City landlords reduce rents as availability of flats increases

Landlords of some residential buildings in Doha are coming up with ‘attractive’ offers such as rent reductions in order to retain existing tenants, it is learnt.

This comes in the wake of the availability of apartments across Doha increasing considerably in recent months and rents becoming more ‘affordable’ in many areas, giving tenants the option of relocating to new properties that are being promoted through special offers, sources told Gulf Times.

Enquiries in some city neighbourhoods showed that landlords are making offers such as reduced monthly rents and ‘rent-free’ facility for certain months during the contract period, while renewing rental agreements with tenants.
It is also found that these offers are generally made more to tenants who have lived in the same accommodation for a minimum of 4-5 years, though people who have spent less time in an apartment also get such benefits at times depending on various factors.

There have been reports of such offers coming directly from building owners as well as through property managers, the sources point out. “But it is more common in the cases of properties handled directly by their owners,” said one of them.

There is something to cheer about even for those tenants who have not been offered any rent reductions by their landlords, according to sources. “While not willing to reduce rents, particularly in the cases of tenants who have spent only a year or two in an apartment, some landlords are offering relief to customers by not increasing rents during renewal,” said another source.

A long-time resident living in a two-bedroom apartment in Doha said his landlord recently reduced the rent by more than 10% at the time of agreement renewal. Tenants of some other complexes in the same neigbourhood have also benefited from similar reductions, it is learnt.
This is because quality accommodation is available in some newly constructed residential buildings in the same area at ‘attractive rates’.

However, the situation seems different for some commercial tenants as there are reports of real estate firms seeking a hike in rents in certain cases. “It is, though, not clear on how widely prevalent this practice is,” he added.

Source: Gulf Times