Flexi Rents is an initiative announced to help ease financial burden for tenants in Dubai
Paying your rent in one, two or even four cheques could soon become a thing of the past. Dubai has launched a new rental affordability initiative called Flexi Rents, designed to help residents better manage housing costs through more flexible payment options according to Gulf News.
Announced by the Dubai Land Department (DLD), the scheme aims to make renting in the emirate more accessible by giving tenants greater flexibility over how and when they pay their rent.
What are the benefits?
As part of the first phase, DLD has partnered with 12 real estate companies that will offer a range of benefits to tenants. These include monthly rent payment options, extended instalment plans of up to 12 months, grace periods, revised payment schedules and, in some cases, waivers on rental increases.
The initiative is available to both new and existing tenants. That means residents currently tied into annual or multiple-cheque contracts may be able to request alternative payment arrangements directly through participating landlords or property management companies.
According to Khalid Al Shaibani, Director of Rental Affairs Section at DLD, the initiative is intended to improve housing stability and make rental payments easier to manage.
“The Affordable Rental Initiative reflects Dubai’s commitment to promoting housing stability and supporting residents through flexible and accessible rental solutions,” he said.
The programme could also help tenants save on certain administrative charges, with some fees related to delayed cheque payments expected to be waived. Residents will be able to pay through a variety of methods, including credit cards, debit cards and cheques.
While the programme currently covers 12 participating companies, Dubai Land Department says it plans to expand the initiative across the wider real estate market in phases.
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“This is only the beginning,” Al Shaibani added. “More initiatives supporting the same objective of making Dubai the best city to live, work and enjoy will be announced in the coming months.”
The launch comes as Dubai’s rental market continues to grow. DLD data shows that nearly 1.2 million tenancy contracts, including both new leases and renewals, were recorded across the emirate last year.
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