How to increase rent of studio apartment as per current market

[Kind]

I rented out my studio apartment for only 38,000 Per annum one cheque. Contract was for one year. As per agent, I can not remove tenant at the end of tenancy agreement if tenant wants to stay for another year and can not increase the rent Unless I prove that I want to live by myself. For that I will have to give some sort of guarantee to Dubai Municipal Corp. showing my real intention.

After two years I can increase the rent as per prevailing market but some say you can increase only 5% per annum after two years ?

Does anyone have similar experience ? I am not greedy to increase the rent but just like to know the rule.

[Demoniise]

I too would like to know.

[Capricorn 1]

I have a one bed apartment rented out for AED 41,500, contract for 2 years (paid in 3 cheques) to expire next March. Is this the going rate? I too would like to know if rents can be increased?

[Kind]

Rent of Studio apartment in international city is between 50,000-60,000 AED
One bed should be 80,000 AED at least.

[Howsbuya]

Originally Posted by Capricorn 1

I have a one bed apartment rented out for AED 41,500, contract for 2 years (paid in 3 cheques) to expire next March. Is this the going rate? I too would like to know if rents can be increased?

Hi Capricorn
The rent situation is as stated - no increase for the 2nd year and then 5% the 3rd year. You have to prove yr moving in yrself to get the tenants out.
The going rate for a 1 bed apartment now is 75,000 Dirhams per year.
Hope this helps.
HB

[Kind]

Howsbuya

Thanks for your input.
It means those who rented out cheap are stuck for forever ?

[nabeelc]

Originally Posted by Kind

Howsbuya

Thanks for your input.
It means those who rented out cheap are stuck for forever ?

yes u r stuck forever. now stop being greedy. it is because of landlords like yourself that the rents have skyrocketed. STOP THE GREED!

[anwar khan]

Originally Posted by nabeelc

yes u r stuck forever. now stop being greedy. it is because of landlords like yourself that the rents have skyrocketed. STOP THE GREED!

Nabeelc I am not being nasty or anything but it never depends on landlords to put the prices up for their properties , its the market in dubai . Everything is going up n up and its the growing rental value in dubai which determines the rental value of Intl City. Its not that landlords are asking for any rent and they are getting it, it all depends on the market to be honest.....Greedness is everywhere whether you are a buyer or seller, tenant or landlord, thts how it works my friend...
Regards

[georgihh]

Originally Posted by nabeelc

yes u r stuck forever. now stop being greedy. it is because of landlords like yourself that the rents have skyrocketed. STOP THE GREED!

This website is not for idiots trying to be smart but for investors who wants to invest and increase the initial capital of the investments as much as possible.
Yes IC is the last place where you can get a dissent rent in Dubai but if you cant afford it go home or do something else. Once more people invest money in Dubai and they want return and the government supports them

[georgihh]

1. More than two people per studio and three per one bedroom are allowed to stay in IC.
2. Tell your tenants you are selling the flat and they have to vacate it as per the wish of the new owner
3. Tell your tenants you are going to stay in the flat

If none of the above helps you increase the rent gently until you find the way to get the market value