Let’s start with some statistics.
The population in Dubai is around 3.48 million people. And 80 percent of them live in rented apartments or villas. In other words, a demand for rental properties in Dubai is really high.
In seven cases out of ten, when one purchases a property, one invests in this property. In other words, this one intends to rent it out and enjoy passive income.
Thus, understanding the essence of rent agreement and its content as well as knowing who can help you with it is a must.
The legal validity of a rent agreement (a tenancy contract) stands for its legitimacy and binding of its provisions for all its parties during the whole contract period or until certain circumstances occur. In other words, this means each of the parties has certain obligations to another party but also has the right to claim that party to fulfill their responsibilities and liabilities as well.
So, let’s discuss the peculiarities of tenancy contract legal validity in Dubai.
The post-dated cheque (aka the draft) is the rent payment method that is widely used in Dubai as well as all over the UAE. Even if you agree to split your annual rent payment onto two or more parts, writing out a draft for each part in advance on the day of signing the lease is the common way to follow.
It is very convenient both for the landlords and the tenants. To clarify, it enables the parties to settle the rent payment once and for the whole year. Thus, landlords get some guarantees their tenants will not evade rent payment. In their turn, the tenants don’t need to waste their time on sending a draft each time the due day comes.
The common belief is only landlords desire to get into the rental deal in the shortest possible time as they lose their rental income otherwise. However, tenants often need such quick deals as well. So, now we put aside the question ‘How can I rent my house quickly?’ and shift our focus to the question ‘How can I rent an apartment quickly?’
Of course, the shortest way is to contact the best rental agencies in Dubai. Such agencies have an extensive rental property network. Therefore, they help you find accommodation, reserve it, and get the lease in a winkle.
Renting out a property always involves certain risks. What if a tenant damages my property? What if he doesn’t pay or pay the low rent? These are two main questions that often restrain persons from stepping into the landlordship.
However, tenancy legislation in Dubai and specially established Rental Dispute Center (RDC) protect landlords’ rights and make it easy to hold your tenants accountable. Read our post to know more about how to resolve property damage, rent default, or low-rent issues.