Short and Long-term Rentals in Dubai: Maximising Rental Yield
Dubai Marina is a district in Dubai, United Arab Emirates (UAE). The man-made marina was constructed on the Persian Gulf shoreline and opened in 2003. It is known for its beautiful beach and a residential area of luxurious high-rise towers seemingly rising into the sky. The marina houses about 45,000 residents, with additional space for even more tourists visiting the district annually.
The Popularuty of Dubai Marina among Tourists
It is one of the most popular tourist destinations in Dubai, providing everything tourists would want when vacationing. Tourists can book luxurious hotels, eat at trendy restaurants and shop at beautiful shopping malls.
Because of how popular it is with tourists, there is a high demand for short- and long-term rentals in the marina, making it very lucrative for property owners and investors. This high demand also provides opportunities for a great return on your property and investment while bringing up some property management challenges.
Investors and property owners who want to ensure proper property management and adequate rental yield can work with a Dubai property management company that gives you access to professionals who will ensure both.
Why Hire a Dubai Property Management Company?
Hiring a real estate management company
Hiring a property management services company in Dubai has many benefits, including reduced stress. It becomes your primary tenant and takes over all the managerial functions regarding your property and investment. You therefore do not have to deal with tenants or guests, rental collection, maintenance or paying utilities.
The second reason is that the company will find high-quality tenants whether you want long or short-term rental arrangements of your property. Some property management companies Dubai like UpperKey also provide Airbnb management and concierge services for property owners and investors only interested in short-term rental arrangements.
The management company also deals with some rules set by services like Airbnb for you. The rules vary from place to place, and Dubai is similar in that regard. The company will handle complying with them to ensure your property and your investment remains in good standing with this company. Alternatively, if you are looking for a boutique hotel management company in Dubai, services like Upperkey also have you covered.
Increasing Rental Yield: How a Dubai Marina Property Management and Protection Company Helps
Owning, maintaining and managing your property in Dubai is a significant commitment, especially considering how many tenants or guests you would have to deal with due to the high number of tourists. Ensuring you are getting the best return on your investment can also be challenging, but companies handling property management Dubai can help. Here's how.
Finding Quality Tenants
Once you hand over your property to a property management agent, they are responsible for ensuring high occupancy rates by the right tenants. A property management organisation with an excellent reputation like UpperKey vets all its tenants once it becomes your primary tenant.
The company also has a vetted clientele list which includes Dubai expatriates and international business travellers. High-quality tenants coupled with well-maintained properties with all the features and amenities they seek equals higher rental yield.
Shorter Turnovers and High Occupancy Rates
A Dubai property management and protection company can ensure the property is never vacant by having a list of high-quality tenants already waiting. They have people standing by to occupy the property as soon as it is vacant, leading to a shorter turnover rate and a higher occupancy rate.
Both are especially important for Dubai property owners who prefer short-term rentals. You want your Airbnb property to be occupied as much as possible, so you should work with Airbnb property management and maintenance companies like UpperKey, who would not let that happen.
Guaranteed Rental Income
When you work with a Dubai hotel management you get guaranteed income when they become your primary tenant. With UpperKey, for example, you get one year of rent paid upfront for up to three years of occupancy, meaning you get paid whether the property is occupied or not. This is the way to go for investors and property owners looking for a good return on investment on their properties in Dubai.
Decreasing Property Expenses
Apart from increasing rental income, reducing expenses is another way of increasing rental yield. A property management services do this by handling all repairs and maintenance. There are other expenses associated with managing your real estate, such as insurance, marketing and advertising. The company will handle all of them so that you don't have to.
Marketing and Advertising
Property management services company will advertise your property in various ways to attract the right tenants. One way of handling this is by registering and listing your property on Airbnb. They will then ensure that the right tenants or guests see your available units.
A hotel management company Dubai that does this can increase the occupancy and income of Dubai hotels multiple times.
Keeping Rental Rates in Line with the Market
One of the most challenging things for property owners and investors is keeping an eye on the market and determining the best rates for their properties. Real estate markets, including Dubai's, are constantly shifting.
According to one report, rent grew by about 25% in Dubai and the surrounding areas in 2022, with the average rent in Dubai reaching over Dh220,000 last year. Hiring a property management agent allows you to maximise rental yield by taking advantage of such market movements.
The property management services will also be able to leverage the seasonality of the Dubai property market to your advantage. Winter and summer (November to April) have outperformed the rest of the year, with August being the slowest month for the market. Such insights are important for keeping rental rates in line with the rest of the market.
Why to Chose UpperKey?
It is a prime destination for tourists as well as investors. There is a lot to see and do for tourists and numerous opportunities for those interested in real estate. Both of these combined means an opportunity for high returns on investments. To realise them, though, you need an experienced property management agent like UpperKey. Contact us if you need Airbnb management, Dubai boutique hotel management, or other property management services in Dubai.
When you choose our property management services in Downtown Dubai, we have the expertise to effectively manage your property and ensure its optimal performance. From handling tenant screenings and lease agreements to addressing maintenance issues, we have the knowledge and resources to alleviate the burden from you. With our strong network of vendors and service providers, we can promptly address any concerns and ensure that your property is well-maintained and profitable.