At Property Shop Investment (PSI), we understand that the process of renting a property in Abu Dhabi or within UAE can be overwhelming for both newcomers and seasoned tenants. With an abundance of options available in one of the wealthiest nations in the world, tenants have the luxury to live comfortably in diverse communities and property types. To simplify this rental process and provide valuable information, we present our comprehensive step-by-step tenant's guide.
The first crucial step in renting a property is deciding on the locality or residential development that best suits your needs and preferences. Consider factors such as proximity to your workplace, your children's school, family and friends, recreational facilities, and beautiful views. Choosing the right location can significantly impact your overall living experience.
Before embarking on your rental journey, it is essential to establish a budget that you can comfortably afford. Account for not only the monthly rent but also additional expenses such as water, electricity, internet, and service fees. Moreover, budget for moving expenses, which may include a deposit, rent payment, utility connection fees, moving services, and agent commissions. Striking a balance between your budget and desired standard of living is paramount.
To streamline the process and increase your chances of finding your dream home, keep essential documents readily available. These documents include your passport, residence visa, and Emirates ID, which will be required when signing a tenancy agreement. Additionally, you may need to provide a security deposit check, typically 5% of the annual rental amount for unfurnished properties or 10% for furnished ones, and a cheque for the agency fee, typically 5% of the annual rental amount.
Navigating the rental market can be challenging, especially during peak times. Engaging a reliable real estate broker can alleviate much of the stress and ensure a smooth process. Look for a broker who is RERA qualified and possesses in-depth knowledge of the areas you are interested in. A good broker will keep you informed about new and upcoming properties that match your criteria and act as your representative during lease negotiations.
Once you have selected potential properties, schedule in-person visits with your agent. Arriving a little early gives you the opportunity to explore the neighborhood and get a sense of its ambiance. Inspect the property thoroughly, asking questions and clarifying any doubts you may have. To make an informed decision, create a checklist of essential features that are important to you.
When you have found the ideal property, it's time to move forward with the rental process. You will need to provide scanned copies of your residency permit and Emirates ID, along with three checks: one for the down payment, one for the first rental installment, and one for the broker's fee. Ensure that the names of the landlord and your broker's company appear on the first two checks.
Before finalizing the agreement, you must give your landlord a refundable security deposit, equivalent to one month's rent or 5% of the rent. In case you are working with a real estate agent, they will typically hold this deposit until the transaction is complete. It is advisable to obtain a receipt or cash confirmation when handing over the deposit check. If, for any reason, you decide to withdraw from the agreement, the agent will return the security deposit to you.
Once both parties have agreed on the lease terms and conditions, your real estate broker will prepare an Tawtheeq or Ejari contract (depends on the Emirates). Thoroughly review the agreement to ensure it includes everything you and the landlord have discussed. After signing the tenancy agreement, the tenancy must be registered with Tawtheeq or Ejari, a system designed to regulate and facilitate Abu Dhabi’s or Dubai rental market.
Before moving in, carefully read and understand all the terms and conditions of your tenancy agreement. The agreement must reflect all the agreements made with the landlord. Following the signing of the agreement by both parties and the clearance of checks, you can proceed to move into your new home.
And so, Congratulations! You are now ready to move into your new residence and begin your exciting journey in UAE. Ensure that your move-in permit has been granted, and all necessary formalities have been completed.
Renting a property in Abu Dhabi or Dubai may seem daunting, but with careful planning and the assistance of a knowledgeable real estate professional, the process can be smooth and enjoyable. At Property Shop Investment (PSI), we are dedicated to providing you with the expertise and support you need at every stage of your rental journey. Have a clear vision of your requirements, and let us help you find the perfect home for your needs and lifestyle.
Whether you are a seasoned tenant or a newcomer, let PSI be your trusted partner in finding the perfect rental home that suits your needs and lifestyle in the UAE. Get in touch with us today and embark on a remarkable rental experience!