The short term rentals in Dubai are booming in the city’s top neighborhoods. It is being fueled by the high demand for short term let in Dubai, as well as the large number of tourists who love to travel for vacations to the UAE.
The three most popular areas for short term let in Dubai in the second quarter of 2022 were Dubai Marina, Downtown Dubai, and Business Bay. The rental costs in these areas rose by 23, 24, and 21 percent, respectively. Due to this hike, a one-year lease on a rental property in Dubai Marina might cost anywhere from AED 40,000 to AED 230,000. Properties in Downtown Dubai can be rented for between AED 47.5k and AED 300k. However, rents in Business Bay range from AED 42,5k to AED 170,000 per year.
Top Five Merits of Short Term Let for Both Landlords and Tenants
- A rise in rental revenue.
- The chance to utilize the property as a vacation residence.
- The possibility to continue advertising the property for sale.
- Freedom from commitments.
- Fewer unoccupied periods.
- Lower prices than hotels.
- The ability to stay together as a family, rather than in separate rooms.
- There is no requirement for formal lease agreements.
- There are no household chores or utility payments to be made.
- Possessions are continually monitored and maintained in top condition.
What constitutes a good short term let varies widely, but there are certain characteristics of your property that can indicate whether it is suitable for this short term let. For your convenience, the 5 signs your Dubai property is a short term let gold mine are given below:
Consider Desirable Neighborhoods for Short Term Let Dubai
Due to the high demand from visitors and business travelers, short term vacation rental in Dubai are concentrated in prime locations, close to the city’s most famous attractions and major shopping, dining, and entertainment districts.
Apartments for short term rentals in Dubai are concentrated in the city’s most desirable neighborhoods. For instance, at Dubai Marina, Jumeirah Beach Residence, Downtown Dubai, and Business Bay, you can choose from a wide variety of holiday homes rental options. These districts are dedicated to some of the city’s most prestigious landmarks and provide easy access to international hotspots and modern amenities. Discovery Gardens is home to several apartments available on a monthly basis, and it is conveniently located near popular retail centers, including Ibn Battuta Mall and Festival Plaza.
Vacationers in search of a villa to rent in Dubai will find plenty to choose from in Palm Jumeirah, an area known for its many hotels, resorts, and theme parks. Affordably priced villas for short term rentals in Dubai may be found in the Jumeirah Village Circle area, which is conveniently located near popular areas like Dubai Marina and JBR, as well as tourist hotspots like IMG Worlds of Adventure and Global Village.
Direct Booking for Short Term Let Dubai
Vrbo, Airbnb, and Booking.com are just a few examples of OTAs that might be a great starting point for those who are interested in opening a vacation rental business for their short term let. Airbnb site has been used by over 150 million guests, meaning that there is a large audience that could see your property listing. You can start selling without spending money on servers or other technology; all it takes is a listing. Once you start listing your properties on such platforms, you will get to know why listing your property as a vacation rental in Dubai is important.
It would be wonderful if OTAs were non-profit organizations that provided their services for free but, since they are businesses, they aim to turn a profit. So, on the one hand, they aid you in acquiring more guests and bookings, but on the other, they deduct a percentage of your revenue as commission but still their advantages are much more beneficial than this commission as there are many reasons to go with Airbnb property management companies or OTA’s.
Outstanding Features and Amenities
Luxury, modern conveniences, and a sense of privacy are all things that come to mind when thinking of Dubai. A typical apartment complex in the city has amenities that are on pace with those found in five-star hotels, such as fitness centers, swimming pools, playgrounds, and more.
It’s crucial to emphasize the property’s features and draw attention to the minutiae that set it apart. When describing your hotel’s amenities, don’t leave anything out, no matter how trivial it may seem. If you offer a wide variety of services, your property will be more appealing to a larger pool of potential renters and more people would approach you for short term let.
Endorsing the Services of a Professional Property Management Company
Having rental property can be a fantastic way to supplement your income. However, it calls for a substantial time and energy investment, to the point that it might start to feel like a full-time job. It could be enticing to handle everything from advertising to routine maintenance and repairs on your rental property by yourself, but it is not at all an easy task to deal with.
This is usually impractical since it takes up too much of your time and prevents you from focusing on other matters that are important to you. You can relieve yourself of a lot of worry and work by hiring a competent property management company. They will ensure that your property is well kept at all times and maximise your profits. If you want to know what benefits you will get, contact Jetset Holiday Homes, the best property management company in Dubai.
The Size of Short Term Let Matters
Despite popular belief, larger properties tend to outperform their smaller counterparts. In Dubai, hotels and resorts offer stiff competition to studios and one-bedroom apartments. Hotels typically make the most money from guests staying at smaller properties due to the fact that they may charge less and offer more free amenities. Comparatively, larger residences that hotels can’t provide offer the chance to host more guests in a luxurious atmosphere. In comparison to book several hotel rooms for 10 or more people, this option is far more cost-effective.
Switch to Short Term Let as the Time for Action is Now!
While rents are still modest, smart investors are moving their attention to the short-term rental model due to its higher profit potential and the time it gives them to think about their ultimate goals to the property. The landlord always has the option to revert to a traditional, indefinite lease term. Since the market rate is typically higher than the annual leasing rate, owners can make up the difference through the short-term renting model. If you want to get started, then why delay any longer? Make the switch to short-term rentals and you’ll reap numerous benefits and speed up your progress toward your financial objectives.