Emirates News, Emirates News Today: An increasing demand for renting housing units with monthly payment systems in Sharjah Source of News – Emirates News Today with details of the news An increasing demand for renting housing units with monthly payment systems in Sharjah:
They explained to “Emirates Today” that the new trend was the result of the changes and effects that the “Corona” pandemic imposed gradually on the residential rental sector, considering that the monthly rent payment system brings several benefits to tenants, including reducing the area of default.
For their part, tenants confirmed that they preferred to switch recently to rent housing units that allow monthly payment systems, in light of the tendency of a number of companies to introduce these systems in different regions, considering that the monthly payment of rent allows them to better arrange their financial obligations.
In detail, the tenant, Ahmed Ibrahim, said that he decided to rent a new housing unit in Al Nahda, Sharjah, that would allow him to pay the rent on a monthly basis, which is commensurate with his budget and various financial obligations.
The tenant, Mamdouh Abdel Hamid, also mentioned that he preferred to finally switch to renting a residential unit in Sharjah that provides him with monthly payment systems, after he noticed that a number of real estate companies provided offers to make the month’s rent widely available in several areas in Sharjah, most notably Al Nahda, Al Khan, Al Qasimia, and Al Nab’a.
The tenant, Samer Abdullah, stated that when he moved to a new residence, the real estate company that manages the building in which he rented made available the monthly payment system, pointing out that this system is comfortable for most of the tenants and contributes to facilitating the payment of the financial dues that they are obligated to, compared to the payment systems every three. Months.
And he considered that “the tendency of a number of companies to expand offering units with monthly payment advantages is logical to attract tenants.”
The tenant, Ayman Mustafa, said that the monthly payment systems suit tenants more to arrange payment plans for their financial obligations, which makes a large number of tenants now turning to these systems, pointing out that “many countries in the Middle East and around the world depend on the availability of monthly payment for residential units. ».
In addition, the General Manager of Awad Gargash Real Estate, Dr. Raad Ramadan, said that the recent period has witnessed an increasing demand from tenants to rent housing units with monthly payment, especially in the Sharjah real estate market, with the support of real estate companies offering the possibility of monthly rent payment.
He explained that the preference of dealers to pay the monthly rent of housing is due to the variables imposed by the Corona pandemic in the markets, as some tenants fear defaulting in payment as a result of a possible loss of work or perhaps a reduction in salaries, as well as they consider that the monthly payment is more commensurate with the regulation of monthly financial obligations. Easily compared to the quarterly payment systems in one go.
Ramadan added that these trends are positive in the markets that keep pace with the changes and provide more diversified alternatives that suit the different needs of tenants, especially as they have become among the new catalysts to stimulate demand in a number of areas in Sharjah.
Lighten the burden
For his part, the Executive Director of Al Somme Real Estate Company, Sufyan Al Salamat, stated that one of the reasons for the increasing interest of tenants recently to rent housing units with the monthly payment system is due to the fact that these units allow them to reduce financial burdens compared to traditional payment systems. Pay the rent without default.
On the other hand, he added, the monthly payment systems for rents may not be suitable for a number of real estate companies, due to their reliance on more intensive systems for deposit and collection of rental payments, which made some companies try to bring together the needs of tenants and their work systems by introducing intermediate systems based on payment The rents are in six or eight payments, not in four, as applicable.
In turn, the real estate broker, Majdi Abdel Aziz, said that “the units that provide facilities for the monthly payment of rents are witnessing an increasing demand from tenants, which was clearly evident in the rapid occupancy of units operating in this system compared to traditional systems. To the depletion of units available for rent within days. He added that the increasing demand from tenants for units that allow paying rent on a monthly basis has stimulated real estate companies to expand offering a number of units for monthly rent, which are more concentrated in old buildings compared to modern ones.
He considered that this new approach is one of the most prominent effects of the Corona pandemic on the residential rental sector, as tenants have become more likely to prefer and trust monthly payment systems.
The head of the representative committee for the real estate sector in the Sharjah Chamber of Commerce and Industry, and the head of the “Al-Ghanim Real Estate” company, Saeed Ghanem Al-Suwaidi, stated that the changes imposed by the Corona pandemic have made a number of real estate companies expand by introducing monthly payment systems for rents, significantly compared to previous periods.
He said that offering some companies to pay rent monthly is one of the positive features in the market, as it provides facilities for tenants to pay, and at the same time it has long-term benefits for real estate companies, to reduce the default in paying rental checks, compared to three-month payments in one go.
Tenants assured that paying rent monthly allows them to better arrange their financial obligations.
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