Rents dropping in Sharjah: Residents react to the dip
Sharjah: Rents have dropped quite a bit in Sharjah this past year and are expected to fall further.
Gulf News spoke to tenants living in Sharjah to understand how their rents have changed in the last one year and what they expect the payout to be going forward.
All the tenants we spoke to unanimously said their rents have slid. What's more, they are looking forward to negotiating harder with their landlords to get this number lowered further during the next tenancy contract renewal.
Salil M, who lives in a two-bedroom apartment in the Muwaillah area of Sharjah, has been taking advantage of the drop.
Currently paying an annual rent of Dh42,000, Salil was previously staying in a one-bedroom apartment in the same building paying Dh37,000. He shifted to a bigger flat, considering he lives in Sharjah with his wife and two school-going children.
“With rents dropping, it just made sense to upgrade [to a two-bedroom apartment] and take benefit of the rental drop,” he added.
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“The rental decline have helped people like me who live on a budget. I have been able to place my family in a bigger flat thanks to the rental price drop,” said Salil.
He is expecting the numbers to drop further. “The current asking rent for a two-bedroom apartment is going for around Dh37,000. I will negotiate with my landlord to reduce my rent further,” he said.
More good news
Farnaz Mohammad is in a similar situation. Farnaz, who works as systems administrator for an IT company, said he is currently paying a rent of Dh25,000 for a one-bedroom apartment.
He added, “Last year I paid Dh30,000. My tenancy contract is up for renewal next May and I know I will get a better rate.”
Farnaz said, his life has improved with easing rents.
“There is more disposable income in hand. I live with my wife and children. Any extra income is welcome,” he explained. He added that all his friends living in Sharjah were also benefiting from the rental drop.
Going to negotiate harder with landlord
Salam P, who works as a legal consultant in Sharjah, said he is currently living in a three-bedroom villa paying an annual rent of Dh100,000.
“Last year I paid Dh125,000. This year people are saying we can negotiate harder for a rental drop and that is what I am going to do,” he said.
“Ideally I would like to stay in a villa of the same size for Dh70,000. That will fit really well in my budget. But I cannot compromise on the space for now. I have a domestic help at home and a villa suits my requirements. The maid has her own room and private space away from my family.
So I will negotiate hard for my next renewal and see how much more rents will fall.”