One of the most difficult things to do as a landlord is to collect rent. Collecting rent has many different dynamics. The first is that if a landlord is too aggressive when collecting rent, they run the risk of having tenants move out and can suffer damage to their reputation. The second is that if a landlord is too passive when collecting rent, they run the risk of missing rent payments and ultimately losing money on the property. If the landlord misses too many payments, they may have to initiate costly eviction procedures to oust tenants from their properties.
How Shared Tenancies Increase Missed Payments
However, the rent dynamic also applies to tenants. Tenants might have roommates and may not be able to pay the rent by themselves out of pocket. When this happens, the various tenants need to pool their resources to pay the rent and if only one tenant runs into financial difficulties, the rent may not be able to be paid.
Fortunately for landlords, the dynamic where multiple tenants pay rent can be avoided by simply renting out units to one or two tenants instead of several tenants. One such place where a landlord can find apartments for sale that they can lease to tenants is in Dubai.
Dubai is part of the United Arab Emirates (UAE), whose currency in the dirham (AED). Many units in Dubai are in high demand. This is due to the number of amenities, the space provided, and the relatively low cost of living for the expatriates who move into the city.
Why Jumeirah Lake Towers Fits Low-Risk Leasing
If you are a landlord and you want to rent property to only a limited number of tenants per property, then read on to discover the apartments of Jumeriah Lake Towers (JLT).
The prestigious and exclusive community of Jumeriah Lake Towers (JLT) does not allow cars within the residential clusters. Since no cars are allowed within the residential, the neighborhood is theme around consumer convenience. The calm, family-oriented community has a mixture of residential, commercial, and mixed-use buildings. Located off Sheikh Zayed Road and First Al Khail Road, JLT is near the communities of Dubai Marina, Jebel Ali Airport and Free Zone, Dubai Media City, Dubai Internet City, Palm Jumeirah, Jumeirah Beach Residence, Emirates Golf City, and Emirates Hills. It is also near the Dubai Mall, the Burj Al Arab luxury hotel, and the Dubai International and Al Maktoum airports.
Apartment Layouts That Attract Long-Term Tenants
Apartments for sale in JLT are known for their large, double-glazed floor-to-ceiling windows, bright natural light, marble floors, solid wood floors, and upgraded interiors. The standard apartment for sale in JLT has 1-3 bedrooms and 2-5 bathrooms, many of which are en suite, and sometimes come fully upgraded and fully furnished.
The typical apartment for sale in JLT comes with a barbecue area, children’s play, dining area, gazebo and outdoor entertaining area, guest bathroom, laundry room, living area, maid’s room with en suite bathroom, and a study. The kitchen will be either closed and fully fitted with white goods or open, fully fitted, with white goods. There will be at least one balcony. Built-in wardrobes, multiple entrances, and multiple storage rooms are also part of the apartment. Central air and heating, an intercom system, and a jacuzzi will also be provided. Finally, some of the more expensive apartments will also come with a private garage and a private swimming pool.
Building Services That Improve Tenant Satisfaction
Tenants who rent in JLT will receive access to 24/7 concierge, 24/7 maintenance, and 24/7 security services (including CCTV). Air conditioning will be provided free of charge. Residents will be able to access the beach and be granted a marina berth. Access to a laundry service and staffed business center will also be provided. Finally, residents of the towers will also receive access to a reserved entrance and elevators.
The residential towers in JLT have many different accommodations for residents. First, some towers will have an arcade. Other towers will have a billiards room. Finally, others will have a movie theatre and a party hall.
The neighborhood of JLT Is home to a bank with an ATM, bars, cafes, coffee shops, laundromats, restaurants, retail shops, and a shopping mall. Supermarkets will deliver groceries to the home of residents, and JLT is also home to several weekend marketplaces. Next, there are children’s facilities, such as a day care and nursery, a children’s pool, and a school. Residents can relax in the communal gardens, or at the massage parlors, sauna, spa, or steam room. There are also hair and nail salons.
There are many ways of exercising, including at the fitness center, gym, health club, shared swimming pool, or on the cycling tracks or walking trails. There are also sports to be played on basketball courts, football (soccer) field, or at the golf club and clubhouse. Visitors of residents can stay at any of the hotels in the area. Medical centers and pharmacies will take care of the unique health needs of residents. The religious can attend the local mosque. Finally, the area is served by public transportation.
Investment Incentives Offered by JLT Realtors
There are many options that realtors give landlords to take advantage of. First, some prices of apartments are reduced in JLT by as low as 45% below market value. Realtors also offer competitive prices from highly motivated sellers and promise a high return on investment. Some properties even come without income or corporate tax, and without customs fees. There are also two main payment plans. One is a 15/85 plan, which involves making a 15% down payment and 85% payment on handover. The other is a 30/70 plan, which involves making a 30% down payment and 70% due on handover. Finally, properties are either vacant on transfer or tenanted.
JLT is also a freehold zone and an economic free zone. This translates to foreigners being able to keep their property after they move out of the UAE and means that foreigners can own 100% of their businesses.
The price of an apartment for sale in JLT is between AED 640,000 and AED 2,750,000. Tenants, who are from the middle class and beyond and with a limited number of roommates, can expect to pay between AED 25,000 and AED 600,000 annually. This means that it will take at least 2 years to recoup the investment on rent payment alone. Landlords who buy a higher-value property but charge a low rent can either make that property a legacy property or improve it and sell it for a profit.
Conclusion
JLT is a good community for landlords who want to deal with tenants with a limited number of roommates. They will also be able to take advantage of several deals offered by realtors. If you want to be a landlord of an apartment with a limited number of tenants, get your apartment for sale in JLT today!