accept a single cheque over a 2-year contract, which caused inconvenience to tenants, especially those with low to mid incomes. Now workers with mid-range salaries can afford rental units with this new payment method.
There are several reasons as to why landlords are now accepting 4 or more cheques for Dubai rental properties.
- Competition With Other Properties:
Nowadays, there has been an influx of several types of properties and real estate. With a launch of a new project or development almost every month, residents are now being spoilt for choice for the best and most suitable rental unit. Since paying rent in multiple cheques seems like a viable option for residents, landlords are quickly starting to adopt this method of payment which brings in more customers.There are some rare instances of landlords accepting up to 12 cheques.
- Affordable Housing
With the World Expo 2020 nearing closer, UAE developers are making efforts of not only providing luxury and upscale projects but also many projects that are affordable to those with low to mid-range incomes. Developers are making efforts of catering to a wider audience and those that come from all walks of life. Many projects have flexible payment plans with not only rental developments but even units that are available for sale. Projects like Pulse at Dubai South and Hera Tower at Dubai Sports City are prime examples of affordable housing in Dubai.
- Promoting Dubai Areas
Gone are the days when Downtown Dubai, Dubai Marina, and Jumeirah seemed to be the most traditional residential districts. Now more people prefer to live in areas and neighborhoods that are on the outskirts of the city like Dubai Sports City, Silicon Oasis, Motor City, Studio City, and much more. The reason is simple; these areas provide feasible rental options for individuals and families, especially those that are new to Dubai.
With the steady growth of more residential projects, the concept of creating more affordable housing, and the rising popularity of the Dubai outskirt communities, landlords are quickly jumping on the trend of accepting payment in several cheques. This new method is not only easy for the owners but also readily available for the tenants.