As a means to manage the flooding of 26,467 new private homes and also executive condos, landlords are required to ponder brand-new means to make their property much more tempting to rent out to draw in the very same diminishing pool of renters.
These approaches include:
— reducing the price of rental fee vis-à-vis comparable residential properties in the vicinity
— decreasing the rental contract term commonly below the typical 1-2 years to as low as 6 months or enabling flexibility in modifying the terms in the tenant agreement
— dividing the property for lease to multiple renters instead of a solitary family members
— offering additional facilities to incentivise tenants to rent/prolong their remain eg. the property comes completely equipped, has additional kitchen area and so on.
— working out on terms of lease to absorb some expenses from lessees.
— choosing to listing on short-term rental websites such as Air BnB to diversify right into the short-term renters' market.
That stated at , the reasoning behind these measures is chiefly as a result of greater expertise of the softening rental market conditions from the renters. Lessees have more powerful working out power to make the most of the circumstance and also request for considerable discount rates from prospective property managers. If no win-win arrangement could be reached, the renter will have no agitations and be prepared to move to a home which can fit their price demands.
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