The Fairmont Residences - Rents Agreed - Market Trends
Rents Agreed in Fairmont Residences and Market Trends
Author: Gareth Davies - Award Winning Property Consultant
During the past year, the overall rental growth at Fairmont Residences has been better than the average for the communities within Palm Jumeirah, but it has levelled off since May.
Rental Growth in the past 12 months:
Fairmont Residences: 7.15%
Palm Jumeirah: 5.77%
Rental Growth in the past 6 months:
Fairmont Residences: 7.74%
Palm Jumeirah: -0.12%
Graph: Monthly Rental Change - Fairmont Residences
Source: PropertyMonitor.ae
Graph: Monthly Rental Change - Palm Jumeirah
Source: Property Monitor
Since 2022, rents have increased more rapidly than wages. The affordability of rent payments creates a “ceiling rent” in any location and is linked to disposable income and wage increases, if any. However, many landlords are appreciating the difficulty of tenants in affording the higher rents, so in order to assist cash-flow an increase in the number of 4-cheques and even 6-cheques rental payment plans are being agreed.
Beach access and views of the sea still important requirements. Apartments should be bright and light and any furniture should be in good condition to meet the expectations of the many European and North American tenants.
Rents Agreed at Fairmont Residences
Source: PropertyMonitor.ae
Source: Property Monitor
Source: Property Monitor
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