What is a short-term lease? A short-term lease is one that usually refers to a contract that is less than six months. You must be aware of the various pros and cons of Dubai short term rental leases before getting into it.
Here are the top pros of short-term rentals in Dubai:
A good deal of flexibility
There are some renters who go for shorter-term leases for the flexibility they offer. Yes, these rentals do offer a good deal of flexibility.
You can move to work and travel. In case you are looking for work, a Dubai short term rental will enable you to look for a job that is outside your zone.
In case you need to move for a temporary assignment to another city, a Dubai short term rental will give you a great deal of mobility.
In addition, if you’ve just moved to a new city and are looking to take the time to zone in on the most favorable area for you to settle down in, a Dubai short term rental would do the work.
When you are the owner of the property, a Dubai short term rental gives you a good deal of flexibility. In case you wish to enjoy the space for personal use, you can actually do it. You just need to block off the dates during which they would like to visit.
A Dubai short term rental comes ready, in usual. You can start living right away.
These are fully furnished from kitchenware and tableware to linen and bath towels.
A cost-effective option
A Dubai short term rental usually features an equipped kitchen. This can allow you to save money on eating at restaurants during your stay.
Greater rental income
A Dubai short term rental usually provides you more rental income than allowing your house out to a long-term renter. Yes, the cash flow may not be consistent. However, if you look at the yearly income, the short-term rental market will be more lucrative than the long term one.
An opportunity to house-sit
You might be planning to go on holiday. In that case, make sure to get a tenant who will not leave your home empty. Also, you’ll have a person take care of your house.
The property owner usually has more control over a Dubai short term rental and its maintenance. This is mainly because tenants stay for a few days, weeks or months.
Less wear and tear
A Dubai short term rental is not occupied 365 days a year. Thus, there are likely to be less wear and tear when compared to that of a long-term let.
Here are the top cons for the renter:
When it comes to renters, a Dubai short term rental may have certain drawbacks. Property owners tend to charge more for a short-term lease. The charges might include costs for cleaning and furnishings in the rent. This might just cost you more not just in the short term but in the long term as well. This is more so if you go on to renew the short-term lease for an extended time period. In addition, a rent increase might just take place. It might just add changes to the terms of the lease more frequently than in a long-term contract.
If you extend the length of a lease, the landlord might not agree. So, you might just have to move soon after your last move. There is no denying that moving is highly stressful. It is a major drawback of going for a Dubai short term rental.
A bunch of hidden costs
In case the tenant damages a piece of furniture, it might just be a great nuisance for the next tenant. When you are the property owner, the common hidden costs might just include everything from replacing furniture to linen and toiletries. Thus, these can actually be compared to hotels. In addition, the deposit may not always cover your costs. Also, the tenants may not always agree with your choice of style and decoration. Thus, at the time of renting your house out on a short-term basis, you might just have to make upgrades consistently to make it liked by guests.
Costs related to furnishing
The long term renters have their own furniture. Also, you might have to furnish a Dubai short term rental property yourself.
Paying monthly utility bills
In case you rent your property out to a long-term renter, you certainly do not have to pay monthly utility bills.
No consistency in cash flow
Keep in mind that renting to a long-term tenant offers you seamless cash flow when compared to leasing to short-term renters.
When it comes to short-term rentals, you will have to do a great deal of marketing on your own. This is important if you wish to lure in visitors to your house. You have to work hard here. Make sure to check out as much information as you can about a short stay in apartments for rent in Dubai . Try to gather info about a short stay in Dubai villa accommodations, neighborhood, amenities, and fees before signing on the dotted line as well.
When you rent furnished apartments in Dubai, you will have to consider a lot of things. You must be aware of the benefits of this choice to make a judicious decision.
You might just save money on setting up your home. At the time of renting a furnished property, you have the liberty of packing your personal items. The best thing is that you get to move into a ready-to-live-in home.
Dubai is a highly transient city that has some excellent international hotels. Thus, it is well accustomed to short-term tenants. The Dubai government had already introduced clear short-term leasing regulations in early 2015.
Now, Dubai is a city meant for short-term rentals. Licenses have been created to allow real estate investors to produce income through Dubai real estate . This lowers fraudulent subletting and illegal renting.