Need a place to live or want to renew your lease in the UAE? The Rental Index is a useful weapon for landlords and tenants in Abu Dhabi, Dubai, and Sharjah, providing fair and transparent rental rates. Here’s how you can leverage it for your benefit.
1. Verify Fair Market Rents
The Rental Index, presented by government agencies such as RERA in Dubai, assists tenants and landlords to compare rental prices within their particular area. By inputting your property type and location, you can check if your present rent is in accordance with market trends or if it requires adjusting.
2. Check Rent Increases
If your landlord is asking for a rent increase, the Rental Index determines whether or not the hike is warranted according to local rental legislation. For example, in Dubai, landlords are required to provide a 90-day notice prior to increasing rents, and hikes should be in line with RERA’s rental cap policies.
3. Get the Best Rental Offers
For prospective buyers of a new dwelling, the Rental Index serves as a guide price, avoiding landlord overpricing and enabling tenants to secure better bargains. It enables renters to compare place and select properties that provide the best value for money.
Through the use of the Rental Index in Abu Dhabi, Dubai, and Sharjah, landlords and tenants can have clear and controlled rental transactions, leading to a more stable and equitable real estate market in the UAE.
